Crystallex Press Releases

Crystallex Reports Noteholder Claim Dismissed

Thu, 17 Dec 2009 10:31:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 12/17/09 -- Crystallex International Corporation (TSX: KRY) (NYSE Amex: KRY) reported today that Justice Newbould of the Ontario Superior Court has dismissed all of the noteholders' claims against Crystallex and ordered the noteholders to pay Crystallex its costs. In detailed reasons released late on December 16, 2009, Justice Newbould held that Crystallex has acted reasonably and in accordance with its obligations to the noteholders. The noteholders have 30 days to consider whether they wish to appeal Justice Newbould's decision to the Ontario Court of Appeal. Crystallex is of the opinion that if an appeal were launched, Justice Newbould's decision would be upheld.

About Crystallex

Crystallex International Corporation is a Canadian based company, whose principal asset is its interest in the Las Cristinas gold development project located in Bolivar State, Venezuela. Crystallex shares trade on the TSX (symbol: KRY) and NYSE Amex (symbol: KRY) Exchanges.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including: statements relating to the estimated reserves and resources at Las Cristinas; anticipated results of drilling programs, feasibility studies or other analyses; the potential to increase reserves and expand production, at Las Cristinas; Crystallex's projected construction and production schedule, and cost and production estimates, for Las Cristinas; and management's statements regarding its expectations regarding mining in Venezuela. Forward-looking statements are based on estimates and assumptions made by Crystallex in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Crystallex believes are appropriate in the circumstances. Many factors could cause Crystallex's actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property. These factors and others that could affect Crystallex's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Crystallex's Annual Information Form (which is included in the Annual Report on Form 40-F that Crystallex files with the United States Securities and Exchange Commission (the "SEC") and elsewhere in documents filed from time to time with the Canadian provincial securities regulators, the SEC and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Crystallex has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
(800) 738-1577
info@crystallex.comwww.crystallex.com

Crystallex Comments on Market Activity

Mon, 16 Nov 2009 16:06:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 11/16/09 -- Crystallex International Corporation (TSX: KRY) (NYSE Amex: KRY). At the request of Market Surveillance, on behalf of the Toronto Stock Exchange, Crystallex is issuing this press release to confirm that it is not aware of any material undisclosed corporate developments which would account for the recent increase in its stock price and trading volume.

Due to the ongoing dispute with the Venezuelan Government regarding the issuance of the Environmental Permit for the Las Cristinas Project, Crystallex has been exploring various alternatives to mitigate the impasse and protect its investments under the Mine Operating Contract ("MOC") that it has with the Venezuelan Government.

These alternatives include a number of possible transactions and structures. While discussions are ongoing, there can be no assurance that definitive agreements can be reached. The Company continues to work on behalf of all of our stakeholders to identify and progress alternatives in the context of the Las Cristinas dispute with the Venezuelan government to maximize stakeholder value.

In the event that Crystallex is not able to reach a satisfactory negotiated settlement, it is prepared to submit its dispute with the Bolivarian Republic of Venezuela to international arbitration under the terms of the Agreement between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments. The Company has been advised that by remaining in full compliance with the MOC while it continues to reach a resolution on Las Cristinas the Company will preserve the option of international arbitration. Accordingly, the Company has determined that it is in the best interest of all stakeholders to remain compliant with the MOC and incur the consequent expenditures.

About Crystallex

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
(800) 738-1577
info@crystallex.comwww.crystallex.com

Crystallex Reports Q3 2009 Financial Results

Wed, 11 Nov 2009 16:08:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 11/11/09 -- Crystallex International Corporation (TSX: KRY)(NYSE Amex: KRY) today reported its financial results for the quarter ended September 30, 2009. The Company prepares its consolidated financial statements in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles. The consolidated financial statements along with management's discussion and analysis will be available for viewing on the Crystallex International Corporation website at www.crystallex.com. The Documents have been filed with SEDAR (www.sedar.com).

