Crystallex Comments on Venezuelan Legal Case
VANCOUVER, British Columbia, Oct. 1 /CNW/ -- Crystallex
International Corporation (Amex: KRY, Toronto) wishes to respond to reports
that the Admission Chamber of the Political and Administrative Chamber of the
Venezuelan Supreme Court has refused to admit an action that seeks to nullify
the joint venture agreement previously entered into between Corporacion
Venezolana de Guayana and Minca, a Venezuelan joint venture in which Placer
Dome has been a participant. On August 4th, 1999 Crystallex initiated legal
proceedings on a number of fronts before the Venezuelan courts. This
particular decision questions whether Minera Albino, the Crystallex subsidiary
which owns a concession adjoining the Cristinas concessions, has a sufficient
connection to the joint venture to commence the action. Crystallex has
reviewed the decision with its Venezuelan counsel and the decision is already
under appeal. The action filed by Minera Albino did not deal with the
ownership of the Cristinas 4 & 6 concessions, nor does this particular
decision address the validity of the joint venture agreement. Consequently
the company does not consider this a legal set back.
Crystallex International Corporation is a gold mining and exploration
company. The Company's strategy for growth is to develop its portfolio of
properties in South America as well as to diversify geographically by
investing in producing or near-production projects and by exploring properties
of merit in other areas of the world.
Note:
This news release may contain certain "forward-looking statements" within
the meaning of the United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of Crystallex, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and elsewhere in
documents filed from time to time with The Toronto Stock Exchange, the United
States Securities and Exchange Commission and other regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not
accept responsibility for the adequacy or accuracy of this news release.
To receive previous Company releases: 800-758-5804, ext. 114620.
To receive press releases via e-mail contact the company at:
infocrystallex.com .
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