TORONTO - CRYSTALLEX INTERNATIONAL CORPORATION (TSX, AMEX: "KRY") today announced that transition arrangements have been substantially completed and it has taken possession of the Las Cristinas 4, 5, 6 & 7 properties in Venezuela, in accordance with the mining operation agreement signed Sept. 17, 2002 with the Corporacion Venezolana de Guayana (CVG).

The Crystallex transition team, headed by Vice-President of Operations, Dr. Sadek El Alfy, and a team of consultants is reviewing the inventory of National assets including data, studies and information made available by the CVG under the terms of the mining operation agreement. Plans are underway to immediately commission a full feasibility study for the development of the Las Cristinas properties in Kilometer 88.

Las Cristinas 4, 5, 6 and 7 are believed to form one of the largest undeveloped gold deposits in Latin America and the world. Under the agreement with the CVG, Crystallex has the exclusive right to develop Las Cristinas 4, 5, 6, and 7 in all respects including exploration, design and construction of facilities, operation of the facilities for the processing of gold and subsequent exploitation, commercialization and sale of gold. The Company will control 100% of the resources of the project. All revenue from the sale of gold will be for the benefit of Crystallex, subject to payment of royalties to the Venezuelan Ministry of Energy and Mines and to the CVG.

The Company also announced that it has undertaken a private placement of US$9,200,000 principal amount of 4% convertible notes due September, 2005 and warrants to purchase 1,379,083 common shares at a price of US$2.84 per share, as well as a private placement of US$2,700,000 principal amount of 5.5% convertible notes due September, 2005 and warrants to purchase 469,898 common shares at a price of US$2.82 per share. In each case, the convertible notes may be converted to common shares based upon a conversion price equal to the lesser of 120% of the per share market price at closing or a 5% discount to market at the time of conversion. The proceeds of the placements fund the previously announced acquisition from the CVG of the National assets related to Las Cristinas including; data, studies and infrastructure, as well as replenish working capital.  The US$15,000,000 payment has been made by Crystallex.

Neither the convertible notes or warrants issued nor the Crystallex common shares issuable upon the conversion or exercise of such securities have been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 

An executive summary of the Agreement signed by Crystallex President and CEO Marc J. Oppenheimer and CVG President, General Francisco Rangel Gomez will be made available on the Company website: www.crystallex.com.

About Crystallex:
Crystallex International Corporation is an emerging intermediate gold mining company operating as well as developing new mines in Venezuela and Uruguay. Crystallex's strategy for growth is to develop its portfolio of producing properties as well as to diversify geographically by investing in producing or near-production projects and by exploring properties of merit in other areas.

On behalf of the Board:

Marc J. Oppenheimer, President and CEO

For further information:
Investor Relations: A Richard Marshall, VP (201) 541-6650 or Andrea Boltz (604) 683-0672
Media Contact: Susan Reisler, Media Profile (416) 504-8464

To view previous company releases: (800) 758-5804 ext. 114620
Internet address: 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.