Re: Boiling it down
in response to
by
posted on
Feb 25, 2009 06:48PM
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
"KRY has been denied at every turn so what's it going to be"
Really??? let take a look, some may be redundant but sometimes we tend to look short term, here is an old post need updating but youy statement KRY has been denied at every turn ...... this surely surpass RML accomplishment
1: the big day for KRY
Crystallex and Venezuela to Develop Las Cristinas - Company welcomes
government announcement 9/8/2002
Download this Press Release
TORONTO - CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on TSX and
AMEX) President and CEO Marc J. Oppenheimer welcomed the selection of
Crystallex by the Venezuelan government Friday to develop Las
Cristinas, believed to be one of the largest undeveloped gold
projects in Latin America and the world .As a result of this
decision, all legal requirements including title, possession, and
mining rights will be brought together so that development of the Las
Cristinas ore-body can take place.
"This is a historic moment for our Company and our shareholders,"
said Mr. Oppenheimer. "We are pleased to have been selected and look
forward to beginning work on the project. We also salute our
shareholders who have steadfastly stood by our Company as we
patiently sought to obtain possession of this property in a
legitimate and lasting way."
Late Friday in Caracas, Venezuela's state industrial holding company,
Corporacion Venezolana de Guayana (CVG) announced that its Directors
had "approved the signing of an operating contract with the Canadian
company Crystallex for the development of the Las Cristinas gold
deposit." In a statement released following the Board meeting, CVG
President Francisco Rangel Gomez said Crystallex was chosen to
operate the project because it offered the best prospect for a rapid
development and start-up of the mine.
"The selection of Crystallex to develop Las Cristinas acknowledges
that the company has the experience, capability and the long-term
commitment to Venezuela to build a sustainable project that will
benefit the Venezuelan economy and in particular the people of
Bolivar State where Las Cristinas is located," added Mr.
Oppenheimer. "The CVG is a large and important Venezuelan government
corporation. We are very proud to be developing this property with
the CVG."
Crystallex started mining operations in Venezuela's Kilometre 88 in
1994 and is the only international company to have constructed and
operated a producing industrial mine at Kilometre 88. Today, the
Company has operations in all three of Venezuela's major gold
producing districts and has invested more than US$120 million in
Bolivar State where the Cristinas concessions are located. The
Company is currently mining gold and, at the same time, developing
two new mines in this region.
About Crystallex:
Crystallex International Corporation is an emerging intermediate gold
mining company operating as well as developing new mines in Venezuela
and Uruguay. Crystallex's strategy for growth is to develop its
portfolio of producing properties as well as to diversify
geographically by investing in producing or near-production projects
and by exploring properties of merit in other areas.
On Behalf of the Board:
Marc J. Oppenheimer, President & CEO
2: putting pen to paper
Crystallex Signs Agreements to Develop Las Cristinas 9/17/2002
Download this Press Release
CARACAS, Venezuela - CRYSTALLEX INTERNATIONAL CORPORATION (Symbol KRY
on the TSX and AMEX) reported today the formal signing of a
definitive agreement with the Corporacion Venezolana de Guayana (CVG)
for the development of Las Cristinas 4, 5, 6 and 7, believed to be
one of the largest undeveloped gold projects in Latin America and the
world. The formal agreement was signed at the CVG offices in Puerto
Ordaz, Venezuela with General Francisco Rangel Gomez, the President
of the CVG, signing on behalf of the CVG and Crystallex's Chairman,
Robert Fung, and President and CEO, Marc J. Oppenheimer, executing
the agreement on behalf of Crystallex.
The execution of the definitive agreement follows the announcement by
General Rangel Gomez on September 6, 2002 of the selection of
Crystallex to develop Las Cristinas.
"We are pleased that we could move to a definitive agreement so
quickly," commented Mr. Oppenheimer. "We now have all of the elements
that we need to move forward. Crystallex, under the agreement, has
the exclusive right to develop Las Cristinas 4, 5, 6 and 7 in all
respects including exploration, the design and construction of
facilities, the operation of those facilities for the processing of
gold and the subsequent exploitation, commercialization and sale of
gold," he added.
