VANCOUVER, May 19 - CRYSTALLEX INTERNATIONAL CORPORATION (Toronto: KRY) said that the Supreme Court of Venezuela announced in Venezuela's Official Gazette of May 15, 1997 an extraordinary edition of the Official Gazette for the publication of its three rulings confirming the validity of the transfer of the Cristinas 4 & 6 alluvial gold concessions to Crystallex's Venezuelan unit, Inversora Mael, C.A. (Mael). The extraordinary edition will also publish the assignment agreement through which Mael acquired the concessions and the notice of transfer of the concessions. The publication was ordered by the Supreme Court in the most recent of its three rulings because of the failure by the Minister of Energy and Mines (MEM) to comply with the earlier rulings.
Despite the Supreme Court rulings, certain officials of the MEM are continuing to deny Mael's ownership of the Cristinas 4 & 6 concessions. Accordingly, in April 1997, Mael commenced a further action in the Supreme Court of Venezuela seeking a ruling requiring the MEM to fully recognize its ownership rights, including Mael's right under Venezuelan mining law to renew the concessions through the year 2O14 and its preferential right to obtain the alluvial (surface) and deep rock concessions for all minerals on the Cristinas 4 & 6 properties.
Publication by the Supreme Court of the notice of transfer in the Official Gazette is the final legal formality required under Venezuelan mining law to perfect the transfer for all purposes and supersedes a defective and misleading publication made by the Ministry of Energy and Mines in April, 1997.
Commenting on the Supreme Court's notice, A. Richard Marshall, Vice President - Corporate Development, said, "This is yet another positive development for Crystallex. It reinforces our confidence that the Venezuelan judicial system will protect Mael's legal and constitutional rights. Crystallex intends to continue aggressively pursuing the enforcement of its rights."
The Official Gazette is an official publication of the Government of Venezuela and is publicly available to all persons.
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.
On Behalf of the Board,
"Marc J, Oppenheimer"
Marc J, Oppenheimer, President & CEO
NOTE: The Toronto Stock Exchange and the Vancouver Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this news release.
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