VANCOUVER, BC - CRYSTALLEX INTERNATIONAL CORPORATION (KRY on TSE and Amex) today announced that its operating revenue for the year ended December 31, 2001 increased 16.5 percent to C$55,593,068 from C$47,732,737 reported for 2000.  Net income for 2001 was C$68,394 or C$0.00 per basic and diluted share, compared with C$3,304,556 or C$0.06 per basic and diluted share in 2000. Cash flow from operating activities was C$10.5 million (C$0.15 per share) compared to C$11.0 million (C$0.21 per share) in 2000.  The Company's gold production in 2001 was 109,647 ounces compared to 95,563 ounces in 2000.

The Company's operating costs were C$39.8 million (C$363 per ounce) in 2001 compared with C$30.5 million (C$320 per ounce) in 2000. The increase was primarily due to the higher level of operating activities in Venezuela and a full year of operation there, as opposed to a partial year of operation in 2000 as the acquisition of Bolivar Goldfields occurred in the second half of the year.  Those activities centered on the commencement of mining at La Victoria and the transition to underground mining at the Charlie Richards deposit.  In addition, processing costs were higher due to a lower average grade of ore having been processed through the Revemin mill during 2001. The mixing of ores from several deposits also lowered the recovery rate from nearly 95 percent in 2000 to slightly more than 90 percent in 2001. The Company expects the average grade and the recovery rate to increase toward previous levels in 2002.  Higher expenses were also incurred in Uruguay, due to the commissioning of a new water treatment facility and the commencement of mining on the Santa Teresa deposit of the San Gregorio mine.

2001 Highlights

• Revenue: C$55.6 million
• Operating Cash Flow: C$10.5 million or C$0.15 per share
• Gold production: 109,647 ounces
• Cash cost to produce US$223 per ounce
• Average price per ounce realized US$327 per ounce
• Completed takeover bid of El Callao Mining Corporation (ECM), and received approximately 80% of ECM's outstanding shares
• Began mining and milling ore from the La Victoria open pit in Venezuela's El Callao region
• Commenced a 10,000 metre diamond drill program focused on converting La Victoria's inferred resources into mineable reserves
• Concluded a positive feasibility study on the Albino and Charlie Richards underground deposits in Venezuela
• Collared the portal for the new Charlie Richards underground mine and had advanced the decline by 50 metres by year-end
• Advanced discussions with the Venezuelan government aimed at favorably resolving Cristinas 4 & 6 issues
• Added to the TSE300 Composite Index
• Consumated a C$7,000,000 private placement with the Ontario Municipal Employees Retirement Board "OMERS" and Kilmer Van Nostrand
• Increased cash position to C$14.4 million and shareholders' equity to C$144 million

Fourth quarter 2001 revenue decreased to C$13,361,803 from C$16,366,713 in the 2000 fourth quarter.  Net earnings were a loss of C$(832,430) compared to a profit of C$397,961 in 2000. Cash flow from operating activities in fourth quarter 2001 was C$6.0 million (C$0.09 per share) compared to C$2.3 million (C$0.04 per share in 2000).  Gold production in the 2001 fourth quarter was 29,452 ounces versus 30,235 ounces in the 2000 fourth quarter.

In December 2001, the Company completed a C$7 million private placement of Crystallex shares, with The Ontario Municipal Employees Retirement Board (OMERS) and Kilmer Van Nostrand Co. Limited. The private placement consisted of 3,111,111 units at a price of C$2.25 raising proceeds of C$7,000,000. Each unit consists of one common share and one common share purchase warrant. The warrants entitle the holder to acquire one common share at a price of C$3.00 until December 24, 2003.

Marc J. Oppenheimer, Crystallex's President and Chief Executive Officer, commented on the accelerated pace of the Company's activities both in Venezuela and Uruguay.  "This was a very good year of growth for Crystallex.  We assimilated our recent acquisitions, increased gold production by 15 percent.  In addition to increasing our production profile, we refined our processing capabilities to handle ore from several sources, and soon will be operating two new underground mines in Venezuela that will supply high-grade ore to our Revemin mill."

"Even though the wider range of activities increased operating expenses, we ended the year with significantly more working capital and greater liquidity than in the previous year.  Much of this increased liquidity resulted from the C$7 million private placement of Crystallex shares, with OMERS and Kilmer, the proceeds from which we will use primarily for our future growth.  I'm pleased that this and many of our other pursuits in 2001 have had a very positive effect on shareholder equity, increasing it from C$111 million in 2000, to C$144 million in 2001. The additional investment and expansion we are undertaking in Venezuela will lead Crystallex to higher production levels and enhance our cashflows through lower production costs."

Uruguay

San Gregorio: During 2001, 1.1 million tonnes were processed at the mill to produce 66,957 ounces of gold at a cash cost of US$218 per ounce. In the fourth quarter, the San Gregorio mill operated at a rate of 3,118 tonnes per day processing nearly 280,630 tonnes with a head grade of 2.17 grams per tonne and yielding nearly 18,000 ounces, a considerable increase over previous quarters. In addition to the better head grades, the Company was able to reduce soluble losses, thus improving the mill's recovery rate to nearly 92 percent. With further research and adjustments, Crystallex hopes to further increase the recovery rate. These factors and certain cost cutting measures implemented by management personnel at the San Gregorio operation resulted in a cash cost per ounce of approximately US$218.
In the third quarter of 2001, Crystallex began extracting material from the Santa Teresa ore bodies located one kilometre west of the San Gregorio main pit. Initial production from Santa Teresa has exceeded the geological model's projections in terms of tonnes and grades.