"What we are signing today guarantees that the project will be
completed exactly as set forth in the agreement. It is a solid and
secure agreement that protects both of us in order to complete this
project successfully." General Rangel Gomez said.
Highlights of the agreement are:
Crystallex will control 100% of the reserves and resources of the
project and all production and proceeds are for the account of
Crystallex subject only to the payment of royalties to the Venezuelan
Ministry of Energy and Mines and to the CVG. The royalty to the
Ministry is fixed at three per cent, and the royalty to the CVG will
vary with the price of gold. Up to a price of US$280 the royalty will
be 1%. From US$280 to US$350 the royalty will be 1.5%. From US$350 to
US$400 the royalty will be 2% and above US$400, the royalty will be
3%. Production will be measured against an annual production plan
prepared by Crystallex and approved by the CVG.The agreement has an
initial term of 20 years with two renewals each for a term of 10
years.
The CVG will assist Crystallex in obtaining all necessary permits,
including explosive and operating permits, and will be responsible
for obtaining environmental permits with the support of Crystallex.
Throughout the term of the agreement Crystallex will have the
exclusive use of National assets related to the project including
digital drill data, drill cores, and existing studies in the
possession of the CVG, and all infrastructure improvements on the
property. Crystallex will pay US$15 million for the acquisition of
these National assets including the use of the data, studies and
infrastructure. Included in the infrastructure is access to the new
hydroelectric substation located adjacent to the site.
Crystallex will address immediately the needs of residents in the
area through the creation of employment, training programs and
improvements to the health care system. In the longer term Crystallex
will address improvements to the water and sewage system and the
local road network.
"We have arrived at an agreement which clearly sets forth our
exclusive access to the reserves and resources of Las Cristinas and
grants to us our exclusive right to exploit the resource to its full
potential," said Mr. Oppenheimer. "We are confident that the
financial and investment community will quickly understand and
support this agreement. We will immediately commence our review of
the data in order that we might complete an in depth feasibility
study to support our construction and production plans."
"We look forward to working with the CVG and the Government to
develop this long awaited project which will benefit not only our
Company, but also the people of Bolivar State and the Kilometre 88
region," added Mr. Oppenheimer.
3: Cystallex Takes Possession of Las Cristinas Properties 9/30/2002
Download this Press Release
TORONTO - CRYSTALLEX INTERNATIONAL CORPORATION (TSX, AMEX: "KRY")
today announced that transition arrangements have been substantially
completed and it has taken possession of the Las Cristinas 4, 5, 6 &
7 properties in Venezuela, in accordance with the mining operation
agreement signed Sept. 17, 2002 with the Corporacion Venezolana de
Guayana (CVG).
The Crystallex transition team, headed by Vice-President of
Operations, Dr. Sadek El Alfy, and a team of consultants is reviewing
the inventory of National assets including data, studies and
information made available by the CVG under the terms of the mining
operation agreement. Plans are underway to immediately commission a
full feasibility study for the development of the Las Cristinas
properties in Kilometer 88.
Las Cristinas 4, 5, 6 and 7 are believed to form one of the largest
undeveloped gold deposits in Latin America and the world. Under the
agreement with the CVG, Crystallex has the exclusive right to develop
Las Cristinas 4, 5, 6, and 7 in all respects including exploration,
design and construction of facilities, operation of the facilities
for the processing of gold and subsequent exploitation,
commercialization and sale of gold. The Company will control 100% of
the resources of the project. All revenue from the sale of gold will
be for the benefit of Crystallex, subject to payment of royalties to
the Venezuelan Ministry of Energy and Mines and to the CVG.
4:
Crystallex Welcomes Endorsement of the Republic of Venezuela
4/11/2003
Download this Press Release
Caracas, Venezuela - Crystallex International Corporation (KRY: TSX,
AMEX) welcomes the strong endorsement given by the Republic of
Venezuela to the Company's Mining Operation Contract to develop and
exploit the Las Cristinas gold properties.
