- Report of Foreign Issuer (6-K)
April 01 2009 - 10:43AM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
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For
the month of,
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April
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2009
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Commission
File Number
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001-14620
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Crystallex
International Corporation
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(Translation
of registrant’s name into English)
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18
King Street East, Suite 1210, Toronto, Ontario, Canada M5C
1C4
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(Address
of principal executive
offices)
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Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form
40-F:
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the
file number assigned to the registrant in connection with Rule
12g3-2(b): 82-_______________
DOCUMENTS
INCLUDED AS PART OF THIS REPORT
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Document
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1
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Press
Release, dated March 31, 2009
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Document
1
For
Immediate Release
March
31, 2009
RM:
2 – 09
Crystallex
Reports 2008 Financial Results
TORONTO, ONTARIO, March 31,
2009
–
Crystallex International Corporation
(TSX: KRY) (
NYSE
Amex
: KRY)
today
reported its financial results for the year ended December 31, 2008. 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).
Las
Cristinas
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·
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The
Company’s principal asset is its interest in the Las Cristinas gold
project located in Bolivar State, Venezuela. The Company’s
interests in the Las Cristinas concessions are derived from a Mine
Operating Contract (the “MOC”) with the Corporacion Venezolana de Guayana
(the “CVG”) which grants Crystallex exclusive rights to develop and mine
the gold deposits on the Las Cristinas
property.
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·
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The
Company has not received a response from the Minister of Environment and
Natural Resources (“MinAmb”) to its June 16, 2008 appeal of the Director
General of the Administrative Office of Permits at MinAmb denying its
request for the Permit for the Las Cristinas
project.
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·
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On
March 2, 2009, the CVG confirmed that the Company was in compliance with
the MOC. This corroborates the Company’s position that is not in default
of the MOC and there is no change in control under the terms of the
MOC.
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·
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The
Company plans to remain compliant with the MOC in order to protect the
option of proceeding to arbitration, if
necessary.
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Liquidity
and Capital Resources
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§
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Cash
and cash equivalents at December 31, 2008 were $34.5
million.
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§
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The
Company forecasts that it will have sufficient cash to fund its operations
through the end of 2009 (see “Liquidity and Capital Resources”
section).
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Financial
Results
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§
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Losses
from continuing operations were $21.8 million ($0.07 per share) and $22.2
million ($0.09 per share) for 2008 and 2007,
respectively.
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§
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Losses
from discontinued operations at El Callao were $3.9 million and $8.2
million for 2008 and 2007
respectively.
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§
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Losses
from operations were $25.7million ($0.09 per share) and $30.5 million
($0.12 per share) for 2008 and 2007,
respectively.
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Legal
Matters
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§
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The
Company is currently in the early stages of preparing for its defense
against an action taken by holders of its $100 million notes due December
2011. The Company has strong defenses to this action which it vigorously
opposes and believes to be without
merit.
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§
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The
Company and certain officers and/or directors have been named as
defendants in a proposed class action lawsuit commenced in the United
States. This action is in its preliminary stage, however, Crystallex
believes that the complaint is without merit and will vigorously defend
itself against this action.
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About
Crystallex
Crystallex
International Corporation is a Canadian based gold mining company, whose
principal asset is its interest in the Las Cristinas gold development project
located in Bolivar State, Venezuela. Crystallex shares trade on the TSX (symbol:
KRY) and NYSE Amex (symbol: KRY) Exchanges.
For
Further Information:
Investor
Relations Contact: Richard Marshall, VP at (800) 738-1577
Visit us
on the Internet: http://www.crystallex.com or Email us at:
info@crystallex.com
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release
contains forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws, including: statements relating to the estimated reserves and
resources at Las Cristinas; anticipated results of drilling programs,
feasibility studies or other analyses; the potential to increase reserves and
expand production, at Las Cristinas; Crystallex's projected construction and
production schedule, and cost and production estimates, for Las Cristinas; and
management's statements regarding its expectations regarding mining in
Venezuela. Forward-looking statements are based on estimates and
assumptions made by Crystallex in light of its experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors that Crystallex believes are appropriate in the
circumstances. Many factors could cause
Crystallex's actual results, performance or achievements to differ
materially from those expressed or implied by the forward looking statements,
including: gold price volatility; impact of any hedging activities, including
margin limits and margin calls; discrepancies between actual and estimated
production, between actual and estimated reserves, and between actual and
estimated metallurgical recoveries; mining operational risk; regulatory
restrictions, including environmental regulatory restrictions and liability;
risks of sovereign investment; speculative nature of gold exploration; dilution;
competition; loss of key employees; additional funding requirements; and
defective title to mineral claims or property. These factors and
others that could affect Crystallex's forward-looking statements are discussed
in greater detail in the section entitled "Risk Factors" in Crystallex’s
Annual Information Form (which is included in the Annual Report on Form 40-F
that Crystallex files with the United States Securities and Exchange Commission
(the "SEC") and elsewhere in documents filed from time to time with the Canadian
provincial securities regulators, the SEC and other regulatory
authorities. These factors should be considered carefully, and
persons reviewing this press release should not place undue reliance on
forward-looking statements. Crystallex has no intention and
undertakes no obligation to update or revise any forward-looking statements in
this press release, except as required by law.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
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CRYSTALLEX
INTERNATIONAL CORPORATION
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(Registrant)
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Date:
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April
1, 2009
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By:
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/s/
Hemdat Sawh
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Name:
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Hemdat
Sawh
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Title:
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Chief
Financial Officer
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