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Asunto:[LEA-Venezuela] (En ingles) Crystallex y el oro venezolano
Fecha:Jueves, 29 de Noviembre, 2001  16:23:25 (-0400)
Autor:Interfaz Amazonica <interfaz @.....net>

Title:   Crystallex Reports Third Quarter And Nine Months Results; Two New
Mines in Venezuela to be Developed in First Quarter 2002

Summary:     VANCOUVER, British Columbia, Nov 29, 2001 (Canada NewsWire via
COMTEX) -- Crystallex International Corporation (Amex: KRY; Toronto) today
reported C$13,632,900 in revenue and C$11,045 in net income in the third
quarter ending September 30, 2001. This compares with third quarter 2000
revenue of C$14,511,703 and C$1,069,800 in net income. Third quarter 2001
earnings per fully diluted share were NIL, compared to C$0.02 in the third
quarter 2000.

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Source:  Canada Newswire
Date:  11/29/2001 09:20
Price:  Free
Document Size:  Medium (3 to 7 pages)
Document ID:  FB20011129650000177
Subject(s):  Cnw; Acquisition; Construction; Consulting; Debt; Deficit;
Diamond; Earnings; Equity; Executive; Expansion; Exploration; Financial
Results; Foreign Exchange; Gold; Government; Investment; Louisiana; Mining;
Nevada; Plant; President; Property; Revenue; Securities; Security; South
America; Track; Uruguay; Venezuela; Web




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Crystallex Reports Third Quarter And Nine Months Results; Two New Mines in
Venezuela to be Developed in First Quarter 2002

----------------------------------------------------------------------------
----

Story Filed: Thursday, November 29, 2001 9:20 AM EST

VANCOUVER, British Columbia, Nov 29, 2001 (Canada NewsWire via COMTEX) --
Crystallex International Corporation (Amex: KRY; Toronto) today reported
C$13,632,900 in revenue and C$11,045 in net income in the third quarter
ending September 30, 2001. This compares with third quarter 2000 revenue of
C$14,511,703 and C$1,069,800 in net income. Third quarter 2001 earnings per
fully diluted share were NIL, compared to C$0.02 in the third quarter 2000.

Third quarter 2001 gold production was 28,077 ounces, in line with the third
quarter of 2000. For the first nine months of 2001, gold production
increased 25 percent to 81,240 ounces, compared to 65,264 ounces in the
first nine months of 2000. The direct costs of production for the quarter
were US$218 per ounce and for both the quarter and first nine months of 2001
were higher than in the comparable 2000 periods due to the initiation of a
number of projects designed to increase the Company's production profile and
further improve cash flow.

"These projects are very important to the Company's growth strategy," said
Marc J. Oppenheimer, President and Chief Executive Officer of Crystallex.
"The expenses that we are incurring now will enable us to start developing
two new underground mining operations in Venezuela. We will now have three
mines operating in Venezuela in 2002.

"And equally significant," Mr. Oppenheimer added, "This will give us
operating interests in all three of Venezuela's major gold producing
regions, as a source of ore for our strategically located Revemin mill. With
the mill upgrades commencing in the fourth quarter of this year, the Revemin
mill will be adapted to process ore from all of these mines."

The Company also reported the first blast at the new Santa Teresa mine in
Uruguay in this most recent quarter. This mine contributed to Minera San
Gregorio production late in September 2001. "Our aggressive drilling
programs are expected to add to the reserves at our existing operations in
both Venezuela and Uruguay," said Mr. Oppenheimer.

Third Quarter 2001 Highlights

    - Revenue                           C$13,632,900
    - Net income                        C$11,045 or C$NIL per fully diluted
                                         share
    - Operating Cash Flow               C$1,618,118 or C$0.03 per share
    - Gold production                   28,077 ounces
    - Direct cost to produce            US$218 per ounce
    - Average price per ounce realized  US$313 per ounce
    - Feasibility studies completed for Albino 1 and Charlie Richards mines
      with development of the two Venezuelan mines commencing in first
quarter
      2002
    - 10,000 metre diamond drill exploration program commenced to convert
      additional La Victoria resources to reserves
    - Next Revemin mill expansion scheduled to begin in 4th quarter 2001 and
      be completed in 1st half of 2002
    - The Company was encouraged further by recent actions of Venezuelan
      authorities regarding Cristinas
Cash flow from operating activities in the third quarter 2001 was C$1.6
million (C$0.03 per share) compared to C$4.8 million (C$0.09 per share) in
2000. Total assets increased in the 2001 third quarter to more than C$190
million compared with nearly C$166 million in the third quarter of 2000, and
shareholder's equity rose to C$134.5million, versus nearly C$107 million in
the comparable year-earlier period.

For the first nine months ended September 30, 2001, operating revenue was
C$42,231,265 compared to C$31,366,024 in the year-earlier period. Net income
for the first nine months of 2001 was C$900,824 or C$0.02 per share (fully
diluted), compared to C$2,906,595 or C$0.05 per share (fully diluted) for
the first nine months of 2000.