Senior representatives of the Executive of the Republic of Venezuela,
including General Francisco Rangel Gómez, President of the
Corporación Venezolana de Guayana ('CVG'), and representatives from
the Legislative authorities including Mr. Luis Salas, President of
the Energy and Mines Commission of the National Assembly, Luis
Velásquez Alvaray, recently appointed Vice-President of the
Comptroller´s Commission of the National Assembly, and Rafael Simón
Jiménez, member of the Comptroller´s Commission and until December
2002, Vice-President of the National Assembly of the Republic of
Venezuela, clearly stated that the Republic of Venezuela fully
supports the Las Cristinas Mining Operation Contract. They further
stated that in the history of the Republic of Venezuela, there has
never been a single case where the government failed to honour
commitments to mining, petroleum or telecommunications companies.
These assurances were made during public meetings this week in
Venezuela with representatives of Crystallex and international
financial institutions.
Crystallex International Corporation dismissed as self-serving the
allegations contained in Vannessa Ventures April 8, 2003 press
release. Crystallex's Mining Operation Contract is a final and
binding agreement based on the authority and the laws of the Republic
of Venezuela and is not open to discussion.
5: Feasibility Study approval CVG
Crystallex Announces CVG Approval of Las Cristinas Feasibility Study -
Company now anticipates the construction phase of the project
3/8/2004
Download this Press Release
TORONTO - Crystallex International Corporation (KRY on TSX and Amex)
announced today the approval by the Corporacion Venezolana de Guayana
("CVG") of Crystallex's full Feasibility Study for the development of
the Las Cristinas mining properties in Bolivar State, Venezuela. On
September 17, 2002, Crystallex entered into a mining operation
agreement with the CVG which granted to Crystallex the exclusive
right to fully develop and exploit the significant gold reserves and
resources at Las Cristinas. Mine Development Associates of Reno,
Nevada, estimated in the Feasibility Study that proven and probable
reserves amounted to approximately 10.2 million ounces (246 million
tonnes at 1.29 g/t) based on measured and indicated resources of some
15.3 million ounces (439 million tonnes at 1.09 g/t) inclusive of the
10.2 million ounces of reserves, while inferred resources were
estimated at approximately 6.1 million ounces (208 million tonnes @
0.91 g/t). The full Feasibility Study, prepared by SNC-Lavalin
Engineers & Constructors, was delivered to the CVG on September 10,
2003 by Crystallex, and since that time, Crystallex has worked
closely with the CVG to obtain final approval. The Feasibility Study
addresses and confirms the economic and technical viability of the
Las Cristinas Project and provides the foundation for construction
and operating plans.
6: Land Occupation Permit
TORONTO, ONTARIO, August 4, 2004 – Crystallex International
Corporation (TSX: KRY) (Amex: KRY) today advised that the Land
Occupation Permit (often referred to as the "land use permit") has
been confirmed for the Las Cristinas gold properties. The Land
Occupation Permit authorizes the use of the Las Cristinas properties
for the purpose of mining, and is a critical element of final
permitting for the project. Crystallex and the Corporacion Venezolana
de Guayana ("CVG") are fully engaged in the permitting process,
following the guidelines prescribed by the Ministry of the
Environment and Natural Resources ("MARN"), to obtain the final
permit, i.e. the "Permit to Impact Renewable Natural Resources",
during the fall of 2004, when full scale construction would commence.
As previously announced, detailed engineering and environmental works
are continuing, and purchase orders/contracts are being awarded under
the Engineering Procurement and Construction Management contract with
SNC Lavalin Engineers & Constructors.
Crystallex President and CEO, Todd Bruce, commented, "The Land
Occupation Permit is a critical step in the process of getting Las
Cristinas permitted and its confirmation is a prerequisite to
securing the final "Permit to Impact Renewable Natural Resources"
which will complete the permitting process. Given the level of CVG
and Crystallex involvement in the permitting process and the positive
response of MARN to date, we remain confident that Las Cristinas will
be fully permitted this fall which will see full scale construction
commencing as scheduled. As we speak our site activities continue to
accelerate as we complete refurbishment of the existing construction
camp while extending and tarring the airstrip to accommodate the
increased demands that will be imposed by the project."
