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Crystallex Supports Venezuelan Employment Efforts; Company's Ongoing Mining Activity Employs Over 100, With More Jobs On Way

6/9/1997

VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (T.S.E. symbol: KRY), the mining and minerals company making headlines with its efforts to enforce its rights to develop the Cristinas 4 & 6 concessions in Venezuela, today outlined its job creation history and plans.

"Crystallex is already a significant employer in the Venezuelan natural resource sector," said Crystallex President and CEO Marc J. Oppenheimer. "Crystallex has made a strategic decision to expand in Venezuela, and our present development targets would expand our work force at least ten times, and quite likely more," he added. Mr. Oppenheimer further detailed the history and commitment of Crystallex employment activity in Venezuela.

  • Crystallex's current mining operation at Venezuela's Albino concession in Kilometre 88 has provided more than 100 in-country jobs -- more than the rival Canadian claimant to Crystallex's concession for Las Cristinas.

  • Crystallex is the only mining company in Kilometre 88 that is up and running with a producing mine and real jobs, in stark contrast to assertions that Crystallex is impeding job growth.

  • Crystallex secured its rights to Las Cristinas 4 & 6 through the acquisition of a local Venezuelan company that had seen its ten-year long effort to turn the concessions into a producing mine thwarted by red-tape and other challenges.

    • Crystallex remains committed to expanding its activities, and its payroll, in Venezuela. The Company is seeking a speedy conclusion to all issues regarding Las Cristinas, and remains prepared to explore all solutions that respect its rights, and swiftly develop this important natural resource for all Venezuela.

    Mr. Oppenheimer added, "This past week's oil lease auction, which attracted over $2 billion in new foreign capital of Venezuela, confirms Crystallex's belief that Venezuela is an attractive place to invest and build. Investment is the engine that creates jobs and stimulates the economy -- and Crystallex is proud to be part of the process of building prosperity and employment in Venezuela.

    "We remain committed to work within the framework of Venezuela's legal system, with respect for the sanctity of its courts, two elements essential to continued foreign investment."

    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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