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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: RM Update

RM Update

posted on May 05, 2009 04:54AM

Nice to see more buyers taking the SP higher on better then average volumes; remember volume is very telling and some one knows something we do not. AS I type on the TSX the Bid/Ask is .50/.50. This is not to say that manipulation is alive and well so be careful that this is not just another head fake. I also would say that we are getting closer to an important date (May 28th) significant to advancement or not of Las Cristinas's with Crystallex's involvement who have maintained full compliance going forward. So I ask RM for his take on any recent updates. Below is his response.

Hello xxxx. I hope all is well. I have addressed your questions below.

1. Crystallex received a formal letter from the CVG in March, 2009, confirming the status of the Mine Operating Contract (“MOC”) – in full force - and the Company’s compliance with the terms and obligations of the MOC. It is not a publicly available letter.

2. I believe Hearings regarding the Note Holder’s claims began yesterday. The Company will issue an update should any decision be issued or material changes in the Company’s position.

3. The two CSR projects are expected to be opened and operational this month. The Sewage Treatment Plant is already complete and going through the customary plant commissioning (ramping up and processing of initial material) and that the Medical Facility is in the final stages with final electrical work and facility finishing activities underway. Both projects are expected to be in completed and opened position to be given to the local communities or Venezuelan Government for operation before the end of the month. At this stage it is unclear who will receive these two projects due to budgeting and operating constraints of many local and governmental agencies.

4. The Company is maintaining communication with Senior Venezuelan Officials regarding Las Cristinas and the advancement of the Project. Venezuela, the CVG and MIBAM are aware of our position, our concerns and the Dispute Letter dated November 28th, 2008 regarding International Arbitration (see the November 28, 2008 Crystallex news release). Crystallex's intention is to settle the dispute amicably. If the dispute has not been settled amicably within six months of the date of the Letter, Crystallex has the option of submitting the dispute to international arbitration.

Regards,

Richard Marshall

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