Overview

Crystallex is a Canadian based mining company engaged in the development of the Las Cristinas gold properties in Venezuela. Its common shares (symbol: KRY) are traded on both the Toronto Stock Exchange and the NYSE Amex Exchange.


Las Cristinas

--  The Company's principal asset is its interest in the Las Cristinas gold
    project located in Bolivar State, Venezuela. The Company's interests in
    the Las Cristinas concessions are derived from a Mine Operating Contract
    (the "MOC") with the Corporacion Venezolana de Guayana (the "CVG") which
    grants Crystallex exclusive rights to develop and mine the gold deposits
    on the Las Cristinas property.
--  The Company has not received a response from the Minister of Environment
    and Natural Resources ("MinAmb") to its June 16, 2008 appeal of the
    Director General of the Administrative Office of Permits at MinAmb
    denying its request for the Permit for the Las Cristinas project.
--  On March 2, 2009, the CVG confirmed that the Company was in compliance
    with the MOC. This corroborates the Company's position that it is not in
    default of the MOC and there is no change in control under the terms of
    the MOC.
--  The Company remains compliant with the MOC in order to protect the
    option of proceeding to international arbitration.

Liquidity and Capital Resources

--  Cash and cash equivalents at September 30, 2009 were $4.9 million.
--  With proceeds from recent equipment sales, the Company forecasts that it
    will have sufficient cash to fund its operations through the first
    quarter of 2010 (see "Liquidity and Capital Resources" section).

Financial Results

--  Losses from continuing operations were $19.7 million ($(0.07) per share)
    and $30.6 million ($(0.10) per share) for the three month and nine month
    periods ended September 30, 2009, respectively. Approximately 50% of the
    current quarter's loss is attributable to the write down of equipment
    held for sale.
--  Losses from operations were $20.1 million ($(0.07) per share) and $32.1
    million (($0.11) per share) for the three month and nine month periods
    ended September 30, 2009, respectively.

Legal Matters

--  On May 4, 2009, the holders of the Company's $100 million notes due
    December, 2011, agreed to have its derivative action dismissed with
    prejudice. The Noteholders' Application to the court also included an
    oppression claim, which is scheduled to be heard in early December 2009.
--  The Company and certain officers and/or directors have been named as
    defendants in a proposed class action lawsuit commenced in the United
    States. This action is in its preliminary stage, however, Crystallex
    believes that the complaint is without merit and will vigorously defend
    itself against this action.

About Crystallex

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
(800) 738-1577
info@crystallex.comwww.crystallex.com

Crystallex Reports Q2 2009 Financial Results

Wed, 29 Jul 2009 16:51:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 07/29/09 -- Crystallex International Corporation (TSX: KRY) (NYSE Amex: KRY) today reported its financial results for the quarter ended June 30, 2009. The Company prepares its consolidated financial statements in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles. The consolidated financial statements along with management's discussion and analysis will be available for viewing on the Crystallex International Corporation website at www.crystallex.com. The Documents have been filed with SEDAR (www.sedar.com).

Overview

Crystallex is a Canadian based mining company engaged in the development of gold properties in Venezuela. Its common shares (symbol: KRY) are traded on both the Toronto Stock Exchange and the NYSE Amex Exchange.

Las Cristinas

- The Company's principal asset is its interest in the Las Cristinas gold project located in Bolivar State, Venezuela. The Company's interests in the Las Cristinas concessions are derived from a Mine Operating Contract (the "MOC") with the Corporacion Venezolana de Guayana (the "CVG") which grants Crystallex exclusive rights to develop and mine the gold deposits on the Las Cristinas property.

- The Company has not received a response from the Minister of Environment and Natural Resources ("MinAmb") to its June 16, 2008 appeal of the Director General of the Administrative Office of Permits at MinAmb denying its request for the Permit for the Las Cristinas project.

