TORONTO, ONTARIO, Jun 24 (MARKET WIRE) --
CRYSTALLEX INTERNATIONAL CORPORATION (TSX: KRY)(AMEX: KRY) wishes to
advise that on June 18, 2008, Crystallex was invited to a meeting by
representatives of the Ministry of the Environment ("MinAmb"), led by
Vice Minister of Environmental Planning and Administration, Ing. Merly
Garcia. At this meeting, Crystallex was informed that MinAmb was
instructed by the Government to reconsider issuance of the Las Cristinas
Environmental Permit to Affect Natural Resources (the "Permit") by
discussing with Crystallex possible modifications of the Las Cristinas
project, which could enable the Permit to be issued. The modifications
suggested by the MinAmb representatives fall within three main
categories: (i) further optimising the social projects in the area, (ii)
mitigating the impact of open vein deposit mining in the currently
affected areas of the Imataca, and (iii) improving the remediation plans
at the end of the mine life as well as to remediate the existing
environmental damage caused by the illegal miners who have worked in the
area. The MinAmb representatives stressed the importance of expediting
the submission of details relating to the suggested request for
modifications in order to enable prompt resolution of the Permit.
In addition, Crystallex has received the official minutes of the meeting
held at the Permanent Committee for the Economic Development of the
National Assembly at the public hearing held on June 4, 2008 to discuss
the delay of the Las Cristinas project. At the meeting, representatives
of the Ministry of Mines ("MIBAM") confirmed support for Crystallex and
its compliance with all procedural and administrative steps up to the
denial of the permit by MinAmb. The resolution issued by the Committee
states that the Las Cristinas project has been in development for a
significant period of time with the support of different branches of the
Government. The resolution further notes a lack of coordination between
the various Government branches, which it suggests should be resolved in
light of the macroeconomic policies and goals of Venezuela, as well as
the social needs of the people and the pre-existing environmental damage.
It is too early for Crystallex to forecast how this issue will be
resolved, but it is encouraged by the support from the Venezuelan
Government and National Assembly. Crystallex welcomes the opportunity
offered by MinAmb to help create additional solutions to the extensive
environmental damage that already exists due to illegal mining in the Las
Cristinas area, and to improve the project in order to respond to issues
raised by MinAmb.
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.
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.
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