Revenues from sales of gold were $665,476, a 12 percent increase as compared with $593,955 during the same period in 1997, reflecting the increased production at the Company's Albino property in Venezuela. The Company's cost of gold sales totaled $1,601,222 for the first three months of 1998, an increase of 57 percent over the year earlier $1,022,772. At March 31, the Company held cash and equivalents of $21,841,044, compared with $7,637,157 for the year earlier period. (All figures expressed in Canadian dollars).

Crystallex's net loss for the three months ended March 31, 1998 was ($2,394,366), compared with a loss of ($1,236,623) for the comparable period the year earlier. This loss on a per share basis for the quarter was ($0.07), compared with ($0.05) in the prior year. The Company's general expenses were $1,508,435, up from the prior year's $919,483, and reflected increased Corporate activity.

Current year's results also reflected a foreign exchange loss of ($172,542) in the first quarter, compared with a modest gain of $7,603 the prior year. The company reported a gain on marketable securities of $20,317 in the quarter, and interest income of $202,040. The year earlier, the Company recorded interest income of $104,074 in the first three months. For the three months ended March 31, 1998 weighted average shares outstanding were 33,990,453. The comparable figure for the March 31, 1997 quarter was 24,812,000.

Commenting on the results, Crystallex President and CEO Marc J. Oppenheimer said, "The year-to-year gold sales from Albino do not adequately reflect the significant improvements accomplished by our management team and local work force at the mine. Production gains were achieved despite a three week shut down at the Albino mill in order to modify and overhaul equipment. Significant advances have been accomplished in our efforts to improve the local environment through a reforestation and reclamation program. The effect of these contributions by Crystallex at Albino are reflected in a marked warming of relations in Venezuela. Our mine managers are moving forward with the design and planning for further production increases, in anticipation of success on our pending application for vein rights at Albino."

REVIEW OF OPERATIONS

Gold production at Albino stood at 56 kilos for the first three months -- a decline from the fourth quarter 1997 production of 93 kilos. The reason for this drop in production at the Albino mill was a 25 day shutdown of the mill for routine overhaul of the power generation equipment and minor modifications to the mill. Full power was restored by mid-May, and current production is averaging approximately 30 kilos of gold produced per month.

During the quarter, there were two additions to local mine management --

In the first quarter, extensive environmental work was undertaken in conjunction with the Albino Master Site Plan, with the approval of the Minister of the Environment. The work included:

OTHER DEVELOPMENTS

The legal action with respect to the Cristinas 4 & 6 concessions at Kilometer 88, Venezuela, remains before the Political Administrative Chamber of the Venezuelan Supreme Court. The title rights to these concessions were acquired by Crystallex in March 1997.

One kilo of gold is equal to approximately 32.15 ounces of gold

Unaudited financial results for the three months are reported in the following tables.

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 and does not accept responsibility for the adequacy or accuracy of this news release.