GOLD EXPLORATION – Infill Drill Results from Las Cristinas

VENEZUELA - Toronto-based CRYSTALLEX INTERNATIONAL CORP. has received positive assay results from the continued inf...
VENEZUELA - Toronto-based CRYSTALLEX INTERNATIONAL CORP. has received positive assay results from the continued infill drilling at the Las Cristinas gold project in Bolivar State. The best result was 4.59 g/t Au over a true width of 27.3 metres in a 137-metre length averaging 1.92 g/t Au. Another hole intersected 174.6 metres averaging 1.57 g/t Au, including 104.2 metres of 2.22 g/t and 22.2 metres of 3.50 g/t Au.

The current 18-hole program was completed in mid-June 2004. Crystallex says it has sampled 90% of the core and received assay results from 36% of the total length. The remaining assays are due by mid-September.

The company has a 2004 budget of US$80 million for development of the large Las Cristinas deposit. It has proven and probable reserves of 10.2 million oz (246 million tonnes at 1.29 g/t at a gold price of US$325), measured and indicated resources (including reserves) of 15.3 million oz (439 million tonnes at 1.09 g/t) and 6.1 million oz of inferred resources (208 million tonnes at 0.91 g/t). Reserves are located within a 3-by-1-km pit that extends to a maximum vertical depth of 350 metres.

A total investment of US$282 million will be required to establish a 20,000-tonnes/day mine and mill. A start-up date in 2006 is likely. Crystallex announced earlier this month that total cash costs have dropped to US$190/oz from the estimate of US$197/oz made in September 2003. Further information is available at www.crystallex.com.

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