Re: % gainers / List of all Crystallex Comments on Market Activity from 2005
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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
Crystallex Comments on Market Activity
16:07 EST Monday, November 16, 2009
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TORONTO, ONTARIO--(Marketwire - Nov. 16, 2009) - Crystallex International Corporation (TSX:KRY) (NYSE Amex:KRY). At the request of Market Surveillance, on behalf of the Toronto Stock Exchange, Crystallex is issuing this press release to confirm that it is not aware of any material undisclosed corporate developments which would account for the recent increase in its stock price and trading volume.
Due to the ongoing dispute with the Venezuelan Government regarding the issuance of the Environmental Permit for the Las Cristinas Project, Crystallex has been exploring various alternatives to mitigate the impasse and protect its investments under the Mine Operating Contract ("MOC") that it has with the Venezuelan Government.
These alternatives include a number of possible transactions and structures. While discussions are ongoing, there can be no assurance that definitive agreements can be reached. The Company continues to work on behalf of all of our stakeholders to identify and progress alternatives in the context of the Las Cristinas dispute with the Venezuelan government to maximize stakeholder value.
In the event that Crystallex is not able to reach a satisfactory negotiated settlement, it is prepared to submit its dispute with the Bolivarian Republic of Venezuela to international arbitration under the terms of the Agreement between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments. The Company has been advised that by remaining in full compliance with the MOC while it continues to reach a resolution on Las Cristinas the Company will preserve the option of international arbitration. Accordingly, the Company has determined that it is in the best interest of all stakeholders to remain compliant with the MOC and incur the consequent expenditures.
About Crystallex
Crystallex International Corporation is a Canadian based company, whose principal asset is its interest in the Las Cristinas gold development project located in Bolivar State, Venezuela. Crystallex shares trade on the TSX (symbol: KRY) and NYSE Amex (symbol: KRY) Exchanges.
Crystallex Comments on Market Activity and Las Cristinas |
01/14/2009 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 01/14/09 -- Crystallex International Corporation (TSX: KRY) (NYSE Alternext US: KRY) reported today that it is aware of certain comments related to the Las Cristinas gold project attributed to President Chavez in Venezuela. Outside of the media coverage, the Company has not been notified of any changes in position by the Venezuelan Government regarding the Las Cristinas Project or the Mine Operating Contract ("MOC"). Crystallex staff and representatives are in continual communication with Senior Venezuelan Officials and the comments attributed to President Chavez regarding Las Cristinas have not been raised with the Company. About Crystallex |
Crystallex Comments on Market Activity and Las Cristinas |
11/05/2008 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 11/05/08 -- Crystallex International Corporation (TSX: KRY)(NYSE-A: KRY) reported today that it is aware of certain comments related to the control of the Las Cristinas gold project attributed to the Ministry of Basic Industry and Mining ("MIBAM") in Venezuela. The Company has not been notified of any changes in position by the MIBAM regarding the Las Cristinas Project or the Mine Operating Contract ("MOC"). In addition, members of the Crystallex team have had meetings, as recently as today, with officials from MIBAM and the Corporacion Venezolana de Guayana ("CVG") and no issues were raised with regards to the control of Las Cristinas. Crystallex continues to comply with its obligations under the MOC, retains its interest in and remains the builder and operator of the Las Cristinas gold Project. Crystallex will continue to press its case for the issuance of the Environmental Permit so that the Project can advance for the benefit of Venezuela, the local communities, the stakeholders and shareholders. |
Crystallex Comments on Market Activity and Las Cristinas |
05/16/2008 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 05/16/08 -- CRYSTALLEX INTERNATIONAL CORPORATION (TSX: KRY)(AMEX: KRY) commented today on market activity relating to comments made by the Minister of the Environment and Natural Resources of Venezuela ("MinAmb") regarding open pit mining in Venezuela. The Minister's comments of yesterday followed the position outlined in a letter from a Director General in the Administrative Office of Permits at MinAmb which was sent to the Corporacion Venezolana de Guayana ("CVG") as discussed in the Company's press release dated April 30, 2008. Crystallex still maintains that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval, Construction Compliance Guarantee Bond Request and Environmental Tax request issued