Uruguay: During the quarter, the San Gregorio mill processed 265,563 tonnes
of ore grading 2.03 grams per tonne, yielding 15,634 ounces of gold at a 90
percent gold recovery rate and a direct cash operating cost of US$233 per
ounce.

In July and August the Company initiated pre-stripping operations on the new
Santa Teresa ore body, about one-mile west of the San Gregorio ore body. The
ore from Santa Teresa yields similar metallurgical results as the San
Gregorio ore body. Also in the third quarter, drilling near the Santa Teresa
deposit, on a new zone designated Santa Claudia, indicated mineralization
that could increase the Company's Uruguayan reserves.

Additionally, a plan to extend the sag mill pebble crushing circuit was
taken to the design stage and was being readied for construction during the
fourth quarter. This circuit is designed to boost mill throughput during
2002 by including additional resources available on the property.

Venezuela: The Revemin mill processed 93,083 tonnes of ore at a grade of
3.46 grams per tonne, recovering 12,443 ounces of gold at a 90 percent
recovery rate and a direct operating cost of US$200 per ounce. Of this
amount, 4,808 ounces came from the Tomi mine and 7,635 ounces came from La
Victoria at the Lo Increible project. During the quarter, a 10,000-metre
diamond drill program was commenced to convert more of Lo Increible's 24.1
million tonne resource averaging 3.3 g/t Au into reserves.

The Company also retained Mine Development Associates (MDA) of Reno, Nevada,
to conduct a bankable feasibility study on the Albino 1 and the Charlie
Richards underground deposits in Venezuela. The results of this study were
reported in November, 2001. According to MDA, the combined mineable reserves
of the portions of the two deposits included in the study are 435,700 tonnes
grading at 12.67 g/t Au. This includes 341,630 tonnes of underground
reserves with a diluted grade of 14.62 g/t Au. Development of these two
underground mining operations will begin in the first quarter of 2002 with
ore for processing coming first from Tomi's Charlie Richards mine in the
third quarter 2002 and then from Albino 1 in the fourth quarter 2002.

Revemin Mill: Ore from the Company's Venezuelan mines will be processed at
the Revemin mill, which the Company plans to expand from its current
capacity of 1500 tpd to 3000 tpd in two phases. The first phase of this
expansion, which will take place during 2002, will involve an upgrade of the
leach train and tailings pumping systems. This is planned to raise
production to 1800 tpd by July, 2002. The second phase, which will be based
upon the results of the Victoria diamond-drilling program, and which will
consist of an additional crushing line, an additional milling line, and
additional leach tanks. The expansion project will double production of the
current mill from 60,000 ounces per year to an estimated 120,000 ounces per
year.

"In the third quarter we continued on track to meet our production goals,"
Mr. Oppenheimer said. "By increasing our Venezuelan production some 12
percent, we were able to offset lower production from our San Gregorio mine
as we prepared that site for continued mining activities. We anticipate that
the annualized production rate from our combined Venezuelan and Uruguayan
operations will have increased significantly by the end of 2002. With
increasing amounts of the ore processed at our Revemin mill coming from
higher grade deposits such as Albino 1 and Charlie Richards, we expect that
our costs of production should return to our previous lows."

Las Cristinas: "We have been very encouraged by recent decisions of the
Venezuelan authorities to cancel MINCA's mining rights to Las Cristinas and
to give possession of the concessions back to the Venezuelan government,"
Mr. Oppenheimer said. "These decisions should bring the issue much nearer to
a final resolution."

About Crystallex:

Crystallex International Corporation is a gold mining and exploration
company. The Company's strategy for growth is to develop its portfolio of
properties in South America as well as to diversify geographically by
investing in producing or near-production projects and by exploring
properties of merit in other areas of the world.

Financial results for the three and nine months periods are reported in the
following table.

Note:

This news release may contain 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 release, 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 filed from time to time with The Toronto Stock
Exchange, the United States Securities and Exchange Commission 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.

                     CRYSTALLEX INTERNATIONAL CORPORATION
                         CONSOLIDATED BALANCE SHEETS
                       (Expressed in Canadian dollars)
                     (Unaudited - Prepared by Management)
                                      Sept. 30,     Sept. 30,     Dec. 31,
                                        2001           2000         2000
ASSETS

