Two-part arrangement includes US$35 million term loan and US$25 million gold trading facility

VANCOUVER, BC - CRYSTALLEX INTERNATIONAL CORPORATION (KRY on TSE and Amex) today announced that it has made arrangements with Standard Bank London Limited for a two part non-recourse credit facility totaling US$60 million to restructure its existing bank debt and fund the continued growth of the Company. The credit facility is subject to the execution of definitive loan agreements, syndication by the lender, and technical and legal due diligence.

The arrangement includes a US$35 million term loan that will be used to refinance existing debt incurred in the acquisitions of Minera San Gregorio in Uruguay and the assets of Bolivar Goldfields in Venezuela. This portion of the credit facility will also provide development capital for the Company's other Venezuelan projects. The term loan matures in 2008 and requires payment only of the interest until July 15, 2002 when the first amortization payment of $1.5 million will be made. Like the original San Gregorio loan, the principal payments under the new facility are lower in the early years of the loan and increase in the later years of the loan. The other part of the arrangement is a US$25 million gold trading facility.

Marc J. Oppenheimer, President and Chief Executive Officer of Crystallex said, "We are extremely pleased with our continued association with Standard Bank. These arrangements will provide capital in a non-dilutive manner that will enable the Company to continue to execute its growth plans. The longer amortization schedule combined with deferred principal repayments will strengthen the Company's balance sheet and significantly enhance cashflows, enabling us to put multiple deposits into production."

About the Company: 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. Contact: A Richard Marshall, VP at (201) 541-6650 ext. 26 or Andrea Boltz at (604) 683-0672. To receive previous Company releases: (800) 758-5804 ext.114620