by the same Ministry. Both the posting of the Bond and payment of the requested Tax were satisfied in 2007 and Crystallex obtained receipt of acceptance. Additionally, MinAmb officials testified at a Venezuela National Assembly panel late last year that all the requirements for the issuance of the Las Cristinas Environmental Permit had been satisfied and that the Permit will be issued. The letter from the Director General and the comments made by the Minister appear to be in opposition to all industrial activity in the Imataca Region and leave a number of current and historic projects standing contrary to their position. In addition, Crystallex believes that the comments made by the Minister and the Director's letter contradict Presidential Decrees, National Assembly Resolutions, MinAmb Resolutions, and Ministry of Basic Industry and Mines Resolutions. Current Imataca regulations, issued by Decree, specifically provides for mining activities in the region. On May 12, 2008, Crystallex filed its appeal under the Venezuelan Administrative Law to MinAmb outlining the reasons and evidence that the proposed Las Cristinas operations were not only in keeping with Venezuelan Law but would clean up and deal with the severe environmental degradation as a result of decades of illegal mining activity in the area. Crystallex is also aware of its legal rights and remedies and will undertake whatever is necessary in order to protect its shareholders' rights. Local and indigenous communities and Venezuelan Officials have voiced continued support for the development of the Las Cristinas project and other mining projects in the region. The Company is continuing its efforts with the support of Venezuelan governmental agencies to advance the Las Cristinas project which will create significant employment, healthcare facilities and sustainable development for the surrounding communities. |
Crystallex Comments on Recent Market Activity and Statement Regarding the Las Cristinas Project by Venezuelan Official |
08/20/2007 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 08/20/07 -- Crystallex International Corporation (TSX: KRY)(AMEX: KRY) commented today that the Company is not aware of any adverse corporate developments - other than general stock market conditions - which could account for the recent trading activity and that, to its knowledge, the process for the issuance of the environmental permit for Las Cristinas remains on track. The Company welcomed statements by the President of the Commission of Economic Development of the Venezuelan National Assembly, Ricardo Gutierrez, made last week during a radio interview regarding the status and outlook for the Las Cristinas Project. Mr. Gutierrez served as the First Vice President of the National Assembly in 2004 and 2005. During the interview, Mr. Gutierrez said, "The Commission I lead, the Permanent Commission for Economic Development at the National Assembly, has started a series of actions before the Environment Ministry and the country's President, to conclude the issuing of the environmental permits." Mr. Gutierrez further stated, "The President (Hugo Chavez) is aware, and so are we, that the beginning of exploitation at the Las Cristinas gold mines has a special importance, it has an economic importance, as it would allow... a social importance, as thousands and thousands of families, dedicated to illegal mining, and who use mercury and work in deplorable conditions, can participate through formal jobs in this activity developed by Crystallex in the exploitation of gold in Las Cristinas." When asked if President Chavez could speed up the permitting process, Mr. Gutierrez confirmed, "The permits have already been prepared by the Environment Ministry, and the President can speed this up." Mr. Gutierrez also stated that, "The Las Cristinas Project will begin soon, and will pass from project to full exploitation with the modern technology of one of the most important gold mines in the world." In June 2007, Crystallex reported it had received notice from the Corporacion Venezolana de Guayana ("CVG"), that the Las Cristinas Environmental Impact Study had been approved and the requirements of the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb") for the issuance of the environmental permit to commence construction of the Las Cristinas Project had been fulfilled. Crystallex has posted the Las Cristinas Compliance Guarantee Bond and paid the environmental permit taxes requested by MinAmb for the issuance of the environmental permit. Crystallex and the CVG are awaiting the issuance of this permit to launch the construction and hiring activities. About Crystallex |
Crystallex Comments on Reuters Story |
03/30/2007 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 03/30/07 -- Crystallex International Corporation (TSX: KRY) (AMEX: KRY) today issued the following statement in response to inquires concerning a Reuters story from its Caracas Bureau: Crystallex has spoken to Senior Officials at the Ministry of Environment ("MARN") and to Mr. Sergio Rodriguez who was quoted in the Reuters article. The Senior Officials contacted at MARN told the Company that the Reuters story does not reflect the statements made by Mr. Rodriguez and that they are contacting Reuters in order to correct the mis-statements. Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN. About Crystallex |
