2008-11-16 05:52:40 - Venezuelan CICPC police detectives investigating the theft of gold from the former Crystallex-owned Revemin facility in El Callao have modified an earlier CICPC statement claiming 4,000 kilos stolen to 4,000 grams (128.6 troy ounces) valued at some US$96,361 on world markets.

VHeadline Venezuela News reports:

The theft was discovered last Sunday, according to authorities who say they believe the robbery of gold from Revemin has been going on for years and could run to losses to the Venezuelan patrimony of between $100 and $250 billion all told.

Basic Industries & Mining (Mibam) inspectors have visited the plant -- which was recently

returned to State ownership under a deal with the Venezuelan Guayana Corporation (CVG) gold mining subsidiary CVG-Minerven.

Police sources say even more gold can have been smuggled out of Revemin mixed in 20 kilo bags of cement to avoid detection.

Details are only now being made known because Mibam Minister Rodolfo Sanz has imposed a blanket ban on all statements to the media, other than those he makes himself, but it is understood that the "smuggling operation" is nothing new and had taken place at Revemin also behind the backs of Crystallex management.

Estimates of the total value of gold lost to Venezuelan patrimony at Revemin are imprecise but, over the last few years, could run to between $100 billion and $250 billion, possibly more.

Local media sources say that the smugglers operated under the cover of labor union problems at the facility and that organized crime 'mafias' were also involved in sabotage operations against Crystallex and other mining companies in the south of Bolivar State in a rudely run protection racket.

VHeadline Venzuela News