FOR WHAT ITIS WORTH
posted on
Dec 11, 2007 07:45PM
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
From: Andrea M. Boltz - Crystallex International Corp.
Sent: July 26, 2007 12:21 PM
To: 'Larry Coppotelli'
Subject: RE: Kry going down :
Larry,
The Las Cristinas Environmental Impact Study (EIS) has been accepted and approved by MinAmb. MinAmb asked that we post the Compliance Guarantee Bond and pay the environmental permit taxes. They have both been done and MinAmb has certified their acceptance of both. Please see Crystallex press release of June 14, 2007. We do understand that we aren't the only issue on the Minister and Vice Ministers Desk and are somewhere in line.
Crystallex is working hard to get the Minister of MinAmb to administer/issue the permit so that the construction phase can advance. The CVG is our partner in the Las Cristinas Gold Project and we're in frequent contact with them and the MinAmb. We expect a prompt notification from CVG once they receive it.
We will make a formal statement to the investment community as soon as we receive notification regarding the issuance of the permit and we will outline the planned construction activities.
Predicting the timing of any bureaucratic process is difficult and EIS approvals are complex processes in any jurisdiction, in any country. There have been numerous occasions where Venezuelan Officials have given guidance and timelines regarding the Las Cristinas MinAmb approval that have not materialized. That has been difficult for the shareholders to understand but there seem to have been issues unrelated to Crystallex and Las Cristinas that arose and impacted the process (e.g. replacement of Ministers, replacement of Vice Ministers, a suspension of all MARN permitting activities while MIBAM reviewed and approved projects to proceed). Government Officials have characterized our position as "in the final administrative phase" so timing remains in their hands and we're not aware of any impediments.
The permit referred to as the �environmental permit� is the permit to construct the gold processing facility at Las Cristinas.
Crystallex made a formal presentation at our Annual Meeting on June 28th. The presentation was webcast. Please visit the following link to view the archived webcast (http://www.crystallex.com/News/Events/Ev...
I believe that it will be an informative presentation for you and will help answer your questions regarding the timing and the logistics of the permitting process.
Larry, the Crystallex disclosure policy states:
If Crystallex comments on public/media statements we are then obliged to attempt to review and comment on all such statements so as not to lead to the inference that we agreed with the statement merely because we did not respond. As you can appreciate, this would be a next to impossible task and in our view, there are better uses of the Company's resources
Best regards,
Andrea Boltz
Crystallex International Corp
BOSS KENT