Ingeomin must verify status of Las Cristinas mining project
Written by Alejandra Pautt C.
Tuesday, 06 May 2008
Faced with the information disseminated on May 2 last Thursday by the Canadian transnational Crystallex, the alleged refusal by the Ministry of Environment to grant the relevant permits for the operation, the geologist Marsdem said Ingeomin must verify the situation Dave Marsdem, geologist of free exercise , Adviser to a group of mining cooperatives and president of the Association of Mining Cooperatives, formed 2 months ago with the aim of finding solutions to workers in small-scale mining, said that the State must unravel the doubt that exists around the Las Cristinas gold reserves.
Because the Canadian transnational Crystallex claimed last week that the Ministry of Environment has not granted permission to put into operation the reservoir it feeds the suspicion before the reality of Las Cristinas.

"It is a fable that the same rule, the more interested in starting production of the alleged gold reserves, whoever does not grant permits ... is when the state must place the bell the cat, "he said.

In this regard he noted that there is every reason to begin once the operation because the current price of gold has registered a hike of $ 800 per ounce, which is more than double the estimated feasibility studies.

Once again Marsdem hinted that the State must unravel the doubt surrounding Las Cristinas, so you can assume that there is something not very clear as to the probable gold reserves largest americas America.

Doubts

As for the doubts of Marsdem in relation to the reality of reservations, explained that they were behind both the delay in the exploitation of Las Cristinas as in the fact that precisely the years between 92 and 93, when Placer Dome -- Company that conducted feasibility studies in Las Cristinas-initiated holdings, she was aware of a scandal over an alleged international fraud in gold reserves in Australia.

"It is no secret that the time for the big mining world faced economic problems, it is striking that once withdrawal Placer Dome of Venezuela has ido a bankruptcy and disappeared."

Background

In the year 92 was awarded a contract by CVG to Mineras Las Cristinas CA and Placer Dome valid until 2012, who conducted an assessment in partnership with the Las Cristinas concessions IV and V, who had been granted in the floods.

At that time Placer Dome, with 70% of the grant, assumed the reservoir studies, geophysical, geochemical and drilling end in these studies was spent approximately $ 150 million, reflected in the Vancouver Stock Exchange.

The evaluation published study concluded that there were 10 million ounces, according to studies certified by the Stock Exchange in Canada. Dave Marsdem explains that draws attention to the company that was pierced and Canadian laboratories to conduct analyses of samples also were Canadians.

"The presence of the State and supervision that resulted and there was almost zero when it won the span of the agreement to put into operation this deposit, Placer Dome claimed that the gold at that time was below the international price estimated in the feasibility study it was 350 dollars an ounce and then was at approximately 280 ".

Faced with this situation CVG decided to terminate the agreement alleging breach of conditions at that time the company faced financial problems and decided to sell the contract without the knowledge of the company CVG Vanesa Venture.

The company launched a complaint to the Venezuelan State for years and this time we do not know what status is the same, so little time to CVG subscribes agreement with Crystallex to put into operation the reservoir and until now has not been done anything like this at the beginning of development.

The allegation of Crystallex is already known to all, the Ministry of Environment has not granted permisología relevant. The recommendation of Dave Marsdem is that the State through the National Institute of Geology and Mining (Ingeomin) conducted drilling selective verification.

According to CVG

On April 15, 2004 were delivered formal feasibility study in 3 volumes at the offices of the Ministry of Energy and Mines, for review later date on May 11 of that year was handed the addendum study feasibility to the Ministry. Currently awaiting the approval of that study by the Ministry of Energy and Mines.

Between 15 and April 16, 2004, was handed formal environmental impact study before the offices of the Ministry of Environment and Renewable Natural Resources, and Ciudad Bolivar in Caracas, respectively, for review and approval, and also applied to the Ministry of Environment at the central level of employment permits for electrical wiring, diversion channel and access route, currently awaiting approval of the study and permits requested by the same.