Crystallex Comments on Recent Market Activity |
03/28/2007 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 03/28/07 -- Crystallex International Corporation (TSX: KRY)(AMEX: KRY) issued today the following statement concerning the increase in its stock price and trading volume: "Crystallex is aware that Gold Reserve Inc (TSX: GRZ) (Amex: GRZ) today announced that its Brisas Project had been awarded the Environmental Approval and Construction Permit from the Ministry of the Environment and Natural Resources ("MARN"). Commenting on the news, Gordon Thompson, Crystallex President and CEO stated, "The awarding of the Brisas environmental permit is a clear signal that Venezuela is fulfilling its promise to advance mining projects. Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN." About Crystallex |
Crystallex: Recent Press Speculation |
03/13/2007 |
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TORONTO, ONTARIO -- (MARKET WIRE) -- 03/13/07 -- Crystallex International Corporation (TSX: KRY)(AMEX: KRY) at the request of Market Regulation Services Inc., on behalf of the Toronto Stock Exchange, Crystallex International Corporation is making the following statement concerning the increase in its stock price and trading volume which may have been influenced by recent speculation in the press concerning the possibility of Crystallex being the target of an unsolicited takeover bid: "As a matter of Corporate Policy, Crystallex does not comment on rumors or speculation. There are currently no corporate developments concerning Crystallex of which management of the Company is aware and the Company has no announcements to make at this time." The Company will continue to update shareholders with news in a timely fashion. About Crystallex |
Crystallex Confirms Las Cristinas Position |
06/13/2006 |
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For Immediate Release TORONTO, ONTARIO, June 13, 2006 – Crystallex International Corporation (TSX: KRY) (Amex: KRY) - Todd Bruce, President and Chief Executive Officer, responded to the market reaction to yesterday's Bloomberg newswire articles by reiterating that, “The company has a valid and binding contract to operate the Las Cristinas project, which is 100% owned by the Nation of Venezuela. We have been working closely with all the relevant institutions in Venezuela such as the Corporacion Venezolana de Guayana (“CVG”), the appropriate Ministries and the National Assembly to advance the Las Cristinas project. Just last week the Permanent Commission of the National Assembly petitioned the Minister of the Environment and Natural Resources (“MARN”) in support of Crystallex commencing the Las Cristinas project as soon as possible. In addition the media in Venezuela reported last week that Deputy Ricardo Gutiérrez, President of the Commission of Mines of the National Assembly had met with the Mayor of Sifontes district to express their joint support for the rapid commencement of the Las Cristinas project by Crystallex. Deputy Gutiérrez also stated that he had arranged to meet with the Minister of MARN to express his commission's support for the rapid development of the Las Cristinas project by Crystallex.” “In working as closely as we have with all the relevant institutions of the nation, we have received no request or proposal for any change to our operating contract,” stated Mr. Bruce. He continued, “As recently as March, 2006 the Ministry of Basic Industries and Mining ("MIBAM") officially approved the Las Cristinas Feasibility Study and the terms and conditions of the Las Cristinas operating contract.” About Crystallex |
Crystallex Confirms Las Cristinas Position |
09/22/2005 |
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For Immediate Release TORONTO, ONTARIO, September 22, 2005 – Crystallex International Corporation (TSX: KRY) (Amex: KRY) responding to continued selling pressure in the Company’s shares, Crystallex International Corporation’s President and Chief Executive Officer, Todd Bruce, reiterated today from the Company’s offices in Caracas that the Company is confident that its contract to develop the Las Cristinas project in Bolivar State will not be impacted by changes recently announced by Venezuelan President, Hugo Chavez Frias. Mr. Bruce stated, “I believe that the remarks of the President confirm that the Republic will own and control the mineral assets of Venezuela and that the nation is committed to ensure that those assets are developed productively for the benefit of Venezuela and its citizens. The assets, amongst other things, represent a source of jobs, economic and social development, and a source of continuing revenue to the government. None of those objectives will be accomplished if the assets remain dormant. The government is also committed to deal with the long standing problem of illegal mining and