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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: Old news but?

Old news but?

posted on Oct 27, 2009 05:11PM

I remember reading some of this, probably from V Headline. This is from Rueters, and by a reported that was present at the presentation. I don't recall these specifics.

The Venezuelan Plot Thickens... Grants Gold Mines to Russia!!!!

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November 06, 2008 – Comments (6)

'As a Crystallex shareholder... this one is right out of my hands and into Russia's. This is one seriously bold move by Chavez, and you can expect it will embolden like-minded nations to follow suit (Bolivia next?)

http://www.alertnet.org/thenews/newsdesk/N06416298.htm

Venezuela offers Russians big gold projects 06 Nov 2008 22:14:26 GMT Source: Reuters (Adds details, stock price movements, analyst quote, context) By Brian Ellsworth CARACAS, Nov 6 (Reuters) - Venezuela plans to build mines at its largest gold deposits with Russian help, the mining minister said on Thursday, apparently killing a years-long bid by two Canadian companies to develop the projects. The decision reflects leftist President Hugo Chavez efforts to boost ties with Russia, increase state control over a key sector and speed up stalled mining development as tumbling crude prices threaten to crimp the OPEC nation's finances. An accord will be signed on Friday with Russian-owned Rusoro to operate the Las Cristinas and Brisas projects with Venezuela, mining minister Rodolfo Sanz told a Russian government delegation during a presentation observed by Reuters. Rusoro's share price soared after the news. Las Cristinas, one of Latin America's largest gold projects, is currently operated by Canada's Crystallex , which waited in vain for years for an environmental license to start mining. Nearby Brisas is operated by Gold Reserve , which has a concession for the mainly gold project but was also waiting for environmental permits. While it appeared that Sanz will replace Crystallex and Gold Reserve with Rusoro, he did not mention their names. He said the memorandum would not mention Las Cristinas and Brisas by name for legal reasons but assured the Russians they would have access to the projects. "You can be sure that those will be the deposits," he told the delegation. "We have to rescind our relationship with a company that has been working in the zone," Sanz also said, apparently in reference to Crystallex. "We have a legal problem there." Approached after the presentation by Reuters, Sanz said Rusoro's involvement in Las Cristinas had not yet been decided.'

Two months later, Chavez said this.

Chavez announced in January that Venrus, a joint enterprise formed between the Russian-financed Rusoro Mining Ltd. and a Venezuelan state holding company, would develop the country's gold deposits, including exploitation of Brisas del Cuyuni and Las Cristinas — the nation's largest gold mine, whose concession is currently held by Toronto-based Crystallex International Corp

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