La Victoria open pit yielding higher-grade ore than anticipated in mine plan

VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on the TSE and Amex) today announced that it has started mining and milling ore from its La Victoria open pit, which is one of six known gold deposits in the Company's recently acquired Lo Increible project in the El Callao district of Venezuela. Production is based on a mine plan that was developed by Crystallex Technical Services (CTS) shortly after Crystallex completed its take-over bid for El Callao Mining Corp.(ECM), in February of this year.

Milling of La Victoria ores commenced in April and approximately 50,000 tonnes have already been milled. Cash costs of production in its first month of operation have been below US$ 200 per ounce. As experience is gained in this new pit, there appears to be opportunities to reduce the costs of production. Due to strict grade control procedures maintained by the Crystallex mining staff, La Victoria is currently producing material with an average grade slightly better than the predicted grade of 3.2 grams per tonne. The Victoria ore supplements the feed from the Company’s nearby Tomi mine that is also being processed through the Crystallex Revemin mill, increasing the tonnes processed per day from the 1150 tpd average in the first quarter ’01 to 1500 tpd. The large scale of the Victoria reserves and resources will justify the expansion of the Revemin mill to increase its throughput capacity from 1,500 tpd to 3,000 tpd. The expansion is estimated to have a capital cost of US$5.5 million and will be funded from the US$60 million credit facility negotiated last year. When completed, the initial annual production of the Revemin mill will increase from approximately 50,000 ounces to over 120,000 per year.

The Company also is about to commence a 10,000 metre diamond drill program focused on converting the inferred resources at the Victoria open pit into mineable reserves. This program, combined with the extensive drilling performed by Auriferous El Callao under the auspices of Bema Gold Corp. (Bema), and the prefeasibility study conducted by Bema, will provide the basis for expansion of the Revemin mill. Crystallex will engage the services of an independent engineering firm for the design and procurement stages involved in this expansion, while Crystallex staff will manage construction using local knowledge acquired during the many years that the Company has been operating in the region.

Crystallex's President and Chief Executive Officer, Marc J. Oppenheimer commented that the Company is on track to increase its production profile to annualized rate of 200,000 ounces by year-end 2002. "We are bringing La Victoria into production quickly and it is living up to its promise," Mr. Oppenheimer said. "The expansion of the Revemin mill goes hand in hand with the additional material that will be provided by this and other deposits on the Lo Increible property. While we look forward to the completion of the infill drill program and thus the completion of a more comprehensive mine plan, we will continue to mine La Victoria to maximize the existing capacity at Revemin."

The Lo Increible project is located near the Tomi mine and Revemin mill and is one of several Venezuelan gold mining concessions owned by Crystallex that are road and highway accessible stretching from the prolific El Callao gold district to the gold rich Kilometre 88 region. During 2001, Crystallex will also begin underground mining at its Albino 1 concession in Kilometre 88 and will process gold from the mine in 2002. The Albino 1 ore will be shipped to the expanded Revemin mill.

"In addition, we have commissioned an independent consulting firm to develop a feasibility study for an underground mining operation at Tomi’s Charlie Richards deposit," Mr. Oppenheimer said. "While 2000 was a year of acquisition and development for Crystallex, we see 2001 as a year in which we consolidate our acquisitions and enhance our current operations to make them more efficient and productive. This will provide for continued growth into the future."

Crystallex actively continues to pursue confirmation from the Venezuelan authorities of its ownership rights to the Cristinas 4 & 6 concessions in Kilometre 88. The Cristinas concessions contain one of the largest gold deposits in Latin America, and have reported resources of 233 million tonnes grading at 1.21 g/t Au and 0.16% Cu.

About Crystallex:
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.
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