VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on the TSE and Amex) held its annual shareholder's meeting today at 8:30 a.m., PDT, at the Renaissance Vancouver Hotel. Of the approximately 67.2 million shares outstanding, 72 % were represented, constituting a quorum.

Shareholders elected Robert A. Fung, Marc J. Oppenheimer, C. William Longden, David I. Matheson, Harry J. Near, Dr. Enrique Tejera Paris, Daniel R. Ross, Gordon M, Thompson and Armando F. Zullo to the Board of Directors, and re-appointed Davidson & Company as auditors of the Company. Shareholders also voted in favor of all the remaining issues outlined in the proxy statement.

Chairman of the Board, Robert A. Fung welcomed shareholders and introduced Crystallex's President and Chief Executive Officer, Marc J. Oppenheimer.

Mr. Oppenheimer gave shareholders an overview of the Company's activities during 2000 and commented that the Company continued strong revenue and cash flow growth despite one of the most difficult gold markets in recent memory. Mr. Oppenheimer said that the Company's revenue grew at a compound annual rate of 82 percent since 1996 while gold production grew at a 114 percent rate. "That growth has been accomplished through the faithful execution of the strategy we put in place more than four years ago", he said.

Mr. Oppenheimer said that the most exciting part of the Crystallex story is the way the Company is deploying its cash flow to continue its rapid growth into the future. He cited the Company's San Gregorio operation as one that continues to produce cash that, along with some debt, has been used for internal development and two back to back acquisitions that have increased the Company's production profile.

The first one of these was the acquisition of all the Venezuelan assets of Bolivar Goldfields, including the producing Tomi mine and the strategically located Revemin mill. Mr. Oppenheimer stressed the importance of the Revemin mill and said that its value comes primarily from being located within easy trucking distance of all of Crystallex's Venezuelan concessions. These concessions lie on a 150-kilometer line that runs through Venezuela's three richest gold producing regions, El Callao, El Dorado and Kilometre 88. "The Revemin mill figures very strongly into our Venezuelan production growth plan and we plan to expand throughput at Revemin," Mr. Oppenheimer said. Crystallex is implementing a US$5.5 million expansion program that will increase throughput from 1,500 tonnes per day to 3,000 tonnes per day.

The second of the two recent acquisitions includes the Lo Increible project consisting of six gold deposits. Lo Increible was acquired in a take-over bid, commenced in January 2001, for all the shares of the El Callao Gold Corp. The largest of the deposits is La Victoria, with probable reserves of 5.2 million tonnes grading at 3.1 grams Au per tonne at a cutoff grade of 1 g/t. Mr. Oppenheimer said that the Company has already begun mining operations at La Victoria, which is approximately five kilometres from Revemin, and the average grade of material processed has exceeded that which the Company had predicted.

Mr. Oppenheimer told shareholders that Crystallex's focus has been on Venezuela because it contains one of the largest gold resources in the world and that the country's emerging international business importance is gaining recognition from numerous international companies who are investing hundreds of millions of dollars in its infrastructure. "We have already invested, both directly and through our acquisitions, more than US$120 million in Bolivar State (Venezuela) and we plan to more than triple this amount to develop Las Cristinas upon receiving final approval from the Venezuelan authorities," Mr. Oppenheimer said.

"In November 2000, we presented our three-phase plan for the Cristinas concessions to the Energy and Mines Commission of the Venezuelan National Assembly. Gold production would increase in each phase, reaching approximately 550,000 ounces per year in phase three, with production continuing through 2028 and possibly beyond," Mr. Oppenheimer said. Based upon rulings made on May 3rd and June 14th 2000 by the Supreme Court of Venezuela and ongoing discussions with Venezuelan Authorities the Company remains optimistic that its ownership rights to Las Cristinas will be confirmed.

Mr. Oppenheimer concluded his remarks by describing Crystallex as a Company that is transforming itself from a junior gold producer to an intermediate producer. He said that he expects gold production this year to reach 120,000 and by year-end 2002 the Company will have achieved an annualized production rate of approximately 200,000. "With this expanded production profile, we should be able to achieve our plan to obtain at least a US$100 spread between cost to produce gold and the price which we receive for selling it. That cash fuels our growth, increasing value to our shareholders," Mr. Oppenheimer said.

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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