VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on TSE and Amex) today announced complete assay results from a 4456 metre diamond drill program carried out in the fall of 2000 at its 100% owned Tomi property in Bolivar State, Venezuela (see table below and accompanying drill location map). The assaying was conducted at the Revemin Laboratory in El Callao, Venezuela, utilizing standard fire assay techniques with AA finish.

 

The Tomi property, which the Company acquired along with the Revemin mill in August 2000, from Bolivar Goldfields, consists of four ore bodies known as Mackenzie, Charlie Richards, Milagrito and Fosforito. The gold deposits are associated with folded segments of gabbroic sills intruded within epiclastic successions of the El Callao Greenstone belt. Structurally controlled gold mineralization consists of quartz-veined, silicified, carbonatized and pyritized zones occurring along the hinges and limbs of antiforms plunging 45? to the east.

 

Although gold production and reserves at the Tomi concession are currently confined to shallow open pits, a limited number of high grade intersections reported by the previous operators, indicated the potential for deeper, high grade mineralization below the Charlie Richards pit. These included: 17.45 g/t over 17 m (133m to 150 m) and 28.24 g/t Au over 4 m (160 m to 164 m) in hole 99-9 (Section 800 E); 35.32 g/t Au over 3m (204 m to 207 m) and 10.09 g/t Au over 15 m (222 m to 237 m) in hole 95-19 (Section 820 E); 8.02 g/t Au over 16 m (109m -125 m) and 12.71 g/t Au over 18 m (135 m -153 m) in hole 94-20 (Section 780 E).

 

Encouraged by those previous findings, the Crystallex geologic staff designed the year 2000 drill program to investigate the continuity of mineralization below the open pit along a projected down plunge extension of 230 m between sections 720 E and 870 E. In addition, several short in-fill holes were drilled within the Main Pit (Sections 600E -720 E), the satellite West Pit and extensions (Sections 420 E- 560 E).

 

The results shown in the accompanying table indicate the presence of continuous high-grade mineralization below the Charlie Richards Pit between sections 720 E and 850 E. Best intercepts include 35.75 metres averaging 23.54 g/t Au in hole 2000-16 and 22.75 metres averaging 19.64 g/t Au in hole 2000-14. These broad high-grade intersections contain higher-grade subintervals such as 49.93 g/t Au over 14.25 m, including 110.27 g/t Au over 4.5 metres, in hole 2000-16 and 35.52 g/t Au over 11.30 metres in hole 2000-14. Hole 2000-17 returned 0.75 metres of 368.5 g/t Au from a quartz vein on the hangingwall side of the deposit. The Company has contracted Mine Development Associates of Reno, Nevada to produce a resource model for Charlie Richards and estimate measured and indicated resources that will be suitable for use in designing a mine for proven and probable reserves.

 

Marc J. Oppenheimer, President and Chief Executive Officer of Crystallex stated, "We are pleased with our latest exploration results at Tomi which further validate our near term plans to upgrade the Revemin mill from the current capacity of 1400 tonnes per day to 3,000 tonnes per day. That upgrade will enable us to process additional ore from the Albino and Tomi underground deposits and the La Victoria open pit. At Albino, we have recently completed an independent feasibility study that shows mineable reserves of 399,000 tonnes grading 10.75 g/t Au at a cutoff grade of 4.46 g/t Au. The La Victoria open pit is one of several gold deposits, recently acquired from El Callao Mining Corporation, which collectively contain 11.5 million tonnes of open pit resources averaging 3.3 g/t Au (1.21 million ounces). It is the Company's objective to bring the resources of La Victoria pit, which presently stand at 6.2 million tonnes grading 3.33 g/t Au, to reserve status by completing a 12,000 metre diamond drill program and a feasibility study in 2001. We are also planning the construction of the ramp into the high-grade underground portion of the Albino 1 deposit and plan to commence underground mining there during the second half of 2001. Our continued exploration and development of these and other concessions in Venezuela again underscore our strong long-term commitment to the region," 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.

 

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.