Crystallex (AMEX:KRY)
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Crystallex Awards EPCM Contract for the Las Cristinas Project
TORONTO, March 25 /PRNewswire-FirstCall/ -- Crystallex International
Corporation (Amex: KRY; TSX) announced today that, following a competitive
bidding process, it has awarded to SNC-Lavalin Engineers & Constructors Inc.
("SLE&C") the Engineering Procurement Construction Management ("EPCM") contract
for its 100% controlled Las Cristinas gold project in Bolivar State, Venezuela.
SLE&C has been extensively involved in the Las Cristinas project since early in
the year 2003 and completed a full feasibility study for a 20,000 tonne per day
operation using conventional mining and gold processing technology. The SLE&C
feasibility study was presented to the Corporacion Venezolana de Guayana ("CVG")
in September of 2003 and was formally approved by the CVG on March 8th of this
year. Crystallex expects to pay SLE&C approximately C$27.75 million for its
services under the EPCM contract.
Todd Bruce, Crystallex President and CEO stated, "We arevery pleased to be
continuing our relationship with SLE&C at Las Cristinas. SLE&C's recognized
expertise in the industry, its intimate familiarity with the Las Cristinas
project, and the relationship that has been established between our respective
teams during the completion of the feasibility study will allow us to launch
quickly into the EPCM process. We have already presented to the CVG the
Environmental Impact Study, and we will now work closely with SLE&C and the CVG
to obtain the necessary approvals and permits for Las Cristinas. At this point
we certainly see the development process accelerating."
SLE&C and its affiliates ("SNCL") have significant experience working in South
American countries, and SNCL maintains a permanent office in Caracas. SNCL is
well known for its successful gold project experience, having been involved in
the successful design and construction of major gold projects such as Pierina,
Peru; La Coipa, Chile; Bulyanhulu, Tanzania and numerous other projects.
Additionally, SNCL has completed over 30 major studies and projects in Venezuela
over the past 25 years.
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 which 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 and AMEX
Exchanges.
Visit us on the Internet: http://www.crystallex.com/
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.
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: A. Richard Marshall, VP of Crystallex International
Corporation, +1-800-738-1577, or
Web site: http://www.crystallex.com/