Crystallex International Corporation (TSX: KRY)(NYSE Amex: KRY) today reported its financial results for the year ended December 31, 2010. The Company prepares its consolidated financial statements in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles. The consolidated financial statements along with management's discussion and analysis will be available for viewing on the Crystallex International Corporation website at www.crystallex.com. The Documents have been filed with SEDAR (www.sedar.com).

Overview

Crystallex is a Canadian-based company which entered into a Mine Operating Contract (the "MOC") in September 2002 with the Corporacion Venezolana de Guayana (the "CVG"). The MOC granted Crystallex exclusive rights to develop and operate the Las Cristinas gold properties ("Las Cristinas Project" or "Las Cristinas") located in Bolivar State, Venezuela. Since the issuance of the MOC, the Company has worked vigorously to bring the Las Cristinas Project to a "shovel ready" state. The Company completed all of the requirements necessary for the issuance of the Authorization to Affect Natural Resources (the "Permit") from the Ministry of Environment and Natural Resources ("MinAmb") while maintaining compliance with the terms of the MOC. Notwithstanding the Company's fulfillment of the requisite conditions, Venezuela's approval of the Environmental Impact Study and assurances that the Permit would be issued, in April 2008, MinAmb denied the Company's request for the Permit.

On February 3, 2011, the MOC was unilaterally terminated by the CVG, despite the CVG confirming the validity of the MOC in August 2010.

On February 16, 2011, the Company filed a Request for Arbitration ("Arbitration Request") before the Additional Facility of the World Bank's International Centre for Settlement of Investment Disputes ("ICSID") against the Bolivarian Republic of Venezuela ("Venezuela") pursuant to the Agreement between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (the "Treaty"). The claim is for breach of the Treaty's protections against expropriation, unfair and inequitable treatment and discrimination. The Arbitration Request was registered by ICSID on March 9, 2011.

Crystallex is seeking the restitution by Venezuela of its investments, including the MOC, and the issuance of the Permit and compensation for interim losses suffered, or, alternatively full compensation for the value of its investment in an amount in excess of US$3.8 billion.

The Company's immediate plans are as follows:

--  Seek settlement alternatives with Venezuela while pursuing the
    arbitration claim;
--  Proceed with an orderly withdrawal from Las Cristinas;
--  Sell the remaining mining equipment;
--  Negotiate with the Noteholders to restructure the terms of the $100
    million Notes that are due in December 2011; and
--  Pursue alternate financing.

Liquidity and Capital Resources

--  Cash and cash equivalents at December 31, 2010 was $16.1 million.

Financial Results

--  Losses from continuing operations were $46.1 million ($(0.14) per share)
    and $312.7 million ($(1.06) per share) for the years ended December 31,
    2010 and 2009, respectively.
--  Losses from discontinued operations at El Callao were $2.1 million
    ($(0.01) per share) and $1.2 million ($(0.01) per share) for the years
    ended December 31, 2010 and 2009, respectively.
--  The resulting losses from continuing and discontinued operations were
    $48.2 million ($(0.15) per share) and $313.9 million ($(1.07) per share)
    for the years ended December 31, 2010 and 2009, respectively.