Questions to Richard Marshall:His response
posted on
Feb 11, 2008 07:42AM
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
To: 'Richard Marshall'
Subject: Questions looking to calm investors
Hi Richard,
Can you please comment on the following questions?
1. Is there a time of year using past performance for when the officials of VZ issue permits? There's no set time
2. Is there data that supports the average length of time for VZ officials to issue permits after taxes and Bonds have been paid? There's nothing specific or consistent timeframes that we can point to.
3. Who are the other Gold companies in the same shoes are KRY? And have you spoken with them on the status of their permits? If so what are they saying? Gold Reserve is awaiting an administrative act from the MinAmb in order to proceed with site clearing and construction. I also believe the RusKaolin project in KM88 is awaiting an approval/administrative act from MinAmb in order to construct. There are many small organized mining cooperatives that are also awaiting MinAmb or MIBAM attention. It appears newer projects are being handled at the National Levels (National MinAmb and/or MIBAM offices ) while existing projects seeking update or expansion permits continue to be handled at the regional level for MinAmb and MIBAM. Unfortunately, the National Office oversees more projects across many industries all vying for their attention and so may move at a slower pace.
4. What do you believe is the root cause for the delay in the issuance of the permit? We remain comforted that the EIA has been approved my MinAmb and the Tax and Bond requests of MinAmb have been fulfilled. We are awaiting an administrative/bureaucratic act from the Minister issuing the permit. It appears the Minister off Minamb has been focused on unrelated issues in other areas of the country and Bolivar State has been on her back burner.
5. Can you comment on what Gord has been involved with specific to actions and involvement with key contacts to secure a permit. We know he is actively working behind the scenes and it would be nice to hear what he is up to. Crystallex is actively working to secure the permit and it's a team effort from the Crystallex Board, Crystallex Executives, Company Staff and Advisors. There are frequent meetings with officials in an effort to bring awareness of the project to the administration. These efforts continue until the permit is issued and we have transitioned into the construction phase.
6. Please comment on why you believe in this project and why you have have stuck with it? I believe the Gold mining industry faces a significant challenge maintaining output and replacing reserves. While Venezuela may have perceptional issues in North America, exploration and mining companies have demonstrated you can develop mining projects in the Country. It's rare to find a project of this scope and thus Crystallex has a great opportunity - I believe that and that's why I'm here.