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Gold/Mining/Energy : Crystallex (KRY) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Walsh who wrote (10115)	10/7/1999 9:56:00 AM
From: alan holman	Respond to of 10836

Thursday October 7, 9:01 am Eastern Time Company Press Release SOURCE: Crystallex International Corporation Proposed Class Action Against Crystallex Dismissed VANCOUVER, British Columbia, Oct. 7 /PRNewswire/ -- Crystallex International Corporation (Amex: KRY; Toronto) today announced that the shareholder action challenging the Company's statements concerning its acquisition of interests in Las Cristinas 4 & 6 has been dismissed by the court overseeing the action. In an opinion and order dated October 1, 1999, and released yesterday, the United States District Court for the Southern District of New York dismissed the purported consolidated class action complaint brought against Crystallex and certain of its officers and directors, and closed the case. As has been previously stated, Crystallex, in good faith, acquired Inversora Mael, a company that remains the registered title holder published in the Official Gazette for the Cristinas 4 & 6 concessions. The Supreme Court of Venezuela ruled on the validity of the transfer of title for the Las Cristinas 4 & 6 concessions to Inversora Mael and it was duly published by order of the Court in the Official Gazette of the Republic of Venezuela on May 15, 1997, (Issue # 5146 extraordinary). However, in June 1998, the Political Administrative Chamber of Venezuela's Supreme Court ruled on procedural grounds that Mael did not have status to assert ownership rights and refused to proceed with a lawsuit. Because this 1998 decision was procedural, the court did not decide the fundamental ownership issues. Indeed, a dissenting opinion in the case stated the 1998 decision conflicts with earlier decisions of the Venezuelan Supreme Court. Crystallex is actively taking steps in order to attempt to ultimately obtain possession of the Cristinas 4 & 6 concessions. ``Crystallex looks forward to the opportunity to finally resolve the continuing uncertainty over the title rights to the concessions,' said Marc J. Oppenheimer, President and CEO. ``Once the ownership issue is cleared up, we can all turn our efforts to the development of Las Cristinas in the best interest of everyone, particularly the people of Venezuela.' 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. SOURCE: Crystallex International Corporation