- On March 2, 2009, the CVG confirmed that the Company was in compliance with the MOC. This corroborates the Company's position that is not in default of the MOC and there is no change in control under the terms of the MOC.

- The Company plans to remain compliant with the MOC in order to protect the option of proceeding to international arbitration.

Liquidity and Capital Resources

- Cash and cash equivalents at June 30, 2009 were $13.4 million.

- The Company forecasts that its existing cash is sufficient to fund its operations into the fourth quarter of 2009 (see "Liquidity and Capital Resources" section).

Financial Results

- Losses from continuing operations were $6.1 million ($(0.02) per share) and $10.9 million ($(0.04) per share) for the three month and six month periods ended June 30, 2009, respectively.

- Losses from operations were $6.8 million ($(0.02) per share) and $12.0 million ($(0.04) per share) for the three month and six month periods ended June 30, 2009, respectively.

Legal Matters

- On May 4, 2009, the holders of the Company's $100 million notes due December, 2011, agreed to have its derivative action dismissed with prejudice. The Noteholders' Application to the court also included an oppression claim, which has been jointly held in abeyance until the end of July, 2009 to permit discussions, at which time the Noteholders and the Company can appear before the court to set a schedule for the continuation of the Application.

- The Company and certain officers and/or directors have been named as defendants in a proposed class action lawsuit commenced in the United States. This action is in its preliminary stage, however, Crystallex believes that the complaint is without merit and will vigorously defend itself against this action.

About Crystallex

Crystallex International Corporation is a Canadian based gold mining company, whose principal asset is its interest in the Las Cristinas gold development project located in Bolivar State, Venezuela. Crystallex shares trade on the TSX (symbol: KRY) and NYSE Amex (symbol: KRY) Exchanges.

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
1-800-738-1577
info@crystallex.comwww.crystallex.com

Crystallex Reports Q1 2009 Financial Results

Fri, 15 May 2009 11:24:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 05/15/09 -- Crystallex International Corporation (TSX: KRY)(NYSE Amex: KRY) today reported its financial results for the quarter ended March 31, 2009. The Company prepares its consolidated financial statements in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles. The consolidated financial statements along with management's discussion and analysis will be available for viewing on the Crystallex International Corporation website at www.crystallex.com. The Documents have been filed with SEDAR (www.sedar.com).

Overview

Las Cristinas

- On March 2, 2009, the CVG confirmed that the Company was in compliance with the MOC. This corroborates the Company's position that it is not in default of the MOC and there is no change in control under the terms of the MOC.

- The Company plans to remain compliant with the MOC in order to protect the option of proceeding to arbitration, if necessary.

Liquidity and Capital Resources

- Cash and cash equivalents at March 31, 2009 were $21.6 million.

- The Company forecasts that it will have sufficient cash to fund its operations through the end of 2009 (see "Liquidity and Capital Resources" section).

Financial Results

- Losses from continuing operations were $4.8 million ($(0.02) per share) and $13.4 million ($(0.05) per share) for the three month periods ended March 31, 2009 and 2008, respectively.

- Losses from operations were $5.2 million ($(0.02) per share) and $11.2 million ($(0.04) per share) for the three month periods ended March 31, 2009 and 2008, respectively.

Legal Matters

- On May 4, 2009, the holders of the Company's $100 million notes due December, 2011, agreed to have its derivative action dismissed with prejudice. The Noteholders' Application to the court also included an oppression claim, which has been held in abeyance until the end of July, 2009, at which time the Noteholders and the Company will appear before the court to set a schedule for the continuation of the Application.

About Crystallex

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
(800) 738-1577
info@crystallex.comwww.crystallex.com

Crystallex Reports 2008 Financial Results

Tue, 31 Mar 2009 18:28:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 03/31/09 -- Crystallex International Corporation (TSX: KRY)(NYSE Amex: KRY) today reported its financial results for the year ended December 31, 2008. The Company prepares its consolidated financial statements in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles. The Consolidated financial statements along with management's discussion and analysis will be available for viewing on the Crystallex International Corporation website at www.crystallex.com. The Documents have been filed with SEDAR (www.sedar.com).

