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

To: charred who wrote (9807)	11/9/1998 10:29:00 AM
From: rayy	Read Replies (1) \| Respond to of 10836

Crystallex's Title For 'Deep Rock' Rights At Albino Gazetted VANCOUVER, British Columbia, Nov. 9 /CNW/ -- Crystallex International Corporation (Amex: KRY; Toronto) announced today the approval by the Venezuelan Government through the Ministry of Energy and Mines of the concession rights for "deep rock" mining at its Albino concession in Km 88, Venezuela. The approval and the order to issue the concession title were published in the Venezuelan Official Gazette # 36,574 dated November 4, 1998. Up to this point Crystallex had only been permitted to mine the open pit alluvial gold deposits at Albino. The approval to mine "deep rock" enables the Company to access the main ore bodies located underneath the alluvial deposits. Commenting on the addition of the Company's rights at Albino, Marc J. Oppenheimer, President and CEO of Crystallex said, "Access to the deep ore deposits at Albino is good news for our Company, but also for mining in the region. Our initial engineering reviews indicate that the deep rock rights could enable us to produce approximately 35,000 ounces of gold per year from Albino. To accomplish that, it will require further investment in mine development and milling operation improvements, investments that create jobs at Albino and solidifies our long-term operation of our mine there." Now that we have received the concession rights for "deep rock" mining at Albino, we are undertaking our final engineering reviews. Following this final review, we will be in a position to begin construction which is expected to take approximately twelve months for completion. The processing of ore at Albino through the 400 tpd CIP mill could begin once underground construction and the mill improvements are finished. The grades of the underground deposit drilled beneath the La Conductora pit are approximately 8 g/t. "Since we first began exploration at Albino in the early 1990's, we've known that the full potential of the property lies in the deep extension of the saprolitic ore veins," said Dr. Luca Riccio, Crystallex Vice President of Exploration. "Our comprehensive drilling programs have confirmed that belief, and forms the basis for the expanded production capability of Albino." 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 includes 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. For information: A. Richard Marshall, VP at 800-738-1577 or Andrea Boltz at 604-683-0672; Fax on Demand: (previous Company press releases) 800-758-5804, ext. 114620; Visit us on the Internet: crystallex.com