Crystallex International Corporation

Crystallex International Corporation

January 18, 2006 08:00 ET

Crystallex International Corporation Announces U.S. $31,300,000 Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2006) - Crystallex International Corporation (TSX:KRY)(AMEX:KRY) announced today that it has agreed to issue and sell to an investor by way of a non-brokered private placement an aggregate of approximately 10,799,000 units (the "Units) at a purchase price of U.S.$2.90 per Unit for aggregate gross proceeds of approximately U.S.$31,317,100. Each Unit will consist of one common share in the capital of the Corporation and 1.512 common share purchase warrants (the "Warrants"). In the aggregate, the Corporation will be issuing 10,799,000 common shares and 16,333,000 Warrants. Each whole Warrant will entitle the holder thereof to purchase one common share at a purchase price of U.S. $4.50 per share for a period of 18 months commencing on the later of: (i) 61 days from the closing date of the private placement; and (ii) 45 days following the receipt of the Permit for the Corporation's Las Cristinas Project in Venezuela. The Corporation plans to use the net proceeds from the private placement of the Units to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes. A finder's fee will be payable to the Corporation's financial advisor on the closing date of the private placement.

The private placement is scheduled to close on or about January 25, 2006 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

About Crystallex

Crystallex International Corporation is a Canadian gold producer with operations and exploration properties in Venezuela. The Company's principal asset is its interest in the Las Cristinas property in Bolivar State that is currently under development. Other assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and AMEX (symbol: KRY).

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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