Las Cristinas

- The Company plans to remain compliant with the MOC in order to protect the option of proceeding to arbitration, if necessary.

Liquidity and Capital Resources

- Cash and cash equivalents at December 31, 2008 were $34.5 million.

- The Company forecasts that it will have sufficient cash to fund its operations through the end of 2009 (see "Liquidity and Capital Resources" section).

Financial Results

- Losses from continuing operations were $21.8 million ($0.07 per share) and $22.2 million ($0.09 per share) for 2008 and 2007, respectively.

- Losses from discontinued operations at El Callao were $3.9 million and $8.2 million for 2008 and 2007 respectively.

- Losses from operations were $25.7 million ($0.09 per share) and $30.5 million ($0.12 per share) for 2008 and 2007, respectively.

Legal Matters

- The Company is currently in the early stages of preparing for its defense against an action taken by holders of its $100 million notes due December 2011. The Company has strong defenses to this action which it vigorously opposes and believes to be without merit.

About Crystallex

Visit us on the Internet: http://www.crystallex.com or Email us at: info@crystallex.com.

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
(800) 738-1577
info@crystallex.comwww.crystallex.com

Crystallex Comments on Market Activity and Las Cristinas

Wed, 14 Jan 2009 14:06:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 01/14/09 -- Crystallex International Corporation (TSX: KRY) (NYSE Alternext US: KRY) reported today that it is aware of certain comments related to the Las Cristinas gold project attributed to President Chavez in Venezuela. Outside of the media coverage, the Company has not been notified of any changes in position by the Venezuelan Government regarding the Las Cristinas Project or the Mine Operating Contract ("MOC"). Crystallex staff and representatives are in continual communication with Senior Venezuelan Officials and the comments attributed to President Chavez regarding Las Cristinas have not been raised with the Company.

About Crystallex

Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development at the initial planned production rate of 20,000 tonnes of ore per day. Crystallex shares trade on the TSX (symbol: KRY) and NYSE Alternext US (symbol: KRY) Exchanges.

Contacts:
Investor Relations Contact:
Crystallex International CorporationRichard Marshall, VP
1-800-738-1577
Email: info@crystallex.com
Website: www.crystallex.com

Crystallex Updates Shareholders on Note Holder Legal Action

Thu, 11 Dec 2008 09:20:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 12/11/08 -- Crystallex International Corporation (TSX: KRY) (NYSE-A: KRY) today reported that it has now been served with a Notice of Application by Computershare Trust Company of Canada ("Computershare") in its capacity as Trustee for the holders of certain senior unsecured notes of Crystallex due December 23, 2011. Computershare, on behalf of the debenture holders, is seeking a declaration from the Court that there has been a "Project Change of Control" event as defined in the First Supplemental Indenture made as of December 23, 2004 thereby requiring Crystallex to purchase all of the notes of each note holder who has so requested at a price equal to 102% of the principal amount of the notes, together with accrued and unpaid interest to the date of purchase.

A "Project Change of Control" is defined as "the occurrence of any transaction as a result of which Crystallex ceases to beneficially own, directly or indirectly, at least a majority interest in the Las Cristinas project asset." No such transaction has occurred and Crystallex will accordingly vigorously defend itself. In particular, the claim relies upon press reports and similar non-official communications which attribute comments to the Government of Venezuela suggesting they intend to take control over the Las Cristinas project from Crystallex. As previously disclosed Crystallex is in frequent communication with Venezuelan government officials and has received no official communication concerning changes to the control of Las Cristinas or the Mine Operating Contract. Crystallex believes this legal action is an attempt by note holders to remove control of the corporation from its shareholders.

