VANCOUVER - Crystallex International Corporation (Amex: KRY) (Toronto: KRY.) informed shareholders at its 1998 Annual Meeting on Thursday of two recent developments -- that its application for the "deep rock" underground mining rights at its Albino concession in Venezuela has been approved in writing by that country's Ministry of Energy and Mines, and that it has negotiated an agreement in principle to acquire the mining rights to approximately 5000 hectares in Venezuela's "Gold-Belt."

Separately, the company indicated that a restructuring of its purchase agreement for Inversora Mael will include the postponement of a scheduled September installment payment of US$4 million. The duration of the postponement and the details of the restructuring are still subject to final determination.

The announcements came as the company focused on business improvements at existing operations and the future potential of new ventures while reviewing its 1997 performance and current business position with shareholders.

"Our long-term strategy continues to be to concentrate on promising gold mining projects of medium-sized potential -- the kind that by their nature seldom appear on the radar screens of the giants of the industry, but which still represent profitable opportunities," Crystallex CEO Marc Oppenheimer told the shareholders.

The announcements of new business developments followed a review by Crystallex management of key issues raised by the unfavorable June 11 decision of the Political Administrative Chamber of Venezuela's Supreme Court regarding Crystallex's legal suit on the Las Cristinas gold concessions in Venezuela..

The company noted that the asset represented by its subsidiary Inversora Mael "has unquestionably been impaired" by this latest in a long line of Supreme Court decisions on Las Cristinas. Prior decisions of that court, which have not been overruled, supported Mael's rights and formed the basis of Crystallex's legal case Oppenheimer said, pointing to the dissenting opinion of a Supreme Court Justice for support. Oppenheimer said that the "contradictory decisions of the same Supreme Court" have created a "murky situation concerning title to Las Cristinas." Crystallex's legal counsel is "currently reviewing the June 11 decision and Crystallex's position and options with regard to Las Cristinas and Inversora Mael." For that reason, the company's Board "is not at the moment prepared to simply write off the investment," Oppenheimer told the shareholders.

The Crystallex Board, Oppenheimer indicated, is committed to continuing to develop its operating properties in Venezuela "in keeping with a cooperative approach to Venezuelan development that we've cultivated over this last year." The two developments announced at the Annual meeting are among the positive results of that approach, Oppenheimer said.

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.

Note:

This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Crystallex, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.