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Crystallex Reiterates Validity of Its Ownership Rights to Las Cristinas Concessions 4&6

6/5/1997


VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (T.S.E. symbol: KRY) today issued the following statement regarding rival claims to Crystallex's ownership of the Cristinas 4 & 6 mining concessions in Venezuela.

"Crystallex, a recognized developer of mineral resources, is committed to pursue the enforcement of its rights of ownership through the appropriate channels provided under the Venezuelan legal system. We are heartened by the recent actions of Venezuela's Supreme Court. Several facts can no longer be disputed by individual Venezuelan agencies or rival claimants:

  • The Supreme Court of Venezuela has recognized the validity of the 1986 transfer of ownership rights of Cristinas 4 & 6 to Inversora Mael -- the key legal action initially ignored or contested by our adversaries.

  • The decision and subsequent supporting Supreme Court actions have been codified by the publication in Venezuela's Official Gazette (#5,146 Extraordinary, dated May 15, 1997) of the ownership rights of Cristinas 4 & 6 by Mael.

  • Crystallex's current action before the Supreme Court includes the enforcement of its ownership right provisions for automatic renewal through the year 2014 of the concessions Cristinas 4 & 6.

  • Despite a rival's claim that it holds clear title, no financial rating agency has been willing to recognize that assertion.
  • "Crystallex has a strong commitment to develop the mineral resources of Venezuela. We believe that, as a country which relies heavily on foreign investment in such natural resource sectors as its famed oil industry, the Venezuelan nation respects the sanctity of its judicial system and the rulings of its Supreme Court. Crystallex awaits the Court's expeditious ruling on our current request asking it to enforce Mael's rights of ownership. We are confident that the MEM and all agencies of the Government of Venezuela will respect the Court's rulings."

    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.