In the alternative, Computershare is seeking permission from the Court to commence a derivative action in the name of and on behalf of Crystallex. The proposed derivative action is one which would require Crystallex to bring an action against its entire Board of Directors. The essence of the proposed derivative action is that the Board of Directors pursued the Las Cristinas project in Venezuela for longer than it ought to have pursued it and that the directors have allegedly mismanaged certain aspects of Crystallex's operations in Venezuela.

Crystallex will review and analyse the materials the note holders have served to support their claim to a derivative action. Once this analysis is complete, Crystallex will further advise its shareholders and stakeholders on its next steps with regard to this claim.

Contacts:
Investor Relations Contact:
Crystallex International CorporationA. Richard Marshall, VP
1-800-738-1577
Email: info@crystallex.com
Website: www.crystallex.com

Crystallex Advised of Legal Action

Tue, 09 Dec 2008 16:32:00 -0500

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2008) - Crystallex International Corporation (TSX:KRY)(NYSE-A:KRY) today reported it has received a Notice of Application, concerning the commencement of a legal proceeding against Crystallex. The Notice of Application has been filed by Computershare Trust Company of Canada in their capacity as Trustee for the holders of the Company's 9.375% Unsecured Notes due December 23, 2011. The Company is currently reviewing the Notice of Application with its legal advisors and its Board of Directors and will provide all shareholders and stakeholders with further details once a review has been completed.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Investor Relations Contact:
        Crystallex International CorporationA. Richard Marshall, VP
        1-800-738-1577
        Email: info@crystallex.com
        Website: www.crystallex.com

Source: Crystallex International Corporation

Crystallex Updates Shareholders on Las Cristinas Dialogue

Fri, 28 Nov 2008 18:43:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 11/28/08 -- Crystallex International Corporation (TSX: KRY)(NYSE-A: KRY) today updated shareholders and stakeholders regarding various matters concerning its business.

Ongoing Dialogue with the Venezuelan Authorities

Crystallex maintains ongoing dialogue and correspondence with Venezuelan ministries and key government officials regarding the Authorization to Affect Natural Resources (the "Permit") for the Las Cristinas Gold Project and the status of its Mine Operating Contract ("MOC"). As part of this interaction, Crystallex filed a writ with the Ministry of Environment and Natural Resources ("MinAmb") on October 24, 2008. This document supplemented Crystallex's prior appeal and requested that the Minister of MinAmb take the Vice-Minister's August 20, 2008 letter into consideration in rendering her decision on the appeal. This August 20, 2008 letter indicated that Crystallex's previous submission on August 4, 2008 complied with government guidelines on environmental and social matters and was viable from a technical perspective.

On November 28, 2008, Crystallex delivered a letter to the Government of Venezuela notifying it of the existence of a dispute between Crystallex and the Bolivarian Republic of Venezuela ("Venezuela") under the Agreement between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments (the "Treaty").

It is Crystallex's intention to settle the dispute amicably within six months. If the dispute has not been settled amicably within six months, Crystallex has the option of submitting the dispute to international arbitration. The dispute has arisen out of MinAmb's decision dated April 14, 2008 to deny the Permit and Venezuela's subsequent media statements attributed to the Minister of MIBAM on November 5, 2008 regarding the status of the Project and the MOC.

Special Meeting of Shareholders

Crystallex held a special meeting of shareholders on November 18, 2008. At the meeting, the first two items of business, namely the approval of a stock option plan which would have permitted Crystallex to issue stock options to purchase up to 5% of Crystallex's common shares, as well as the ratification of certain option grants to directors, officers and employees, were withdrawn from consideration. The shareholders did approve the directors' share plan as described in the management information circular prepared in connection with this meeting.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to additional funding requirements, reserve and resource estimates, gold prices, exploration, development and operating risks, illegal miners, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" below or in the Company's 2007 40-F/Annual Information Form. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this Management Discussion and Analysis and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.

Contacts:
Crystallex International CorporationA. Richard Marshall
VP, Investor Relations
1-800-738-1577
Email: info@crystallex.com
Website: www.crystallex.com