Crystallex Reports 2007 Financial Results

TORONTO, ONTARIO, Mar 31 (MARKET WIRE) --
CRYSTALLEX INTERNATIONAL CORPORATION (TSX: KRY)(AMEX: KRY) today
reported its financial results for the year ended December 31, 2007. The
Company prepares its consolidated financial statements in U.S. dollars
and in accordance with Canadian Generally Accepted Accounting Principles.
The consolidated financial statements along with management's discussion
and analysis will be available for viewing on the Crystallex
International Corporation website at www.crystallex.com. The Documents
have been filed with SEDAR (www.sedar.com) and should be available on
SEDAR. The documents will be included in the Company's Annual Report and
will be mailed to shareholders.

"2007 should be characterized as a year of high activity and
positioning," said President and CEO, Gordon Thompson. "The Company made
significant progress for the issuance of the Environmental Permit for the
Las Cristinas construction phase validated by the approval of the
Environmental Impact Study by the Ministry of the Environment and Natural
Resources of Venezuela ("MinAmb"). Crystallex has posted the requested
Compliance Guarantee Bond and paid the requested Environmental Taxes. We
are well prepared for the pending construction phase at Cristinas."

Overview

The Company is engaged in the production of gold and related activities
including exploration, development, mining and processing in Venezuela.
The Corporation's principal asset is its interest in the Las Cristinas
project located in Bolivar State, Venezuela. The Corporation's other
assets include the Tomi operations, the Lo Increible properties (which
include the La Victoria deposit), and the Revemin mill, all of which are
located in Bolivar State, Venezuela (the "El Callao operations").

Highlights

- In June 2007, the Company received written notice from its project
partner, the Corporacion Venezolana de Guayana (the "CVG"), that all the
requirements of the Ministry of the Environment and Natural Resources,
("MinAmb") for the issuance of the Authorization to Affect Natural
Resources (the "Permit") to commence construction at Las Cristinas had
been fulfilled. The CVG notice was based on MinAmb approval of the Las
Cristinas Environmental Impact Statement ("EIS"), the subsequent posting
of a Compliance Guarantee Bond and payment in full of certain taxes.
Accordingly, the Company believes it has satisfied all of the regulatory
requirements and is in a position to receive the Permit.

- In October 2007, the Venezuelan National Assembly's Commission of
Economic Development published a report following hearings on the Las
Cristinas project. The report concluded that the CVG and Crystallex have
met all the regulatory requirements and called for the prompt issuance of
the Permit. The hearings included representatives from MinAmb, the
Ministry of Basic Industries and Mining, ("MIBAM"), the CVG and
Crystallex.

- Concluded a 13,566m drill program at Las Cristinas. Reserves were
increased by 20% to 16.86 million ounces calculated at a gold price of
$550 per ounce. Measured and indicated resources increased by 18% to
20.76 million ounces. Inferred resources increased 38% to 6.28 million
ounces. The Company filed an updated Technical Report for the Las
Cristinas project on SEDAR in November 2007 to support these revisions.
The new reserves are contained in approximately 465 million tonnes of ore
at a gold grade of 1.13 grams/tonne and have a waste to ore strip ratio
of 1.38 to 1. The resulting open pit will be 1,250 meters wide, 3,100
meters long and 490 meters deep.

- As part of its continuing corporate and social responsibility
commitments, the Company commenced construction of a new medical centre
and sewage treatment plant to serve local communities in the vicinity of
the Las Cristinas project. Both projects are currently well underway and
are scheduled for completion in 2008 with a total estimated cost of $5.3
million.

- In April 2007, the Company closed a public equity financing of common
shares of the Company for net proceeds of $50.7 million.

- On February 11, 2008, the Company closed a public equity financing of
32.9 million units for net proceeds of $65.0 million.

Selected Annual Information
----------------------------------------------------------------------
2007 2006 2005
----------------------------------------------------------------------
Financial Results ($000, except (Restated) (Restated)
per share)
----------------------------------------------------------------------
Mining Revenues $ 13,565 $ 28,088 $ 24,990
----------------------------------------------------------------------
Net Loss ($30,451) ($35,684) ($43,764)
----------------------------------------------------------------------
Basic and Diluted Net Loss per
Share ($0.12) ($0.15) ($0.22)
----------------------------------------------------------------------
Weighted average shares - Basic
and diluted (millions) 256.7 230.2 194.7
----------------------------------------------------------------------
Cash Flow used in Operating
Activities ($34,309) ($30,676) ($34,253)
----------------------------------------------------------------------
Investing Activities
----------------------------------------------------------------------
Expenditures on PPE $ 26,893 $ 49,788 $ 92,831
----------------------------------------------------------------------
Financing Activities $ 49,215 $ 83,643 $ 18,428
----------------------------------------------------------------------

----------------------------------------------------------------------
Financial Position ($000)
----------------------------------------------------------------------
Cash and cash equivalents $ 16,065 $ 28,573 $ 4,070
----------------------------------------------------------------------
Restricted cash and cash
equivalents - - $ 21,323
----------------------------------------------------------------------
Total assets - Restated(1) $ 339,240 $ 324,695 $ 270,915
----------------------------------------------------------------------
Outstanding Debt $ 83,291 $ 87,697 $ 96,938
----------------------------------------------------------------------
Shareholders' Equity $ 228,407 $ 199,481 $ 135,475
----------------------------------------------------------------------
(1) The 2006 and 2005 balances have been restated as discussed in
Note 11 to the Consolidated Financial Statements.

