VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (AMEX: KRY; Toronto) announced that the Admission Chamber of the Venezuelan Supreme Court yesterday issued a decision that ensures that all of the matters raised in the action commenced in April by Crystallex's Venezuelan unit, Inversora Mael, C.A. (Mael), will be reviewed and decided by the full Political Administrative Chamber of the Court. Mael's action seeks enforcement of its ownership rights over the Cristinas 4 & 6 alluvial gold concessions, including Mael's right to renew the concessions through the year 2014 and its preferential right to obtain the alluvial (surface) and deep rock concessions for all minerals on the Cristinas 4 & 6 properties.
"We are exactly where we wanted to be at this stage of the legal process," said Marc J. Oppenheimer, President and CEO of Crystallex. "All of our motions for enforcement will now be addressed by the full court, and we are confident the rule of law will prevail. The direct admittance of the majority of our individual motions by Judge Acuna is a clear recognition of our underlying rights."
"The ruling in no way 'confirms,' or even mentions, the validity of the alleged mining rights claimed by Placer Dome," Ricardo Cottin, Crystallex's Venezuelan counsel said. "The decision admitted eight of the eleven motions included in Mael's application. The motions not admitted asked for the court to declare null and void resolutions of the Minister of Mines issued in 1989 relating to the Cristinas 4 & 6 gold concessions. The decision expressly stated that the sole reason for non-admittal was that, due to the length of time since these resolutions were issued, the Admission Chamber did not have jurisdiction to admit these motions, this being the exclusive jurisdiction of the Political Administrative Chamber. Mael will ask the Political Administrative Chamber to exercise its jurisdiction on these motions and this should be reviewed at the same time, and will be decided by the same judges, as the admitted motions. Under Venezuelan law, if the Political Administrative Chamber of the Supreme Court rules that Mael has valid title to the copper concessions, by implication, it must also have determined that Mael owns the gold concessions."
The action was admitted despite numerous motions seeking its rejection filed by Corporacion Venezolana de Guayana (CVG) and Minera Las Cristinas, C.A. (Minca), the joint venture company owned by CVG and Placer Dome. Citing that Mael had produced evidence showing that it had acquired the rights to Cristinas 4 & 6 in 1986, including the fact that the concessions are registered in Mael's name, the decision says that Mael has a legitimate right to appear before the Political Administrative Chamber. This is the same Chamber of the Venezuelan Supreme Court that issued the three previous rulings in favor of Mael.
Crystallex has commissioned an English translation of the ruling and will make copies of the translation as well as the original Spanish ruling available to interested persons.
Crystallex International Corporation is a gold mining and exploration company. The Company's strategy for growth is to develop a portfolio of properties in South America as well as to diversify geographically by investing in producing or near production projects and by exploring properties of merit in other areas of the world.
On Behalf of the Board,
"Marc J, Oppenheimer"
Marc J, Oppenheimer, President & CEO
NOTE: The Toronto Stock Exchange and the Vancouver Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this news release.
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