Crystallex International Corporation

Crystallex International Corporation

November 28, 2008 17:43 ET

Crystallex Updates Shareholders on Las Cristinas Dialogue

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2008) - 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common shares, as well as the ratification of certain option grants to directors, officers and employees, were withdrawn from consideration.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.

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