7: quarry right
TORONTO, ONTARIO, February 15, 2006 – Crystallex International
Corporation (TSX: KRY) (Amex: KRY) confirmed today that it has been
granted the rights to explore and develop a quarry for aggregate by
the Mining Institute (IAMIB) of Bolivar State, Venezuela. Aggregate
is required for the construction of the Las Cristinas Project and the
concession is located approximately 1 kilometre from the Las
Cristinas Project site.
Todd Bruce, President and CEO of Crystallex commented, "The issuing
of the quarry permit is an important step in widening our options to
secure aggregate for the Las Cristinas project. Crystallex looks
forward to the receipt of the final environmental permit so that
construction of the Las Cristinas mine can commence."
8: Permit (not the big one)
(TSX: KRY) (Amex: KRY) reported today that the Ministry of the
Environment and Natural Resources ("MARN") in Venezuela has notified
Crystallex of the Ministry's approval of the "Permit to Impact
Natural Resources" for a quarry on the Albino property to provide
aggregate for the adjacent Las Cristinas project, and of the
initiation of the normal administrative process by the Ministry.
Previously, on February 15, 2006, Crystallex announced that it had
been granted the rights to explore and develop a quarry on the Albino
property as a source of aggregate for the Las Cristinas project by
the Mining Institute (IAMIB) of Bolivar State, Venezuela. Aggregate
is required for the construction and operating phase of the Las
Cristinas Project which currently contains gold reserves of some 13.6
million ounces at a gold price of US$400 per ounce. The Albino
concession is located approximately 1 kilometre from the Las
Cristinas Project site.
Todd Bruce, Crystallex President and CEO commented, "MARN's approval
of the Permit to Impact Natural Resources for the Albino aggregate
quarry that will service the Las Cristinas project is a key
development as it brings us closer to the issuance of the Permit to
Impact Natural Resources for the Las Cristinas project itself. We
look forward with great anticipation to receiving this final permit
for Las Cristinas which will enable the company to commence the
construction process."
9: one of the most important approval
TORONTO, ONTARIO, March 26, 2006 – Crystallex International
Corporation (TSX: KRY) (Amex: KRY) reported today that at meetings
convened by the Corporacion Venezolana de Guayana ("CVG"), Crystallex
was informed by the CVG it has received official notice from the
Ministry of Basic Industry and Mining ("MIBAM") advising that MIBAM
has formally approved the technical, economic and financial
Feasibility Study for the Las Cristinas gold exploitation project. In
addition, Crystallex has received formal confirmation of this
approval directly from MIBAM itself.
The official approval of the project by MIBAM is based on the
original terms and conditions of the underlying Mine Operating
Agreement ("MOA") signed between the CVG and Crystallex in September
2002. Approval by MIBAM of the Las Cristinas gold project is a
critical milestone as it brings final resolution to the technical,
economic and financial parameters of the Las Cristinas gold project
as established in the Crystallex Feasibility Study. Through the MIBAM
approval, the Government of Venezuela has officially sanctioned the
Las Cristinas gold project from the technical, economic and financial
perspective. The project will be of significant importance to the
State of Bolivar and the Republic of Venezuela.
Todd Bruce, Crystallex President and Chief Executive Officer
said, "This formal approval by MIBAM represents the crucial
cornerstone for the development of the Las Cristinas gold project and
also represents the final external input required by the Ministry of
the Environment and Natural Resources ("MARN") to complete the
permitting process. We anticipate receiving this MARN permit in the
near term which will allow us to immediately begin construction of
the Las Cristinas Gold Project."
Detailed engineering and design for the Las Cristinas project is
essentially complete and approximately US$179 million has been
committed, including US$94 million already spent, under contract for
equipment purchase orders comprising all long lead items such as the
mining fleet, crushers and grinding mills, as well as various
construction and service contracts. The mining fleet is ready and in
storage on the docks in Houston, USA and Antwerp, Belgium and all the
other major equipment items are also on schedule in terms of
fabrication and delivery.
