Crystallex International Corporation

Crystallex International Corporation

October 30, 2006 17:18 ET

Crystallex Shareholders Approve New Shareholder Rights Plan

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) - Crystallex International Corporation (TSX:KRY)(AMEX:KRY) - announced that the shareholders of the company have voted at a special meeting held earlier today to ratify, confirm and approve a new shareholder rights plan (the "Rights Plan") which was originally approved by the Board of Directors of Crystallex on June 22, 2006 following the Corporation's 2006 annual and special meeting of shareholders.

The Rights Plan has not been adopted in response to any proposal to acquire control of the Corporation and is not intended to prevent take-over bids. Under the Rights Plan, take-over bids which meet certain requirements intended to protect the interests of all shareholders are deemed to be "Permitted Bids". Permitted Bids must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, among other conditions, must remain open for sixty days.

The Rights Plan is similar to other shareholder rights plans recently adopted by other Canadian corporations. Until the occurrence of certain specific events, rights issued pursuant to the Rights Plan will trade with the common shares of the Corporation and be represented by the share certificates for such shares. The rights become exercisable only when a person, including any party related to or acting jointly or in concert with such person, acquires or announces its intention to acquire 20% or more of the outstanding common shares common shares of the Corporation without complying with the "Permitted Bid" provisions of the Rights Plan. Should a non-permitted acquisition occur, each right would entitle each holder of common shares (other than the offeror or certain parties related to it or acting jointly or in concert with it) to purchase additional common shares of the Corporation at a 50% discount to the market price of the shares at that time.

The Rights Plan is subject to reconfirmation at every third annual meeting of shareholders until its expiry on June 22, 2016.

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 2008 at an initial annualized rate of some 300,000 ounces. 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) Exchanges.

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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