Crystallex encouraged by Las Cristinas resource report

2003-03-31 10:32 ET - News Release <a href=new.stockwatch.com>Mr. A Richard Marshall reports

CRYSTALLEX ANNOUNCES RESERVE AND RESOURCE ESTIMATES FOR LAS CRISTINAS

Mine Development Associates (MDA) of Reno, Nev., has completed reserve and resource estimates for Crystallex International's Las Cristinas gold deposits located in Bolivar state, Venezuela.

MDA report highlights:

measured and indicated resources: 439 million tonnes at 1.09 grams of gold per tonne (15.3 million ounces);

inferred resources: 208 million tonnes at 0.91 grams of gold per tonne (6.1 million ounces); and

proven and probable reserves: 224 million tonnes at 1.33 grams of gold per tonne (9.5 million ounces).

Mineralization remains open at depth

"The release of the MDA data represents a major milestone for our company, our shareholders and the people of Bolivar state, Venezuela, who will directly benefit from this project," said Marc J. Oppenheimer, president and chief executive officer of Crystallex. He continued, "The data confirm that Las Cristinas is one of the world's largest undeveloped gold deposits with excellent potential to grow in size. More specifically, the report concludes that with additional drilling, at least a portion of inferred resources will likely be upgraded to the measured and indicated categories, which should add to the reserves. These data certainly validate the intensive efforts over the past several years, which resulted in Crystallex securing the exclusive mining rights to this valuable deposit."