Upon receipt of the final permit from MARN, Crystallex will commence
construction of the base case 20,000 tonnes per day ("tpd") operation
which should see initial production commence in early 2008 at an
average level of approximately 300,000 ounces of gold annually over
the first five years. With 13.6 million ounces of proven and probable
gold reserves, in excess of 17.7 million ounces of measured and
indicated gold resources and an additional 4.5 million ounces of
inferred gold resources (Crystallex News Release dated February 13,
2006), Crystallex plans to assess opportunities to double the scale
of operations to 40,000 tpd based on the previously completed 40,000
tpd expansion pre-feasibility study which would see annual gold
production average approximately 500,000 ounces.
10: not applicable to the Crystallex Las Cristinas operating
contract, Article 11, read on
TORONTO, ONTARIO, June 13, 2006 – Crystallex International
Corporation (TSX: KRY) (Amex: KRY) - commented today that there has
been considerable confusion resulting from yesterday's press coverage
on possible revisions to the Venezuelan mining law, namely the
incorporation of mixed companies as an exploitation structure in the
mining sector. The Government stake in such mixed companies would be
at least 51%.
The Crystallex share price has been negatively impacted as the market
seems to have interpreted the comments about mixed companies in the
mining sector to mean that this structure has now become the only
model under which mining will be allowed in Venezuela.
It is important therefore to stress that the mixed company model
under discussion is not applicable to the Crystallex Las Cristinas
operating contract as the draft mining law provides express
recognition of existing contracts which are in proper execution and
good legal standing.
Furthermore Article 11 of the draft mining law specifically provides
for exploitation by way of operating contract, in a manner separate
and distinct from the mixed company structure contemplated elsewhere
in the draft. A translation of Article 11 is provided as follows:
"Article 11: For the purposes of this Law, operation contracts shall
be understood as those legal arrangements entered into between
National Social Mining Production Corporation and private legal
entities, for the rendering of services within the work frame of
exploration activities and rational and sustainable exploitation of
mineral resources."
Crystallex holds a valid and binding operating contract issued by the
state through the Corporacion Venezolana de Guayana ("CVG"), its
regional natural resource development arm, that was officially
approved and endorsed by the Ministry of Basic Industries and Mining
("MIBAM") in March of this year. As noted in the Venezuelan press
yesterday, MIBAM was the entity responsible for preparing the mining
law reform working paper and providing it to the National Assembly.
11:
need I say more (needed a fill in for duplicated no.10 lazy to go
back and change the No.)
12: shareholder rights plan, protection from low hostile buyout,
don't always work but we all get a vote
TORONTO, ONTARIO, October 30, 2006 – Crystallex International
Corporation (TSX: KRY) (Amex: KRY) - announced that the shareholders
of the company have voted at a special meeting held earlier today to
ratify, confirm and approve a new shareholder rights plan
(the "Rights Plan") which was originally approved by the Board of
Directors of Crystallex on June 22, 2006 following the Corporation's
2006 annual and special meeting of shareholders.
The Rights Plan has not been adopted in response to any proposal to
acquire control of the Corporation and is not intended to prevent
take-over bids. Under the Rights Plan, take-over bids which meet
certain requirements intended to protect the interests of all
shareholders are deemed to be "Permitted Bids". Permitted Bids must
be made by way of a take-over bid circular prepared in compliance
with applicable securities laws and, among other conditions, must
remain open for sixty days.
The Rights Plan is similar to other shareholder rights plans recently
adopted by other Canadian corporations. Until the occurrence of
certain specific events, rights issued pursuant to the Rights Plan
will trade with the common shares of the Corporation and be
represented by the share certificates for such shares. The rights
become exercisable only when a person, including any party related to
or acting jointly or in concert with such person, acquires or
announces its intention to acquire 20% or more of the outstanding
common shares common shares of the Corporation without complying with
the "Permitted Bid" provisions of the Rights Plan. Should a non-
permitted acquisition occur, each right would entitle each holder of
common shares (other than the offeror or certain parties related to
it or acting jointly or in concert with it) to purchase additional
common shares of the Corporation at a 50% discount to the market
price of the shares at that time.
The Rights Plan is subject to reconfirmation at every third annual
meeting of shareholders until its expiry on June 22, 2016.
