VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on T.S.E. and Amex) announced that it has commenced several initiatives in Venezuela designed to substantially increase the Company's total gold production. Chief among these initiatives are a diamond drilling program at its wholly owned Tomi property and the resumption of work at the Albino 1 concession in Venezuela's Kilometre 88.

The 4000 metre drilling program, which is expected to be completed by year end, is designed to identify additional mineable reserves on the Tomi property and accelerate Crystallex's current plan for increasing its gold production. Although the drilling program will investigate all three of the major ore bodies on the property, McKenzie, Charlie Richards and Milagrito, particular emphasis will be placed on the Charlie Richards deposit where previous drilling has found thick mineralized zones containing average grades in excess of 15 grams per tonne over substantial widths. Among the high grade intersections discovered were 39.04 grams per tonne over 9.0 metres and 16.48 grams per tonne over 20 metres. Such high-grade intersections, and the structural continuity of the Charlie Richards ore body, suggest that further close-spaced drilling may lead to the definition of mineable underground reserves. The Company has hired an outside consultant to prepare a feasibility study of the potential underground development of this ore body.

Crystallex also has completed certain modifications to its Revemin mill, which now allow for phased increases in mill capacity. During the year, production throughput at the Revemin Mill has averaged 1,400 tonnes per day. Subsequent to the closing of the acquisition of the Tomi Mine and Revemin Mill in July 2000, the Company has commissioned an Engineering Firm to design a further expansion aimed at increasing the mill capacity to 3000 tonnes per day.

Recently, Crystallex has begun dewatering the open pit at its Albino 1 concession in preparation for construction of the ramp into the high-grade underground portion of the La Conductora deposit. The Company plans to mine and process the ore from its underground mining operation at Albino 1 by mid-2001 through the expanded Revemin Mill.

The Company also has implemented programs that address the potential represented by the numerous small mining operations in the El Callao mining district. One of these programs offers miners within a 100-kilometre radius of the Company's Revemin Mill the opportunity to process their ore grade materials there on a toll basis. Yet another program will create joint ventures with local miners to give them the benefit of the Company's experience with modern mining techniques so they can better develop small ore bodies.

Marc J. Oppenheimer, Crystallex's President and CEO commented that the Company is executing its strategy well. "In just a few years, we have grown from an exploration company on a path to an intermediate producer by executing a very well considered strategy of acquisition and internal development. We are now at a point where our development is accelerating. The Tomi mine acquisition was significant because it tied together our line of Venezuelan concessions with a productive mine and a strategically placed mill. From that we have been able to initiate a number of projects that weren't available to us before. The Tomi Mine produced approximately 13,000 ounces of gold in the third quarter 2000. Now with the synergies of our properties and mill improvements, we can significantly increase our gold output potential. Without including contributions from Las Cristinas, our annual production profile has gone from producing approximately 77,000 ounces of gold in 1999, to a target in excess of 200,000 ounces of gold with cash costs of production under US $200 per ounce in 2002."

"In addition, we are excited by the potential offered by the future underground mining at our Albino 1 concession as well as the recent proposed acquisition of the El Callao Mining properties. The deposits of El Callao such as the La Victoria are less than 10 kilometres away from our Revemin Mill. We plan to conduct a 16,000 metre diamond drilling program on this property starting in the 1st quarter 2001. This work will lead to a full feasibility study enabling us to begin production through our expanded Revemin Mill by the 4th quarter of 2001."

"We now have an even stronger presence in Venezuela and possess an understanding of the Venezuelan culture, environment and mining industry that is shared by very few other international mining companies. It is this understanding that drives our success in Venezuela, whether it is with a mid-sized operation like Tomi and El Callao or a larger undertaking," Mr. Oppenheimer said.

Concurrently Crystallex continues to work with the government of Venezuela to confirm the Company's ownership rights to the Cristinas 4 and 6 concessions and is encouraged by rulings of the Supreme Court and subsequent discussions with Venezuelan authorities that have occurred over the past several months.

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, 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.