KRY <--- bought 60% LONG at $2 ...expecting $8 - $15 in few days to weeks as soon as MEM gives Permits
vheadline.com
Market is waiting for the permits, but insitutions are accumulating now .. check it out
biz.yahoo.com
Crystallex Successful in Las Cristinas Supreme Court
Appeal
VANCOUVER, British Columbia, May 8 /PRNewswire/ -- Crystallex International Corporation (Amex: KRY; Toronto)
announced today that the Supreme Court of Venezuela issued a sixty-one page decision on May 3, 2000, in favor of an appeal
filed by Inversora Mael (``Mael''), Crystallex's Venezuelan unit, against a previous decision issued by the Admission Chamber of
the Supreme Court of Venezuela. The Supreme Court's Admission Chamber decision refused to admit an August, 1999 action
filed by Mael seeking to declare void a 1991 settlement agreement in respect of a lawsuit between Mael, the Republic of
Venezuela, CVG and Ramon Torres. Like the Venezuelan Supreme Court rulings in 1991, 1996, and 1997 which confirmed
Mael's legal standing regarding the Cristinas 4 & 6 concessions (the ``Concessions''), the Supreme Court has once again
recognized Mael's legal standing in this matter in last week's decision.
The August 1999, action was launched as part of a strategy to confirm the Company's ownership rights. A June 1998 decision
ruled on procedural grounds that Mael did not have status to assert ownership rights over the Concessions, based in part on a
lower court decision in 1991 that the transfer of title pursuant to a settlement agreement to Torres, Mael's predecessor in title,
was invalid. The August 1999 lawsuit was launched to set aside that settlement agreement.
In its decision, the Supreme Court of Venezuela reviewed each of the arguments presented by Minca (the joint venture company
owned by Placer Dome and CVG) and CVG, and ruled against each argument. By reviewing and ruling individually against each
of the Minca and CVG arguments, those parties are barred from raising and cannot again present these arguments before the
Supreme Court in this lawsuit.
The decision, which cannot be appealed, was approved by the majority of the justices. The only dissenting opinion was in the
form of a single sentence dealing with procedural aspects of the decision, and contained nothing opposing the case filed by
Inversora Mael.
Commenting on the decision, Marc J. Oppenheimer, President & CEO of Crystallex, said, ``This decision advances our strategy
to confirm our ownership rights to Cristinas 4 & 6. It is very encouraging for Crystallex. Recent meetings with the government of
Venezuela were extremely positive and once the ownership issues are resolved, we look forward to the opportunity to put our
development plans into effect. These plans would greatly benefit the people of Venezuela.''
In September 1999, the Congress of the Republic of Venezuela enacted a new mining law, which provides that mining activities
may be undertaken only through concessions issued by the Ministry of Energy and Mines. Contracts such as those issued by the
CVG to Minca are not contemplated by the law. In the preamble to the new mining law, Congress stated that the mining
contracts issued by the CVG were of dubious legality.
``We plan to continue pursuing all avenues available to us to assert our ownership rights to Cristinas 4 & 6. We believe that a
favorable resolution will bring benefits not only to Crystallex and its shareholders, but to thousands of Venezuelan people who
will benefit from the project,'' Mr. Oppenheimer said.
Crystallex International Corporation is pursuing an aggressive acquisition strategy of buying producing and near-producing
precious metals assets and bringing to bear strict cost controls to improve the operating performance of those assets. In that
regard, the Company acquired the San Gregorio mine in Uruguay during 1998. Since that time, the mine's cash costs have been
reduced from approximately US$250 to below US$200 per ounce, total tonnes mined per person per day have increased 70
percent, and gold production has increased. Recently, the Company entered into an agreement to acquire the Tomi mine and
Revemin mill facility in Venezuela. Subject to the completion of definitive purchase and banking agreements and final due
diligence, this acquisition should close during the first half of June 2000. With the consummation of this acquisition, the
Company's target of 150,000 ounces of annual production at cash costs below US$200 will be realized for fiscal 2001. The
Company has a strong balance sheet, with unused lines of credit that may be drawn upon for future acquisitions and project
development. Regarding the acquisition of Inversora Mael, the Company anticipates that its final payment of approximately
US$1.2 million will be made during June 2000.
To receive previous Company releases: (800) 758-5804 ext.114620
Visit the Company on the Internet: crystallex.com Email: info@crystallex.com
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
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