High grade, low cost underground reserves identified at both Tomi and Albino La Victoria drill program launched

VANCOUVER - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on the TSE and Amex) today reported on recent developments at the La Victoria deposit, and on the results of independent estimates of mineral resources and reserves at the Charlie Richards (Tomi) and Albino projects conducted by Mine Development Associates ('MDA') of Reno, Nevada.

The La Victoria deposit is the largest of six, partially drilled orebodies, located along the Lo Increible Shear System, a 15 km long zone of brittle-ductile deformation characterized by widespread gold mineralization. In early 2001, Crystallex acquired control of these assets which contain indicated resources of 8.87 million tonnes grading 3.39 g/t Au and probable open pit reserves of 5.22 million tonnes at 3.15 g/t Au using a gold price of $ 325 per ounce (based on work done by Bema Gold Corporation). Over 50% of the resources and reserves are located in the La Victoria deposit alone. Previous work at Lo Increible has also shown that inferred resources aggregating 15.1 million tonnes at 3.26 g/t Au can be upgraded to indicated resources by tightening the drill pattern within the presently delineated deposits.

In April, 2001, Crystallex began a trial open pit mining operation at La Victoria with the aim of verifying the geologic model and the metallurgical recovery of this deposit. Between April and the end of August, 2001 140,364 tonnes were processed through the Company's Revemin mill yielding 14,021 ounces of gold at an average recovery of 87.3%. The plant had been operating on Tomi ores, which were hardrock and the change to 100% saprolite from La Victoria, required modifications to address the high levels of moisture and created challenges during the first ten weeks of the campaign. By the end of August the recoveries had started to climb into the 90% level as the challenges were addressed systematically. Based on the favorable results of the trial mining operations, a decision was made to begin an extensive diamond drill program for resource and reserves definition. A drill contract was signed with Majortec Perforaciones and drilling will commence next week. MDA has been retained to set up Quality Assurance / Quality Control guidelines, carry out resource and reserve estimates, and produce a stand-alone report suitable for inclusion into a project feasibility study.

The Charlie Richards deposit is one of three near contiguous deposits collectively known as the Tomi mine. After acquiring Tomi and the Revemin mill in August of 2000, Crystallex's technical personnel recognized the potential for high-grade mineralization along the down plunge extension of the Charlie Richards deposit. To test this hypothesis, the Company embarked on a 4,468 metre NQ diamond drill program, which encountered high grade mineralization to a maximum vertical depth of 300 metres and indicated that the mineralization is still open down plunge. MDA was subsequently retained to provide Crystallex with resource and reserve estimates and a preliminary cash flow of the Charlie Richards reserves. Using a gold price of US$265 per ounce, MDA concluded that the Charlie Richards project can produce 171,000 tonnes of open pit material grading 6.20 g/t Au at a 1.74 g/t Au cutoff and 129,787 tonnes of underground ore averaging 15.36 g/t Au at a 5.0 g/t Au cutoff (Reserves at Tomi underground are classified as probable). The average cash cost of production was estimated at US$104 per ounce for the open pit and US$82 per ounce for the underground, based on owner operated costs. In addition to indicating that the Charlie Richards is a viable underground project, MDA pointed out that "in addition to the probability of defining additional resources in the vicinity of the existing mineralization, there is the potential to add significant resources down plunge along the crest of the anticline."

On August 31, 2001, MDA completed a resource and reserve estimate of the Albino deposit. The study was commissioned primarily to assess the economics of starting up an underground mine at that locality and trucking the ore to the Revemin mill. MDA's work concluded that the Albino deposit contains Measured and Indicated resources of 3,268,000 tonnes grading 4.02 g/t Au at a cutoff grade of 0.5 g/t Au including a high-grade core area with Measured and Indicated resources of 301,000 tonnes grading 15.70 g/t Au (8.0 g/t Au cutoff). Within this resource, there are 183,900 tonnes grading 14.58 g/t Au which were converted to Proven and Probable diluted reserves using a cut off grade of 8 grams per tonne. Based on mining, processing, transportation and support costs totaling US$53.68/tonne, operating costs for the Albino ore amount to US$ 129 per ounce. MDA's study concluded that it "considers Albino to be a small, but good quality project. The mineralized zone is well defined by drilling and supported by previous mining."

Commenting on the results Marc J. Oppenheimer, President and CEO said, "We are very pleased with the new high grade underground reserves identified at our Venezuelan properties, and our team is looking forward to completing the La Victoria feasibility study. These additional ounces (open pit and underground) will significantly add to our operational runway and enhance our cash flow. Additionally, adding quality ounces will make our Revemin expansion economically robust. We anticipate funding the necessary capital expenditures to facilitate the development of these new mines and the expansion of the Revemin mill from using our lines of credit and internally generated cash flow."

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.
To receive previous Company releases: (800) 758-5804 ext.114620