Venezuela

La Victoria: In April 2001, Crystallex began mining at La Victoria, the largest of the six Lo Increible deposits.  By the end of the year, the Company had processed 297,343 tonnes grading 3.09 g/t Au with a recovery rate of 89.7 percent, yielding 26,504 ounces of gold.  Previous calculations carried out by MRDI concluded Lo Increible contains indicated resources of 8.87 million tonnes grading 3.39 grams per tonne gold and inferred resources of 15.08 million tonnes grading 3.26 g/t Au at a cutoff grade of 1.0 g/t Au. Phase I of the Company's 10,000 metre drill program at La Victoria has defined several broad mineralized intervals including 20.5 metres @ 14.1 g/t Au (LV-01-003); 17.2 metres @ 4.41 g/t Au and 33.1 metres @ 8.07 g/t Au (LV-01-013); 7.65 metres @ 10.85 g/t Au (LV-01-009); 6.90 metres @ 9.08 g/t Au (LV-01-027); 11.70 metres @ 5.64 g/t Au (LV-01-029); 7.60 metres @ 8.37 g/t Au (LV-01-022); 4.50 metres @ 7.89 g/t Au, 12.65 metres @ 5.35 Au and 8.50 metres @ 5.50 g/t Au (LV-01-002). The assaying was conducted at the Revemin Laboratory in El Callao, Venezuela, utilizing standard fire assay techniques with AA finish. The Company plans to continue its drill program in 2002 to upgrade La Victoria's inferred resources to indicated resources and probable reserves. 

Tomi: During 2001, the Company processed 121,565 tonnes of ore with a grade of 3.11 g/t Au and a recovery rate of 91.6 percent, yielding 11,132 ounces of gold from the Tomi deposits. Drilling below Tomi's Charlie Richards pit has identified an underground deposit that, according to a feasibility study conducted by Mine Development Associates of Reno, Nevada (MDA) contains probable reserves of 163,000 tonnes grading 14.48 grams per tonne to a vertical depth of 200 metres below surface. The reserves were calculated at a cutoff grade of 5.0 g/t Au based on a gold price of US$265 per ounce. The Charlie Richards underground deposit is open at depth and there is potential to add significant resources both in the vicinity of the existing mineralization and down plunge. In the fourth quarter 2001, Crystallex collared the portal for the mine and started developing the access to this underground ore-body. The Company plans to extract first ore from the mine in July 2002.
 
Albino 1: The Company is also developing an underground mine at its Albino 1 concession in Venezuela's Kilometre 88 region. The Tomi study conducted by MDA also included portions of the Albino 1 deposit. It concluded that the Conductora portion of the deposit contains 82,000 tonnes of proven reserves grading 14.81 g/t Au and 96,830 tonnes of probable reserves grading 14.66 g/t Au. The Albino reserves were calculated using a gold price of US$270 per ounce and a cutoff grade of 8.0 g/t Au. These mineable reserves are included in a global Measured and Indicated resource of 3.27 million tonnes grading 4.02 g/t Au at a 0.5 g/t Au cutoff. Crystallex plans to begin the development for underground mining in the second quarter 2002 with the first ore being accessed late 2002.

Revemin mill: During the fourth quarter, the Revemin mill operated at a rate of 1,441 tonnes per day. Crystallex is commencing a phased expansion of the mill that will increase its capacity to 1,800 tonnes per day in 2002, and to 3,000 tonnes per day in 2003. Currently processing ore from La Victoria, Tomi and nearby concessions, the mill will have the capacity to handle material trucked in from the Albino 1 and Charlie Richards underground mines as well. The high-grade ore from these underground operations will supplement that from the open pit mines and will result in further reductions in Crystallex's operating unit costs as well as greater production levels. In addition to the material mined from La Victoria and Tomi, Revemin processed an additional 19,383 tonnes of material from nearby concessions grading 8.98 g/t Au to yield 5,054 ounces at a recovery rate of 90.3%.

Cristinas 4 & 6: Crystallex believes that it continues to make progress regarding the issue of ownership of the Cristinas 4 & 6 concessions, and is encouraged by the decisions made by the Venezuelan authorities during the past twelve months. In November of 2001, the Venezuelan government cancelled the mining rights held by Minca and took possession of the contested properties.

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.

Financial results for the three months and full year periods are reported in the attached table.

The full annual financial statements of Crystallex will be available on Sedar and the Crystallex website.

On Behalf of the Board:

Marc J. Oppenheimer, President & CEO

For Further Information:
Contact:  A Richard Marshall, VP at  (201) 541-6650 or Andrea Boltz at (604) 683-0672
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.

To download complete Financial Statements, click here.

(Table Attached)
 
To view attachment, click here.