Toronto - The President and CEO of Crystallex International Corporation, Marc J. Oppenheimer said today the recent announcement that Venezuela's National Assembly plans to review the award by the Corporacion Venezolana de Guayana (CVG) to Crystallex of mining rights to the Las Cristinas gold properties will have no impact on the Company's plans to proceed with developing the properties.
"As with past investigations involving Las Cristinas which supported both the termination of the Minca mining contract and the retaking of the mining assets, we remain absolutely confident that the actions of the CVG, a Venezuelan State Corporation, and the Ministry of Energy and Mines in granting mining rights to Crystallex will be confirmed in all respects."
"The CVG and the Ministry of Energy and Mines carefully followed the laws of Venezuela and the legal process provided in the country's mining laws in terminating the mining rights formerly granted to third parties, retaking the mining assets as National assets of the Republic, and in granting exclusive mining rights and use of National assets to Crystallex," Mr. Oppenheimer said.
"One of the main reasons that we waited patiently for the legal process to unfold was to be sure that our contract would be legal and enduring. In the meantime, we have made the payment required under our contract, have taken possession of the Las Cristinas properties and are actively preparing to commission our feasibility study. Our employees are on site and we are working, with the cooperation of the CVG, to move the Las Cristinas project forward."
A certified translation of the Agreement signed by Crystallex President and CEO Marc J. Oppenheimer and CVG President, General Francisco Rangel Gomez is available on the Company website: www.crystallex.com.
On behalf of the Board:
Marc J. Oppenheimer, President and CEO
For further information:
Investor Relations: A Richard Marshall, VP (800) 738-1577
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.
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