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Crystallex Hires Chief Operating Officer and Senior Vice President

Apr 3, 2007 14:43:31 (ET)


TORONTO, ONTARIO, Apr 03, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (KRY, Trade ) announced today the appointment of William A. Faust as Chief Operating Officer and Senior Vice President, effective April 16, 2007. Mr. Faust will direct the Company's mining operations in Venezuela, including the development, construction and operation of the Las Cristinas gold project located in Bolivar State, Venezuela.

Mr. Faust has over 28 years of engineering and management experience, particularly in open pit mining in Mexico and the Western U.S.

Mr. Faust most recently served as Vice President Operations for Nevada Pacific Gold Ltd., which was acquired by US Gold Corporation in March 2007. Prior to his tenure at Nevada Pacific Gold, he was President of Pan American Silver's Mexican operations, in charge of expanding the La Colorada underground silver mine in Zacatecas. He was also Vice President, Operations from 2001 to 2003 of Corner Bay Silver Inc. prior that company's sale to Pan American Silver Inc. where Mr. Faust was in charge of developing a new open pit silver mine in Sonora, Mexico.

As Vice President Operations of Eldorado Gold Corporation from 1997 to 2001, Mr. Faust was in charge of two operating mines in Mexico and Brazil, with over 700 employees and 14 contractors with 250 employees producing 180,000 ounces of gold annually. He was also involved in project evaluations and feasibility studies at Eldorado Gold. Previously Mr. Faust worked as Manager of Engineering for Santa Fe Pacific Gold Corporation in project evaluation and development roles, after serving as Mine Manager at the Twin Creeks Mine in Nevada. Prior to that, he worked for Gold Fields Mining Company as Mine Operations Manager at the Chimney Creek Mine in Nevada, where he joined the project at the feasibility study stage as Chief Engineer, and saw the mine through construction and commissioning.

Mr. Faust is a Registered Professional Engineer in New Mexico, and holds an MBA Finance, Management from Western New Mexico University, a BS, Mining Engineering from New Mexico Tech, and a BS, Civil Engineering from the University of New Mexico, and is fluent in Spanish.

Commenting on Mr. Faust's appointment Mr. Gordon Thompson, Crystallex President and CEO said, "Bill's experience in building and operating mining projects in Latin America is a strategic match for Crystallex's operations, both existing and planned, in Venezuela. We are very pleased to welcome him to the team."

Crystallex is in the final stages of environmental permitting for the Las Cristinas project.

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 and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol:KRY) and AMEX (symbol:KRY) Exchanges.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including: statements relating to the estimated reserves and resources at Las Cristinas; anticipated results of drilling programs, feasibility studies or other analyses; the potential to increase reserves and expand production, at Las Cristinas; Crystallex's projected construction and production schedule, and cost and production estimates, for Las Cristinas; and management's statements regarding its expectations regarding mining in Venezuela. Forward-looking statements are based on estimates and assumptions made by Crystallex in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Crystallex believes are appropriate in the circumstances. Many factors could cause Crystallex's actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property. These factors and others that could affect Crystallex's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Crystallex's Annual Information Form (which is included in the Annual Report on Form 40-F that Crystallex files with the United States Securities and Exchange Commission (the "SEC") and elsewhere in documents filed from time to time with the Canadian provincial securities regulators, the SEC and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Crystallex has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.


Contacts:
Crystallex International Corporation
Investor Relations Contact
Richard Marshall, VP
1-800-738-1577
Email: [e-mail]
Website:
www.crystallex.com