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The Government of Venezuela may reserve for itself through a decree the right to directly explore and
exploit specific areas or some or all of the minerals within specific areas. Direct exploration and
exploitation may be carried out either by the Government itself through the MIBAM or by a public
entity such as CVG. The effect of such a reservation is to prohibit the granting of mineral concessions
within the reserve area to private parties. If the Government of Venezuela has reserved direct
exploration and exploitation of minerals for itself, the MIBAM or the public entity may enter into
operation agreements with third parties with respect to the exploration and exploitation of the reserved
minerals.
Crystallex‟s interests in the Las Cristinas deposits are derived from:
a Presidential decree pursuant to which the Government of Venezuela reserved for itself, through
the then Ministry of Energy and Mines, the direct exploration and exploitation of the gold
located in the Las Cristinas deposits and granted to the Ministry of Energy and Mines the right to
contract with CVG the activities required to carry out such exploration and exploitation;
an agreement between the Ministry of Energy and Mines and CVG pursuant to which the
Ministry of Energy and Mines granted to CVG the right to explore and exploit the gold mineral
located in the Las Cristinas deposits and to enter into operations agreements with third parties for
such purposes; and
a mine operation agreement between CVG and Crystallex (Appendix A).