its social, environmental and economic damage to Venezuelans and their communities. We welcome the initiatives of the National Assembly in that regard. The development of the Las Cristinas deposit under the mine operation agreement is consistent with these objectives on all fronts. As we said yesterday, the Las Cristinas deposit is owned by Venezuela. It is controlled and administered by the government through the CVG and our mine operation agreement. Our contract is founded and premised upon the ownership of the resource by the Republic of Venezuela. Our commitment is to develop the Las Cristinas assets in accordance with the terms of our contract. Crystallex has been very active since the inception of the contract in fulfilling its responsibilities and has invested millions of dollars in engineering, equipment purchases, and infrastructure improvements and awaits only the final permit to begin formal construction. We believe the President’s comments related to delays at Las Cristinas were historic in nature and in reference to other parties. Far from being passive in its development efforts at Las Cristinas and its other Venezuelan properties, Crystallex has been totally proactive and is committed to full scale development when the final permit is issued.” Mr. Bruce continued, “The President has presented the establishment of a national resource development entity, the core assets of which would consist of mining assets provided by CVG. In this event, the Las Cristinas deposit would become a core asset in such new organization. Again, we do not believe that this would impact our contract which in that circumstance would be administered by the new mining entity. I would reiterate that nowhere has it been said that Venezuela does not intend to honor valid and subsisting contracts with reputable and performing international companies. This has not happened in the past and we do not believe that it will happen in the future if parties meet the obligations established by their agreements.” Mr. Bruce concluded, “It is indeed unfortunate that what is often reported in the media would seem to bear little resemblance to what we understand are the true intentions and initiatives of the government. Crystallex will continue to work with the government and mining and environmental authorities in the fulfillment of its obligations under its Mine Operating Agreement (“MOA”) and in the productive development of the mining assets of Venezuela.” About Crystallex |
Crystallex Confirms Las Cristinas Position |
09/21/2005 |
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For Immediate Release
“Las Cristinas belongs to Venezuela. We will build a national mining company there.” Mr Bruce noted, “This statement is consistent with the existing situation. The Las Cristinas deposit is indeed owned by Venezuela and administered through the CVG which is a regional natural resource development arm of the central government. The CVG has contracted Crystallex to be its operator for the Las Cristinas project. Our contract is founded and premised upon the ownership of the resource by the Republic of Venezuela. Our commitment is to develop the Las Cristinas assets in accordance with the terms of our contract for the benefit of our shareholders, the Republic and the citizens of Bolivar State. The government is actively pursuing the establishment of a national resource development entity, the core assets of which would consist of mining assets provided by CVG. Thus the Las Cristinas deposit could become a core asset of any new organization created. Our mining contract would remain in tact and be administered by the new mining company. Nowhere has it been said that Venezuela does not intend to honor valid and subsisting contracts with reputable and performing international companies. The creation of the new national mining company would therefore have no practical impact on Crystallex as it is the mine operating contract that governs our role.” Mr Bruce added, “I would draw the market’s attention to the Reuters news wire report that was issued after the initial Dow Jones article to stress that the Reuters article specifically stated: “Chavez did not say Venezuela would revoke the contract to Crystallex or that the gold mine the company (Crystallex) was planning to develop would now be developed by the new state company.” and to the Vheadline article which noted: “Somewhat frustrated senior (government) officials speaking exclusively to VHeadline.com early this afternoon say that (again) some sectors of the international news media have (perhaps purposely) misconstrued the President's words to mean that the government is expropriating the Las Cristinas gold mine from Toronto-based gold miner, Crystallex International (KRY).” begin mining operations under it's exclusive Mine Operations contract with the Venezuelan Guayana Corporation (CVG).” Crystallex fully intends to continue in the fulfillment of its obligations under its Mine Operating Agreement (“MOA”) upon receipt of the final environmental permit. About Crystallex
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