VANCOUVER - At the request of The Toronto Stock Exchange, CRYSTALLEX INTERNATIONAL CORPORATION (Toronto: KRY) stated today that it believes that the recent market activity in its common shares may be related to its ownership rights over the Cristinas 4 & 6 concessions in Km 88, Venezuela.
Crystallex confirmed, contrary to statements attributed to Placer Dome, that an extraordinary edition of Venezuela's Official Gazette (#5,146 Extraordinary, dated May 15, 1997) has been issued publishing the three rulings of the Supreme Court of Venezuela which confirm the validity of the transfer of the concessions to Crystallex's Venezuelan unit, Inversora Mael, C.A. (Mael). Also published were the registered assignment agreement which gave Mael title to the concessions and the notice of transfer to Mael. Crystallex received a copy of the Official Gazette earlier this week. The publication was ordered by the Supreme Court in its April 15, 1997 ruling. Crystallex understands that this is the first time the Supreme Court of Venezuela has ordered such an extensive and comprehensive publication in relation to a decision and the publication supersedes a publication made by the Ministry of Energy and Mines in April 1997.
The publication in the Official Gazette was the final legal formality required under Venezuelan mining law to perfect the transfer for all purposes and confirms Mael's ownership rights over the concessions. As previously announced, Mael has commenced a further action in the Supreme Court of Venezuela seeking enforcement of its ownership rights.
The Official Gazette is an official publication made by the government of Venezuela and is publicly available to all interested persons through the National Print in Caracas, Venezuela (ref. #5,146 Extraordinary, dated May 15, 1997).
Crystallex International Corporation is a gold mining and exploration company. The Company's strategy for growth is to develop its 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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