VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (KRY on T.S.E. and Amex) today announced positive earnings for the first quarter ended March 31, 1999, with net earnings of C$1,480,957 or C$0.04 per share. Operating cash flow for the period was C$4,190,580 or C$0.11 per share. This compares to a loss in the first quarter of 1998 of C$2,394,366 or C$0.07 per share.

Operating revenue for the quarter ended March 31, 1999 was C$8,984,983, up significantly from the year earlier, due to gold sales from the San Gregorio Mine in Uruguay which Crystallex acquired in October of 1998. This compares to first quarter 1998 revenue of C$665,476. Operating expenses were C$5,760,193 in the first quarter 1999, compared to C$1,601,222 for the comparable 1998 period, resulting in an operating profit in the 1999 first quarter of C$3,224,790 before general expenses and other items.

As a result of the Company's gold hedging program, the average price received in the first quarter per ounce of gold sold was approximately US$300 as compared to the quarter average spot price of approximately US$ 287 per ounce. The fair value of the Company's hedge position at March 31, 1999 was C$9,529,245 above the carrying value of $ nil. At March 31, 1999, Crystallex's hedge program consisted of forward sales contracts of approximately 40% of San Gregorio gold production with a price floor of US$ 310 per ounce.

Crystallex President and Chief Executive Officer, Marc J. Oppenheimer, commented that the profitable first quarter was the result of the Company's continuing focus on its acquisition and internal development strategy. "We are very pleased with our progress in the first quarter. We accomplished important objectives that resulted in increased revenue and net income and a positive cash flow. During the quarter we increased productivity at the San Gregorio mine and further reduced our cost per ounce of gold. At the same time, by implementing a hedging program, we were able to obtain a price per ounce that was above the spot market for gold."

During the first quarter, gold production at the San Gregorio mine exceeded 20,000 ounces, a 17% increase over the 17,113 ounces produced in the first quarter of 1998. The Company shipped 19,303 ounces in the first quarter 1999, compared with 17,787 in the comparable period of 1998, a 9% improvement. The number of tonnes processed per day increased 7% over the 1998 first quarter, from 2,769 to 2,953. The daily output of the mine also increased from 17,319 tonnes in the first quarter of 1998 to 21,362 tonnes in the first quarter of 1999, up 23%. With the higher productivity, the mine can be operated six days per week instead of seven as it was in 1998, freeing one day for maintenance and eliminating one entire mining crew. The production and productivity improvements at San Gregorio resulted in reducing the total cash cost of gold production including royalties during the first quarter of 1999, to approximately $198 per ounce, compared to $295 per ounce during the comparable period of 1998.

"We continue to look for additional ways of increasing the productivity at our San Gregorio operation and will attempt to identify other potential acquisitions of similar quality." Mr. 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.

Financial results are reported in the attached table.

On Behalf of the Board:

Marc J. Oppenheimer, President & CEO

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.