SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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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May
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2009
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Commission
File Number
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001
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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
40F:
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 May 15, 2009.
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Document
1
For
Immediate Release
Crystallex
Reports Q1 2009 Financial Results
TORONTO, ONTARIO, May
15, 2009
–
Crystallex
International Corporation (TSX: KRY) (
NYSE Amex
: KRY)
today
reported its financial results for the quarter ended March 31, 2009. 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
).
Overview
Crystallex
is a Canadian based mining company engaged in the development of gold properties
in Venezuela. Its common shares (symbol: KRY) are traded on both the Toronto
Stock Exchange and the NYSE Amex.
Las
Cristinas
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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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On
March 2, 2009, the CVG confirmed that the Company was in compliance with
the MOC. This corroborates the Company’s position that it 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 March 31, 2009 were $21.6
million.
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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 $4.8 million ($(0.02) per share) and $13.4
million ($(0.05) per share) for the three month periods ended March 31,
2009 and 2008, respectively.
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§
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Losses
from operations were $5.2 million ($(0.02) per share) and $11.2 million
($(0.04) per share) for the three month periods ended March 31, 2009 and
2008, respectively.
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Legal
Matters
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On
May 4, 2009, the holders of the Company’s $100 million notes due December,
2011, agreed to have its derivative action dismissed with
prejudice. The Noteholders’ Application to the court also
included an oppression claim, which has been held in abeyance until the
end of July, 2009, at which time the Noteholders and the Company will
appear before the court to set a schedule for the continuation of the
Application.
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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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May
15, 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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