Crystallex Awards EPCM Contract for the Las Cristinas Project
26 March 2004 - 1:00AM
PR Newswire (US)
Crystallex Awards EPCM Contract for the Las Cristinas Project
TORONTO, March 25 /PRNewswire-FirstCall/ -- Crystallex
International Corporation (Amex: KRY; TSX) announced today that,
following a competitive bidding process, it has awarded to
SNC-Lavalin Engineers & Constructors Inc. ("SLE&C") the
Engineering Procurement Construction Management ("EPCM") contract
for its 100% controlled Las Cristinas gold project in Bolivar
State, Venezuela. SLE&C has been extensively involved in the
Las Cristinas project since early in the year 2003 and completed a
full feasibility study for a 20,000 tonne per day operation using
conventional mining and gold processing technology. The SLE&C
feasibility study was presented to the Corporacion Venezolana de
Guayana ("CVG") in September of 2003 and was formally approved by
the CVG on March 8th of this year. Crystallex expects to pay
SLE&C approximately C$27.75 million for its services under the
EPCM contract. Todd Bruce, Crystallex President and CEO stated, "We
arevery pleased to be continuing our relationship with SLE&C at
Las Cristinas. SLE&C's recognized expertise in the industry,
its intimate familiarity with the Las Cristinas project, and the
relationship that has been established between our respective teams
during the completion of the feasibility study will allow us to
launch quickly into the EPCM process. We have already presented to
the CVG the Environmental Impact Study, and we will now work
closely with SLE&C and the CVG to obtain the necessary
approvals and permits for Las Cristinas. At this point we certainly
see the development process accelerating." SLE&C and its
affiliates ("SNCL") have significant experience working in South
American countries, and SNCL maintains a permanent office in
Caracas. SNCL is well known for its successful gold project
experience, having been involved in the successful design and
construction of major gold projects such as Pierina, Peru; La
Coipa, Chile; Bulyanhulu, Tanzania and numerous other projects.
Additionally, SNCL has completed over 30 major studies and projects
in Venezuela over the past 25 years. 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. Visit us on
the Internet: http://www.crystallex.com/ 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. 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:
A. Richard Marshall, VP of Crystallex International Corporation,
+1-800-738-1577, or Web site: http://www.crystallex.com/
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