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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
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| Crystallex International Corporation: Venezuelan National Assembly's Permanent Commission for Economic Development Issues Report and Recommendation for the development of Las Cristinas | ||
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| TORONTO, ONTARIO, Oct 26, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (KRY) reported that the Venezuelan National Assembly's Commission of Economic Development has today published a report following its October 4th, 2007 Las Cristinas hearings. The Commission's Report noted that representatives from the Ministry of the Environment and Natural Resources of Venezuela (MinAmb), the Ministry of Basic Industries and Mining ("MIBAM"), the Corporacion Venezolana de Guayana ("CVG"), and Crystallex testified at the hearings. | ||
| The Report concluded: | ||
| "1.- The concessionaire, Corporacion Venezolana de Guayana (CVG), and the operator, Crystallex International, have complied with both the feasibility study and the other legal and technical requirements established for the corresponding permits to be granted to them by the Ministry of the Environment for the commencement of the construction and development of Las Cristinas Project. | ||
| 2.- The delay in the granting of the permits affects the operator, due to the significant burden of personnel and maintenance expenses and socioeconomic expenditure that it has. It also delays a great part of the benefits for the community established in the agreement in relation to employment, housing, and education matters. | ||
| 3.- The Chairman of the Committee reiterates demands to the Ministry of Environment to grant the corresponding license, thus allowing the mining development to begin. | ||
| 4.- It is suggested the preparation of an integral proposal based on the endogenous development of the region providing for the integration of the community councils and the sustainable development of the area, for all projects under study." | ||
| As a part of the procedure, this report will be sent to all the Venezuelan authorities. | ||
| Mr. Gordon Thompson, Crystallex President and Chief Executive Officer, commented, "The Report has confirmed our position and expectations and we look forward to constructing this project once the MinAmb permit is issued. | ||
| A copy of the Commission's Report and an English translation are available on the Crystallex website www.crystallex.com in the "Recent Development" section of the site. | ||
| 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 that is currently under development at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and AMEX (symbol: KRY) Exchanges. |
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