Crystallex International Corporation (AMEX, TSX: KRY) (“Crystallex”) announced today that in connection with its previously announced filing of a preliminary short form prospectus with securities regulatory authorities in Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Newfoundland and Labrador in respect of an offering of Units, it has entered into an agreement with an underwriter, pursuant to which the underwriter has agreed to purchase 10,125,000 million Units of Crystallex at a price of Cdn$3.20 per Unit for gross proceeds to Crystallex of Cdn$32.4 million.  Each Unit will entitle the holder to acquire one common share in the capital of Crystallex and one-half of one common share purchase warrant, without payment of additional consideration.  Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of Cdn$4.25 for a period of 18 months following the closing date of the offering. 
Crystallex plans to use the net proceeds from the financing to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange.  The offering is expected to close on or about August 10th, 2006.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction.  The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.