Crystallex still trying to resolve Las Cristinas dispute - Venezuela
Published: Monday, October 26, 2009 14:29 (GMT-0400)More news from Venezuela
By Pablo Gaete / Business News Americas
Canadian miner Crystallex International (TSX: KRY) continues to seek a resolution to the dispute with the Venezuelan government over its Las Cristinas gold project in the South American country, VP of investor relations Richard Marshall told BNamericas Monday.
"We are currently seeking a solution," Marshall said.
The official's comment came following a statement Monday by Spokane-based Gold Reserve (NYSE: GRZ) - which has claims on the Brisas property adjacent to Las Cristinas - that it has filed a request for arbitration with the World Bank's International Centre for the Settlement of Investment Disputes (ICSID).
Like Crystallex, Gold Reserve has not been able to obtain all the necessary permits to develop its project, although both companies have said they have followed through with all the required steps to do so as set out by local authorities.
Meanwhile, the Venezuelan government has been saying it would rather develop both Brisas and Cristinas in conjunction with a Russian firm. At the same time, Russia's Rusoro Mining (TSX-V: RML) has been expanding its presence in Venezuela, including trying to take over Gold Reserve.
Crystallex has also said it was considering taking its case to ICSID and last November prepared the necessary paperwork to continue with the process.
However, Marshall declined to comment directly on Gold Reserve's actions, adding only that if Crystallex chooses to proceed with a request for arbitration with ICSID it would report the decision through a public press release.
Las Cristinas has some 464Mt grading 1.13g/t gold or 16.9Moz contained in proven and probable reserves, in addition to 629Mt grading 1.03g/t gold or 20.8Moz contained in the measured and indicated categories.
http://www.bnamericas.com/news/mining/Crystallex_still_trying_to_resolve_Las_Cristinas_dispute
