Crystallex International Corporation

Crystallex International Corporation

June 14, 2007 07:57 ET

Crystallex Updates Shareholders Regarding Permitting for the Las Cristinas Gold Project

TORONTO, ONTARIO--(Marketwire - June 14, 2007) - Crystallex International Corporation (TSX:KRY)(AMEX:KRY) reported today it has received notice from the Corporacion Venezolana de Guayana ("CVG"), that the requirements of the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb" formerly referred to as "MARN") for the issuance of the Environmental permit to commence construction of the Las Cristinas Project have been fulfilled.

MinAmb, based on its approval of the Environmental Impact Study ("EIS") for the Las Cristinas gold project, requested the CVG to post a Compliance Guarantee Bond and pay certain taxes for the issuance of the Environmental permit. Crystallex has posted the bond and paid the taxes.

The CVG confirmed that the approval of the EIS, the posting of the bond and the payment of the taxes represent the final and conclusive step in the procedure for the issuance of the Environmental permit to construct the Las Cristinas Project. Crystallex as the builder and operator of Las Cristinas will have use of this permit in order to construct the project on the basis of the approved feasibility study.

In the formal notice that MinAmb sent to the CVG, it was stated that the Environmental permit will be issued following the payment of taxes and posting of the bond. The CVG now awaits the permit required for the construction of the mine from MinAmb.

Mr. Gordon Thompson, Crystallex President and CEO commented, "The request by the Venezuelan Government for the posting of the Compliance Guarantee Bond and taxes further confirms our understanding that we've complied with the very final stage of the procedure for receipt of the environmental permit."

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 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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