Current

      Cash and cash equivalents      $4,935,368    $4,265,299    $4,418,442
      Accounts receivable             3,625,434     3,355,913     2,409,709
      Production inventories         11,713,694    11,889,357    10,994,368
      Supplies inventory and
       prepaid expenses               1,632,163     1,026,405     2,957,347
      Marketable securities             227,901     2,871,239       227,901
      Due from related parties           74,927        35,638        35,618
                                     22,209,487    23,443,851    21,043,385
      Security deposits                 225,562       198,320       255,131
      Note Receivable                 2,311,020           ---           ---
      Long-term investment
       securities                     2,643,338           ---     2,643,338
      Property, plant and
       equipment                    161,076,334   137,219,189   135,444,453
      Deferred financing fees           909,614       411,967       101,453
      Deferred acquisition cost             ---     4,467,317     4,598,639
      Deferred charges                  681,528       429,512           ---
                                   $190,056,883  $166,170,156  $164,086,399
                     CRYSTALLEX INTERNATIONAL CORPORATION
                         CONSOLIDATED BALANCE SHEETS
                       (Expressed in Canadian dollars)
                     (Unaudited - Prepared by Management)
                                       Sept. 30,     Sept. 30,      Dec. 31,
                                         2001          2000          2000
    LIABILITIES AND
     SHAREHOLDERS' EQUITY
    Current
      Accounts payable and accrued
       liabilities                  $14,532,386   $17,182,173   $16,611,935
      Due to related parties            163,127       109,952       292,184
      Current portion of
       long-term debt                 2,289,986     6,071,410       487,338
      Loan payable                      300,000                     700,000
      Promissory note                       ---     3,683,500           ---
                                     17,285,499    27,047,035    18,091,457
    Reclamation provision             1,822,492     1,395,509     1,485,301
    Long-term debt                   27,551,400    30,757,482    32,656,570
    Deferred Charges                        ---           ---       797,127
46,659,391 59,200,026 53,030,455

Minority Interest 8,870,215 142,895 142,886

    Shareholders' equity
      Capital stock
        Authorized
          Unlimited Common Shares,
           without par value
          Unlimited Class "A"
           preference shares,
           par value $50
          Unlimited Class "B"
           preference shares,
           par value $250
        Issued
          December 31, 2000 -
           59,154,221 common shares
          September 30, 2000 -
           56,822,593 common shares
          September 30, 2001 -
           72,187,521 common shares 152,891,965   126,957,097   130,732,129
        Capital stock subscribed
          December 31, 2000 -
           1,025,000 common shares
          September 30, 2000 -
           1,025,000 common shares
          September 30, 2001 -
           Nil common shares                ---     1,955,644     1,955,644
Cumulative translation adjustment 2,164,690 (257,343) (344,513)

Deficit (20,529,378) (21,828,163) (21,430,202)

134,527,277 106,827,235 110,913,058

$190,056,883 $166,170,156 $164,086,399

                     CRYSTALLEX INTERNATIONAL CORPORATION
                     CONSOLIDATED STATEMENT OF OPERATIONS
                       (Expressed in Canadian dollars)
                     (Unaudited - Prepared by Management)
                                 Nine Month               Three Month
                                Period Ended              Period Ended
                           Sept. 30,    Sept. 30,     Sept. 30,   Sept. 30,
                             2001         2000           2001        2000
OPERATING REVENUE $42,231,265 $31,366,024 $13,632,900 $14,511,703

    OPERATING EXPENSES
      Operations          29,449,969    20,034,035   10,366,077   8,197,185
      Amortization and
       depletion           6,486,082     4,191,301    2,029,715   2,189,047
    Income from
     Operations            6,295,214     7,140,688    1,237,108   4,125,471
    EXPENSES
    Amortization              60,967        75,835       21,748      24,199
    Amortization
     of financing fees           ---        15,603          ---      15,603
    Consulting                93,175       196,163        5,343      83,343
    Interest on
     long-term debt        1,612,205       879,692      233,712     355,295
    Investor relations       684,511       464,942      200,746     120,146
    Office and
     administration        3,039,524     3,460,211    1,141,692   1,274,176
    Professional fees        422,294       253,559       15,023      97,803
5,912,676 5,346,005 1,618,264 1,970,565

    Income (loss) before
     other items             382,538     1,794,683    (381,156)   2,154,906
    OTHER ITEMS
      Interest and
       other Income          326,682     1,763,689      148,250   (318,543)
      Foreign exchange
       (loss)/gain           103,542     (754,633)      155,889   (766,563)
      Gain on sale of
       marketable securities     ---       102,856          ---         ---
      Minority interest       88,062           ---       88,062         ---
518,286 1,111,912 392,201 (1,085,106)

Income for the period $900,824 $2,906,595 $11,045 $1,069,800

Basic earnings per share $0.02 $0.06 $--- $0.02

    Fully diluted earnings
     per share                 $0.02         $0.05         $---       $0.02
    /Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/114620.html/
    /Web site:
http://www.crystallex.com /
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=53688

CONTACT:          For further information:  A Richard Marshall, VP,
+1-201-541-6650, or
                  Andrea Boltz,  +1-604-683-0672, both of Crystallex
News release via Canada NewsWire, Toronto 416-863-9350

Copyright (C) 2001 CNW, All rights reserved


KEYWORD:          VANCOUVER, British Columbia
INDUSTRY KEYWORD: MNG
SUBJECT CODE:     ERN

Copyright © 2001, Canada Newswire, all rights reserved.


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