TORONTO - Crystallex International Corporation (KRY on TSX and Amex) announced today that it expects to have its reserve and resource modeling, as well as its mine plan, completed for the Las Cristinas properties in Venezuela during January 2003.  Mine Development Associates (“MDA”), an independent consulting firm headquartered in Reno, Nevada, has been commissioned to undertake the reserve and resource modeling. Crystallex is conducting verification work including reviewing drill core, re-surveying drill holes, re-analyzing drill core to check against original assay data and performing twinned core drilling to verify original drill hole results.   MDA began this work in early October, shortly after Crystallex took possession of the Las Cristinas properties. 
 
Until now, most of the information presented and discussed in the media, including estimates of reserves and resources, capital costs, production rates and costs of production, has been based upon data prepared by or under the direction of Placer Dome Inc.  Although in the public domain, these data are based upon Placer Dome’s development plans and a feasibility study completed by Placer Dome.  Any disclosure of information contained therein, including estimates of reserves and resources, capital costs, production rates and costs of production, is particular to Placer Dome’s development plans.  Since Crystallex’s development plans may differ from those of Placer Dome and are unsupported by a technical report prepared by a qualified person, the MDA report will allow Crystallex, for the first time, to address the potential of the Las Cristinas properties in the specific context of Crystallex’s plans.

Crystallex expects to commission a full feasibility study for the Las Cristinas properties during December 2002, and is currently receiving proposals for the study.  It is anticipated that the feasibility study will be available by mid-2003.  Crystallex received valuable information from the Corporación Venezolana de Guayana (“CVG”) under the mining operating agreement signed on September 17, 2002 which will expedite completion of the feasibility study.  The feasibility study will allow Crystallex to address the phasing of development with greater particularity, including both the timing and production targets for each phase.  Crystallex has agreed to present a feasibility study to the CVG by September 16, 2003, and to start production from the Las Cristinas deposits by May 2004.  The September 17, 2002 mining operating agreement is available on the Company’s website.  Crystallex’s goal is to have meaningful production at Las Cristinas at the earliest possible date.

The MDA report and feasibility study will be made available as filings in both Canada and the USA.

About Crystallex
Crystallex International Corporation is a Canadian based gold producer with operations and exploration properties in Venezuela and Uruguay. Crystallex shares are traded on the TSX and AMEX Exchanges and Crystallex is a part of the S&P/TSX Composite Index, the most widely followed benchmark index in Canada. Crystallex has been focused on strategic growth in South America and recently signed a definitive agreement with respect to the Las Cristinas mining properties in Venezuela and has taken possession of those properties. Crystallex is currently reviewing drill data and studies previously completed in preparation for the completion of a feasibility study to support its development plans for the properties.

For Further Information:
Contact:  A Richard Marshall, VP at  (201) 541-6650
To receive previous Company releases:  (800) 758-5804  ext.114620
Visit us on the Internet:  http://www.crystallex.com

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 this release and does not accept responsibility for the adequacy or accuracy of this news release.