Crystallex International Corporation

Crystallex International Corporation

August 20, 2007 13:43 ET

Crystallex Comments on Recent Market Activity and Statement Regarding the Las Cristinas Project by Venezuelan Official

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2007) - Crystallex International Corporation (TSX:KRY)(AMEX:KRY) commented today that the Company is not aware of any adverse corporate developments - other than general stock market conditions - which could account for the recent trading activity and that, to its knowledge, the process for the issuance of the environmental permit for Las Cristinas remains on track.

The Company welcomed statements by the President of the Commission of Economic Development of the Venezuelan National Assembly, Ricardo Gutierrez, made last week during a radio interview regarding the status and outlook for the Las Cristinas Project. Mr. Gutierrez served as the First Vice President of the National Assembly in 2004 and 2005.

During the interview, Mr. Gutierrez said, "The Commission I lead, the Permanent Commission for Economic Development at the National Assembly, has started a series of actions before the Environment Ministry and the country's President, to conclude the issuing of the environmental permits." Mr. Gutierrez further stated, "The President (Hugo Chavez) is aware, and so are we, that the beginning of exploitation at the Las Cristinas gold mines has a special importance, it has an economic importance, as it would allow... a social importance, as thousands and thousands of families, dedicated to illegal mining, and who use mercury and work in deplorable conditions, can participate through formal jobs in this activity developed by Crystallex in the exploitation of gold in Las Cristinas."

When asked if President Chavez could speed up the permitting process, Mr. Gutierrez confirmed, "The permits have already been prepared by the Environment Ministry, and the President can speed this up." Mr. Guttierez also stated that, "The Las Cristinas Project will begin soon, and will pass from project to full exploitation with the modern technology of one of the most important gold mines in the world."

In June 2007, Crystallex reported it had received notice from the Corporacion Venezolana de Guayana ("CVG"), that the Las Cristinas Environmental Impact Study had been approved and the requirements of the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb") for the issuance of the environmental permit to commence construction of the Las Cristinas Project had been fulfilled.

Crystallex has posted the Las Cristinas Compliance Guarantee Bond and paid the environmental permit taxes requested by MinAmb for the issuance of the environmental permit. Crystallex and the CVG are awaiting the issuance of this permit to launch the construction and hiring activities.

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 and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets in Venezuela include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and 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.

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