13: approval of the Environmental Impact Study
TORONTO, ONTARIO -- (MARKETWIRE) -- 06/14/07 -- Crystallex
International Corporation (TSX: KRY)(AMEX: KRY) reported today it has
received notice from the Corporacion Venezolana de Guayana ("CVG"),
that the requirements of the Ministry of the Environment and Natural
Resources of Venezuela ("MinAmb" formerly referred to as "MARN") for
the issuance of the Environmental permit to commence construction of
the Las Cristinas Project have been fulfilled.
MinAmb, based on its approval of the Environmental Impact Study
("EIS") for the Las Cristinas gold project, requested the CVG to post
a Compliance Guarantee Bond and pay certain taxes for the issuance of
the Environmental permit. Crystallex has posted the bond and paid the
taxes.
The CVG confirmed that the approval of the EIS, the posting of the
bond and the payment of the taxes represent the final and conclusive
step in the procedure for the issuance of the Environmental permit to
construct the Las Cristinas Project. Crystallex as the builder and
operator of Las Cristinas will have use of this permit in order to
construct the project on the basis of the approved feasibility study.
In the formal notice that MinAmb sent to the CVG, it was stated that
the Environmental permit will be issued following the payment of
taxes and posting of the bond. The CVG now awaits the permit required
for the construction of the mine from MinAmb.
Mr. Gordon Thompson, Crystallex President and CEO commented, "The
request by the Venezuelan Government for the posting of the
Compliance Guarantee Bond and taxes further confirms our
understanding that we've complied with the very final stage of the
procedure for receipt of the environmental permit."
14:
Resources: 20.76 million M&I $$$$$ 16.86 million ounces P&P $$$$ what
will it be at $750.00 gold price, need much more fingers
- Measured and Indicated Resources are estimated at 20.76 million
ounces (629 million tonnes with an average gold grade of 1.03g/t,
which comprises 146 million tonnes at a gold grade of 1.14g/t (5.38
million ounces) in Measured Resources and 483 million tonnes at a
grade of 0.99g/t (15.38 million ounces) in Indicated Resources). This
represents a gain of 3.1 million ounces, or 18%, over the August 2005
Measured and Indicated Resource estimate of 17.66 million ounces of
gold (501 million tonnes grading 1.10g/t gold comprising 66 million
tonnes at a grade of 1.21g/t containing 2.57 million ounces in
Measured Resources and 435 million tonnes at a grade of 1.08g/t for
15.09 million ounces in Indicated Resources).
- The average grade of Measured and Indicated Resources decreased 6%
from 1.10g/t to 1.03 g/t due to the inclusion of slightly lower grade
mineralization in the current resource estimate.
- The Inferred Resource estimate, which does not contribute towards
Proven and Probable Reserves, increased to 6.28 million ounces (230
million tonnes at an average gold grade of 0.85g/t) from 4.54 million
ounces (163 million tonnes at an average grade of 0.87g/t gold). This
represents an increase of 1.74 million ounces, or 38%, in the
Inferred Resource.
Reserves:
- Proven and Probable Reserves are estimated at 16.86 million ounces
of gold (464 million tonnes grading 1.13g/t). The updated reserve
estimate comprises 113 million tonnes at a gold grade of 1.24g/t
(4.48 million ounces) in Proven Reserves and 351 million tonnes at a
grade of 1.10g/t (12.38 million ounces) in Probable Reserves. This
represents an increase of 2.85 million ounces or 20% from the Proven
and Probable Reserve of 14.01 million ounces (278 million tonnes
grading 1.15g/t gold at a gold price of $450 per ounce) reported in
February, 2007.
15 :
TORONTO, ONTARIO -- (MARKET WIRE) -- 10/26/07 -- Crystallex
International Corporation (TSX: KRY)(AMEX: KRY) reported that the
Venezuelan National Assembly's Commission of Economic Development has
today published a report following its October 4th, 2007 Las
Cristinas hearings. The Commission's Report noted that
representatives from the Ministry of the Environment and Natural
Resources of Venezuela (MinAmb), the Ministry of Basic Industries and
Mining ("MIBAM"), the Corporacion Venezolana de Guayana ("CVG"), and
Crystallex testified at the hearings.