Crystallex Updates Shareholders
TORONTO, ONTARIO -- (Marketwire) -- 06/24/11 -- Crystallex International Corporation (TSX: KRY)(OTCQB: CRYXF) ('Crystallex' or the 'Company') reported today as required pursuant to Section 402 of the NYSE Amex Company Guide and as requested by NYSE Regulation, that it has been advised it has fallen below compliance with the minimum continued listing standards in Section 1003(a)(i), (ii) and (iii) of the NYSE Amex Company Guide. In a letter dated June 22, 2011, the Company was informed by NYSE Regulation that, as of June 15, 2011, the Company's market capitalization was below the minimum required $50 million for thirty consecutive trading days.
On June 6, 2011, the Company reported that trading of the Company's common stock was suspended on the NYSE Amex exchange subject to the Company's appeal to remain listed on that Exchange. Subsequent to the NYSE Amex suspension, on June 7, 2011, the shares began trading in the US on the OTCQB Marketplace under the symbol CRYXF. The Company shares continue to trade on both the Toronto Stock Exchange and the OTCQB.
The Company also reports that the resolution authorizing the Company to consolidate its common shares did not gain shareholder approval at the Company's annual and special meeting held on June 22, 2011. The resolution required approval of at least two-thirds of the votes cast. Approximately 64% of the votes cast were in favour of the resolution. Shareholders were asked to approve the share consolidation resolution as a consolidation may be necessary for the Company to maintain the listing of its common shares on the NYSE Amex.
The Company also announced that Mr. Bill Faust, Crystallex's Chief Operating Officer, will be leaving the Company effective June 30, 2011.
About Crystallex
Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain statements included or incorporated by reference in this Press Release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words 'believe', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'schedule' and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to additional funding requirements, political and foreign risk, uninsurable risks, competition, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See 'Risk Factors' section of the Company's MD&A. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this Press Release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.
Contacts:
Crystallex International Corporation
Richard Marshall, VP
Investor Relations
(800) 738-1577
info@crystallex.com
www.crystallex.com