Crystallex International Corporation

Crystallex International Corporation

March 09, 2007 11:24 ET

Crystallex International to Appoint New Auditor

TORONTO, ONTARIO--(CCNMatthews - March 9, 2007) - Crystallex International Corporation (TSX:KRY)(AMEX:KRY) announced that it has been advised by Deloitte & Touche LLP that it has decided after completion of the audit of Crystallex's 2006 annual financial statements not to stand for re-appointment as auditor of Crystallex for the fiscal year ending December 31, 2007. There were no reservations or Reportable Events (as defined in National Instrument 51-102 - Continuous Disclosure Obligations) relating to Deloitte & Touche's reports in respect of the audits of the Company's three most recently completed fiscal year-ends which were on December 31, 2005, December 31, 2004 and December 31, 2003, respectively. The decision by Deloitte & Touche LLP not to stand for re-appointment as the Company's auditor for the 2007 fiscal year does not involve the occurrence of any Reportable Events.

The Company is currently in discussions with a top 5 national auditing firm and will announce confirmation of the appointment of a new auditor at the appropriate time.

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 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 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 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.

Contact Information