KRY Crystallex International Corp. Common Stock

Crystallex Updates Shareholders at Annual Meeting TORONTO, Ontario, June 1 /PRNewswire-FirstCall/ -- Crystallex International Corporation (AMEX:KRY) Toronto today reported that shareholders represented at the Annual General Meeting of Crystallex International Corporation held this morning in Toronto approved all motions presented to the Meeting including the appointment of Deloitte & Touche LLP as the Company's auditors, the election of the Board of Directors as presented by the Company, and an increase in the number of shares authorized for issuance under Crystallex's Share Option Incentive Plan from 10,500,000 to 13,500,000. Following the formal business meeting, Todd Bruce, the President and CEO of Crystallex and Dr. Ken Thomas, Chief Operating Officer, gave a joint presentation outlining the Company's activities during the previous year and reviewed its development plans for the Las Cristinas properties in Bolivar State, Venezuela. The Company has commenced the development of the Las Cristinas properties in accordance with its mining operation agreement with Corporacion Venezolana de Guayana ("CVG"). The webcast presentation of the Meeting can be viewed on the Crystallex website at http://www.crystallex.com/ or by accessing the link http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=823900 Mr. Bruce commented: "I am very pleased to report to our shareholders Crystallex's accomplishment of a number of important goals during the past year. We have committed ourselves to the necessary preparations to build and operate Las Cristinas and the Company has met and exceeded its obligations to date under its agreement with the CVG. We are well into the development and permitting process. In 2003 and 2004, Crystallex successfully recruited outstanding senior management in order to secure the Company's capacity to develop and operate a major gold project of the calibre of Las Cristinas. We have demonstrated our ability to raise equity capital, and fulfilled our commitment to inject needed capital into our ongoing operations. Crystallex pledged a concerted effort to reduce its outstanding hedge positions and it has performed, reducing its forward sale and call option contracts by approximately 122,000 ounces during 2003 and by a further 102,000 ounces during 2004 to date. Remaining contracts stand at 248,000 ounces as of May 31, 2004, and the Company intends to continue its policy of reducing hedge commitments through maximizing production and opportunistic buying of gold." Crystallex also confirmed that, while former President and CEO, Marc J. Oppenheimer will remain a director of the Company, he will no longer serve as Vice-Chairman. Mr. Bruce added: "I am very appreciative of Marc's efforts in expediting a smooth transfer of relationships within the Company and in Venezuela, and look forward to his continuing input at the Board." In May, Crystallex completed arrangements whereby Mr. Oppenheimer's employment contract was terminated effective April 1, 2004. Mr. Oppenheimer received approximately US$1.3 million representing payment of three years base salary and related benefits as provided by his employment contract. Crystallex further announced the appointment of Dan Hamilton C.A. as Vice-President, Controller of the Company, and John Binns as Vice-President, Environment. Both Mr. Hamilton and Mr. Binns had previously worked with Crystallex in a consulting capacity. About Crystallex Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development. Other key assets include the Tomi Mine, the La Victoria Mine and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and AMEX (symbol: KRY) Exchanges. For Further Information: Investor Relations Contact: Richard Marshall, VP at (800) 738-1577 Visit us on the Internet: http://www.crystallex.com/ or Email us at: NOTE: This may include 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 presentation, 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, including but not limited to its annual information form ("AIF") and its annual report on Form 20-F, filed from time to time with the Canadian provincial securities regulators, the United States Securities and Exchange Commission ("SEC"), and other regulatory authorities. Cautionary Note to Investors - We use certain terms in this release, such as "resource," "measured resource," "indicated resource" and "inferred resource," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. Furthermore, reserves have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, however, a full feasibility study is required in order to classify mineral deposits as reserves, since the SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Therefore, the amount of reserves may differ for Canadian and US reporting purposes. The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release. DATASOURCE: Crystallex International Corporation CONTACT: Richard Marshall, VP of Crystallex International Corporation, +1-800-738-1577 Web site: http://www.crystallex.com/ http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=823900

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