Summary of Quarterly Results (Unaudited)
------------------------------------------------------------
------------------------------------------------------------
$ ,000 2007
------------------------------------------------------------
except per
share
------------------------------------------------------------
Q3 Q2 Q1
Q4 (Amended) (Amended) (Amended)
------------------------------------------------------------
Revenue $ 4,809 $ 2,188 $ 2,848 $ 3,720
------------------------------------------------------------
Net Loss
previously
reported - ($9,256) ($13,703) ($12,071)
------------------------------------------------------------
Adjustment to
unrealized
gain 2,534 1,580 9,252
------------------------------------------------------------
Net loss as
amended $ (8,787) $ (6,722) $ (12,123) $ (2,819)
------------------------------------------------------------
Per Share -
Basic and
diluted ($0.03) ($0.03) ($0.05) ($0.01)
------------------------------------------------------------
------------------------------------------------------------

------------------------------------------------------------
------------------------------------------------------------
$ ,000 2006
------------------------------------------------------------
except per
share
------------------------------------------------------------

Q4 Q3 Q2 Q1
------------------------------------------------------------
Revenue $ 5,720 $ 9,769 $ 5,520 $ 7,079
------------------------------------------------------------
Net Loss
previously
reported ($11,617) ($8,815) ($8,296) ($6,956)
------------------------------------------------------------
Adjustment to
unrealized
gain - - - -
------------------------------------------------------------
Net loss as
amended ($11,617) ($8,815) ($8,296) ($6,956)
------------------------------------------------------------
Per Share -
Basic and
diluted (0.04) ($0.04) ($0.04) ($0.03)
------------------------------------------------------------
------------------------------------------------------------

The Q1 to Q3 2007 Net Loss have been amended to reflect the
year end adjustments to unrealized gains as discussed in the
MD&A and in Note 10 to the 2007 Consolidated Financial Statements.

Las Cristinas - Permit progress

During 2007, the Company's project partner, the CVG, was formally
notified by MinAmb that all the requirements for the issuance of the
Permit had been fulfilled. MinAmb approved the EIS for the Las Cristinas
gold project, and requested the CVG post a construction compliance
guarantee bond and pay certain environmental taxes. Crystallex posted the
requested bond and paid the requested taxes. No impediments have been
raised in discussions with Government officials, and they have recently
confirmed that the Company is in good standing for the issuance of the
Permit.In early 2008, Mr. Rodolfo Sanz was appointed the Minister of MIBAM and
President of the CVG, having direct involvement with the Las Cristinas
project in both capacities. Crystallex has met with Minister Sanz and
expects to host Mr. Sanz at Las Cristinas in the near term.

Crystallex representatives have also recently met with the newly
appointed Canadian Ambassador to Venezuela and provided him with an
update on the Las Cristinas project. The Ambassador is very active, as is
the Government of Canada in furthering the interests of Canadian
companies investing in Venezuela. Following a visit to Bolivar State, the
Ambassador commented that he was working to advance Canadian interests
(including mining) in Bolivar State and Venezuela.

The Company is actively pursuing all channels available in Venezuela to
keep the Permit issue high on the agenda of the officials responsible for
promoting, authorizing and approving mineral development in Venezuela.

Las Cristinas - Updated Resources and Reserves

On November 7, 2007, the Company filed on SEDAR a Technical Report titled
"Technical Report Update on the Las Cristinas Project Bolivar State,
Venezuela". The report included an update of the resources and reserves
for the Las Cristinas project.

Proven and Probable reserves at Las Cristinas, calculated using a $550
per ounce gold price and revised operating costs, are currently estimated
to be 16.86 million ounces. As detailed in the November 7, 2007 Technical
Report, the estimate of operating costs has increased from $7.66 per
tonne of ore in August 2005 to $9.80 per tonne of ore. Operating costs
are now expected to average $258 per ounce for the first five years of
production and $346 per ounce over the life of mine, based on a 20,000
tpd operating rate. Reserves were estimated assuming an average gold
recovery rate of approximately 88% and cut-off grades of between 0.33 g/t
and 0.57 g/t.

