Crystallex (AMEX:KRY)
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Crystallex Updates Shareholders on Venezuelan Exploration and
Drilling Programs
TORONTO, April 19 /PRNewswire-FirstCall/ -- Crystallex International
Corporation (Amex: KRY; TSX:) announced today that exploration programs which
include 13,500 meters of diamond drilling are currently under way at its Las
Cristinas and La Victoria properties, both located in Bolivar State, Venezuela.
The Las Cristinas program includes a first phase of infill drilling (4000
meters in 10 holes) aimed at converting inferred resources to indicated
resources within the outline of the pit designed for a gold price of US$325 per
ounce. A second phase of drilling (1800 meters in 6 holes) will evaluate large
panels of inferred resources below the existing US$325 pit outline. Any changes
to reserves resulting from the infill drilling programs are expected to be
published by the end of the third quarter of 2004.
Las Cristinas is one of the industry's largest undeveloped gold deposits with
proven and probable reserves of 10.2 million ounces of gold (246 million tonnes
@ 1.3 g/t Au at 0.5-0.7g/t Au cutoffs and a gold price of US$325) which are
included in total measured and indicated resources of 15.3 million ounces of
gold (439 million tonnes @ 1.1 g/t Au at 0.5 g/t Au cutoff). Inferred resources
amount to a further 6.1 million ounces (208 million tonnes at 0.91 g/t). All
reserve and resource estimates have been completed by Mine Development
Associates of Reno, Nevada. The Las Cristinas deposit is a tabular, moderately
dipping mineralized shear zone traceable for over 3 kilometers along strike.
Anomalous gold values within the shear zone occur over widths up to 600 meters.
The mineralized system is open at depth. The Company has recently awarded the
EPCM contract for the Las Cristinas project to SNC-Lavalin Engineers &
Constructors of Toronto, Canada and has submitted the final Las Cristinas
Environmental Impact Statement for review and approval by the Ministry of
Environment and Natural Resources ("MARN").
At the La Victoria deposit located in the El Callao gold district, Crystallex
has initiated a 24 hole 7,500 meter infill drill program to evaluate the
southern half of the deposit with the aim of upgrading previously identified
inferred resources to indicated resources. Revised reserve estimates for La
Victoria are expected to be completed by the end of the third quarter of 2004.
Previous drilling in this sector of the deposit intersected high grade
mineralization (e.g. 14.1 g/t Au over 20.5 m) pointing to the existence of a
high-grade ore shoot with significant widths which is a principle target of the
current infill drilling program. The La Victoria deposit is a moderately
dipping auriferous shear zone which was mined by Crystallex between 2001 and
2003. The unoxidized portion of the deposit has a refractory component which
does not yield satisfactory recoveries by conventional cyanide processing.
Based on positive results from BIOX bench scale test work which indicates
improvement in recoveries from approximately 60% to over 85%, Crystallex will
conduct a pilot plant BIOX program during the second quarter at BIOMIN
Technologies in South Africa. Crystallex expects to conclude the feasibility
assessment of the BIOX process at La Victoria by the end of October, 2004.
Drilling at Las Cristinas and La Victoria is being carried out by Major
Drilling of Moncton, New Brunswick. Core samples, as well as standards, blanks
and coarse rejects for quality control are delivered to SGS's preparation lab
in Venezuela and subsequently analyzed by SGS' lab in Lakefield, Ontario. Dr.
Luca Riccio, P.Geo, Crystallex's VP of Exploration, is the qualified person in
charge of supervising the drilling programs.
In addition to the aforementioned drilling programs, the Company will commence,
in the second half of 2004, systematic exploration at its El Callao and Las
Cristinas properties.
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.
For Further Information:
Investor Relations Contact: A. Richard Marshall, VP at (800) 738-1577 Visit us
on the Internet: http://www.crystallex.com/ 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: Investors, A. Richard Marshall, VP of Crystallex International
Corporation, 1-800-738-1577, or
Web site: http://www.crystallex.com/
Company News On-Call: http://www.prnewswire.com/comp/114620.html