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

To: tanoose who wrote (5329)	2/17/1998 8:57:00 AM
From: Robert van Mil	Read Replies (2) \| Respond to of 10836

ROBERT A. FUNG NAMED CHAIRMAN CRYSTALLEX INTERNATIONAL CORPORATION New Venezuelan Subsidiary Created: Dr. Enrique Tejera Paris To Serve as President of New Unit VANCOUVER, British Columbia, Feb. 17 /CNW/ -- Crystallex International Corporation (Amex: KRY) (Toronto: KRY) today announced that Mr. Robert A. Fung, formerly Vice-Chairman of Gordon Capital Corporation in Toronto and a director of Crystallex has been elected Chairman of the Crystallex Board of Directors. 'Building shareholder value by focusing on our core mission -- the identification and development of promising mineral projects around the globe -- motivates all of us at Crystallex,' Mr. Fung said. 'Crystallex is well- positioned to achieve its growth targets. As Chairman, my personal commitment is to work with Marc Oppenheimer and the Board and Management team to reach, then build upon, those goals,' he continued. Commenting on the appointment, Marc J. Oppenheimer, President and CEO of Crystallex stated 'I have had the opportunity to work closely with Bob during the past fifteen months in his active role as a board member. It is with extreme pleasure that I welcome this chance to work hand-in-hand with Bob in building shareholder value in his new capacity as Chairman of the Board. As Vice-Chairman of Gordon Capital, Bob was involved in a broad range of activities for that major Canadian natural resources investment house, and has been involved in a number of growth situations worldwide.' Mr. Oppenheimer also wanted to thank Mr. Philip R. Lacerte, former Chairman of the Board. 'Philip's direction and insight through the past years of Crystallex's development has provided inspiration for company management and all his colleagues. Phil and his family will be travelling around the world throughout the coming year and he has accordingly resigned from the Board. We wish him well during his travels and thank him for all his efforts.' At the same time, the Company wishes to announce the formation of a new Venezuelan subsidiary, Minera Venamo, C.A. (Minavenca) which will oversee the various interests that Crystallex has in Venezuela as well as those that may be created in the future. Dr. Enrique Tejera Paris, formerly Venezuela's Ambassador to Spain, will serve as President of Minera Venamo, C.A. 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 include certain 'forward-looking statements' within the meaning of the United States Securities and 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 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 and does not accept responsibility for the adequacy or accuracy of this news release. -0- 02/17/98 For further information: A. Richard Marshall, VP Corporate Development, 800-738-1577 or Andrea M. Boltz, 604-683-0672, both of Crystallex International Corporation, or Fax On Demand, 800-758-5804, ext. 114620. Visit us on the Internet: crystall ex.com