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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

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Message: Banana Republic news

Banana Republic news

posted on May 11, 2009 03:45PM

http://www.eldiariodeguayana.com.ve/...

translated kinda In English,

There are offices of the no BCV in the south of Guayana Monday, 11 of May of 2009 Almost the 8 thousand miners come from all parts that toil with gold describe like intrascendente the last resolution as the Emitting Institute Carmen Cheek For the miners of the Pebble and Sifontes the last resolution of the Central bank of Venezuela that forces to sell 70% of the auriferous production to the Emitting Being does not have any importance. First in those two municipalities, auriferous par excellence, there are offices of the no BCV that gathers the material; secondly, the gold that they buy does not fulfill any of the specifications who settle down the BCV and third party, the price that offers the Emitting Institute, when he appears some civil servant of the BCV, is below the price of the market. Approximately 8 thousand people live on the mining activity in the south of the state Bolivar. Near 20 buyers they make workings of purchase of the mineral and to the month they practically obtain one ton of gold that leaves towards Brazil, Colombia and Italy. By all means by the green ways and at risk of According to Official Newspaper 39,169 of date 30 of April of the 2009, one settles down that all person who commercializes Gold under any legal figure must offer 60% of her quarterly production to the Central bank of Venezuela but in the case of the miners and the buyers, the measurement has caused disagreement because the product that are extracted is of artisan character and previous severe damage of the environment. In an opportunity the Central bank of Venezuela installed a ticket office in the agency of the Bank Caroní de Tumeremo but it had to close because although the resolution was modified the 30 of April of the 2009, from the first time that emitted this norm of the BCV, date 16 of December of 1996 in Newspaper 36,124 of date 13 of January of 1997, the conditions that are requested for the quality of gold are the same: “The gold in its alloys, in bars, fused, molded, manufactured or of any other form”. Monopoly of the State Until almost a year ago in the zone of the Pebble and the Sifontes municipality, Tumeremo capital, counted on a series of foreign companies that operated the mineral. They operated a Chinese company, (Yin Yan); a candiense company (Gold Reserve whose name in the zone was Breezes of the Cuyuni); Hecla, of private capital; PMG with that same condition; Revemin; The Camorra as well as Russoro Ming, of Russian origin. While the national orerator is the Minerven company. But from mid the last year, after conflicts with workers, breaches of environmental resolutions and by action nacionalizadotas of the government, only is operating a company of foreign origin. One is Russoro Mining because all the others happened at the hands of the State. In the case of Crystalex and Gold Reserve, they gather its suitcases to leave because they did not obtain any agreement. That by all means has created a monopoly of the State that has turned to Minerven into the most important producing gold company because all the other companies must bring closer the mineral until the Colombia mine where it is put under the fused process of and soon it is turned with the specifications that the Central bank of Venezuela establishes, in gold in bar or ingots. However, the transfer of the mineral is done by earth in armored and under strict safety measures or by helicopter until Guayana City, from where it leaves for the BCV in aerial transport. That demands all logistics that only the State handles. The numbers of Minerven The goal of production of Minerven for this year 2009 is in favor of the order of the 8 tons. This according to the information of the company in the Page WEB. The past year was of 4 tons for that reason the management of planning of the company handles east scene of production of 8 tons with many probabilities. For it they use that until September of the 2008 gold sale it was in 2.788 Kilograms, with an execution of 95.5% with respect to the budget (2,919 kg). The income by sales were located in 173,5 million bolivars, with an execution of 106.4% with respect to the budgeted number of the period (163 MMBs.) The net utility showed accumulated positives September 2008 by 31.2 million bolivars, with an execution of 122.8% in relation to the budgeted goal. Until that date it executed an investment of 2,9 million strong bolivars. The company contributed 6.8 million bolivars in taxes and I contribute corporative in the third trimester, obtaining an accumulated ones of 22.5 million bolivars to September 2008 and 520 thousands of bolivars by concepts of donations in the region in the third trimester for an accumulated ones of 765 thousands of bolivars to September 2008. The labor force of CVG Minerven, to September 2008 was located in 1.177 workers, composed by 374 employees, 471 engaged workers, 39 executives and 293 workers. Results of other companies According to the report of management of Minerven, the Plan of operation in sterile ore and in the Mine Colombia and Unión presented/displayed an execution of 79% for the third trimester of the year, obtaining itself an accumulated ones of 217,963 tons of starting. The processed ores executed in 97% with respect to the number planned for the period January - September 2008, and the obtained accumulated metallurgical recovery was of 87%. Quarterly 3er 88,929 tons were fed on auriferous mineral. As far as the mining development, in the mine Méndez Soda realised by the Jinyan company of Venezuela a.c., a total of 10,638, 057 tons dry was obtained, with an average tenor of 12.58 (gr. /t), corresponding to 133.86 kg of gold. Block “B”, Hecla Minning Company reported accumulated to September, a production of mine Isidora of 27,461, 11 tons dry extracted, obtaining 792,50 kilograms of produced fine gold, which corresponds to an exemption to CVG Minerven of 23.78 kilograms equivalent to Versus. 1.494.549


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