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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: gemsearcher who wrote (3103)	4/27/1999 9:25:00 AM
From: PHILLIP FLOTOW	Read Replies (3) \| Respond to of 7235

Valuepro, Boy, do I have news for you! Crystallex And SouthernEra Announce Agreement to Form a Joint Venture For Diamonds in Uruguay VANCOUVER, British Columbia, April 27 /CNW/ -- Crystallex International Corporation (Amex: KRY; Toronto) and SouthernEra Resources Limited (Toronto: SUF) today announced an agreement to form a joint venture to explore for diamonds in Uruguay. By meeting certain expenditure commitments, Crystallex has the right to earn a 50% interest in a Joint Venture to be formed by the companies for ongoing diamond exploration and development of their respective concession areas in that country. The joint venture will cover diamond exploration in the Rivera Crystalline Island and the Florida Greenstone Belt where Crystallex has exploration rights, and on a number of concessions held or under application by SouthernEra. Under the terms of the agreement, in addition to exploring its own properties, Crystallex will conduct a US$500,000 exploratory drilling program to evaluate targets previously defined by SouthernEra. Upon expenditure of the required funds, Crystallex will have vested its 50% share in the joint venture. Crystallex will be the manager/operator of the venture and SouthernEra will market any diamonds produced by the venture. Stream sediment studies conducted by SouthernEra found indicator minerals including G9 and G10 garnets, which led to the discovery of several kimberlite bodies. A more detailed airborne magnetic and electromagnetic survey of these areas has identified several additional targets for further exploration. These potential kimberlite targets as well as the bodies already located, will be the subject of the initial drilling program that will commence within 60 days of receipt of permits for the remaining concessions applied for by SouthernEra. Crystallex's President and Chief Executive Officer, Marc J. Oppenheimer said, "We're very pleased to be associated with SouthernEra, a company with years of experience in diamond exploration. This joint venture provides the means for both companies to share the information, expertise and resources needed to explore the full potential of our respective mineral properties in Uruguay." 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. PHIL