Proven and Probable Reserves for Las Cristinas are tabled below:

--------------------------------------------------------------------------
Tonnes Grade Ounces
(millions) (g/t) (millions)
--------------------------------------------------------------------------
Proven Reserves 113 1.24 4.48
--------------------------------------------------------------------------
Probable Reserves 352 1.10 12.38
--------------------------------------------------------------------------
Total Proven and Probable Reserves 465 1.13 16.86
--------------------------------------------------------------------------

Measured and Indicated resources are presently estimated at 20.76
million ounces, an 18% increase from 17.66 million ounces reported in the
August 2005 Technical Report.

Measured and Indicated resources, which include reserves, are tabled below:

--------------------------------------------------------------------------
Tonnes Grade Ounces
(millions) (g/t) (millions)
--------------------------------------------------------------------------
Measured Resources 146 1.14 5.38
--------------------------------------------------------------------------
Indicated Resources 483 0.99 15.38
--------------------------------------------------------------------------
Total Measured and Indicated Resources 629 1.03 20.76
--------------------------------------------------------------------------

In addition to the Measured and Indicated Resources, Las Cristinas has
estimated Inferred Resources of 6.28 million ounces (230 million tonnes
at an average gold grade of 0.85 g/t).

The strip ratio is estimated at 1.38:1. The updated reserve estimate is
contained in a single open pit, which is approximately 3.1 km long and
1.2 km wide at its widest point, with a maximum depth of approximately
500m. Mineralization is open at depth.

All estimates of mineral reserves and mineral resources have been
estimated in accordance with the Standards on Mineral Resources and
Reserve Definitions and Guidelines of the Canadian Institute of Mining,
Metallurgy and Petroleum as adopted by the Canadian Securities
Administrators in National Instrument 43-101. Mineral resources that are
not reserves do not have demonstrated economic viability.

The revised reserve and resource estimate was prepared by MDA under the
direction of Steven Ristorcelli, P. Geo., Scott Hardy, P. Eng., and
Thomas Dyer, P.E., all independent qualified persons for the purposes of
National Instrument 43-101, with geological and sampling input from Dr.
Richard Spencer, P. Geo., Crystallex's former Vice President Exploration,
who is a qualified person for the purposes of National Instrument 43-101.

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 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: Certain statements
included or incorporated by reference in this news release, including
information as to the future financial or operating performance of the
Company, its subsidiaries and its projects, constitute forward-looking
statements. The words "believe," "expect," "anticipate," "contemplate,"
"target," "plan," "intends," "continue," "budget," "estimate," "may,"
"schedule" and similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, statements
regarding targets, estimates and assumptions in respect of gold
production and prices, operating costs, results and capital expenditures,
mineral reserves and mineral resources and anticipated grades and
recovery rates. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by
the Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many
factors could cause the Company's actual results to differ materially
from those expressed or implied in any forward-looking statements made
by, or on behalf of, the Company. Such factors include, among others,
risks relating to additional funding requirements, reserve and resource
estimates, gold prices, exploration, development and operating risks,
illegal miners, political and foreign risk, uninsurable risks,
competition, limited mining operations, production risks, environmental
regulation and liability, government regulation, currency fluctuations,
recent losses and write-downs and dependence on key employees. See "Risk
Factors" below or in the Company's 2007 40-F/Annual Information Form. Due
to risks and uncertainties, including the risks and uncertainties
identified above, actual events may differ materially from current
expectations. Investors are cautioned that forward-looking statements are
not guarantees of future performance and, accordingly, investors are
cautioned not to put undue reliance on forward-looking statements due to
the inherent uncertainty therein. Forward-looking statements are made as
of the date of this Management Discussion and Analysis and the Company
disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or results or otherwise.

Cautionary Note to U.S. Investors

The terms "proven mineral reserve" and "probable mineral reserve" used in
this release are Canadian mining terms as defined in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral Projects
under the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be
amended from time to time by the CIM. These definitions differ from the
definitions in the SEC's Industry Guide 7. The terms, "measured mineral
resource", "indicated mineral resource" and "inferred mineral resource"
used in this report are Canadian mining terms as defined in accordance
with National Instrument 43-101. While the terms "measured mineral
resource", "indicated mineral resource", and "inferred mineral resource"
are recognized and required by Canadian regulations, they are not defined
terms under Industry Guide 7 and normally are not permitted to be used in
reports and registration statements filed with the SEC. As such,
information contained in this report concerning descriptions of resources
under Canadian standards may not be comparable to similar information
made public by U.S. companies in SEC filings. With respect to "indicated
mineral resource" and "inferred mineral resource" there is a great amount
of uncertainty as to their existence and a great uncertainty as to their
economic and legal feasibility. It can not be assumed that all or any
part of an "indicated mineral resource" or "inferred mineral resource"
will ever be upgraded to a higher category. Investors are cautioned not
to assume that any part or all of mineral deposits in these categories
will ever be converted into reserves.

Contacts:
Investor Relations Contact:
Crystallex International Corporation
A. Richard Marshall, VP
1-800-738-1577
Email: info@crystallex.com
Website: www.crystallex.com

Copyright 2008, Market Wire, All rights reserved.

-0-