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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: FACTBOX - Venezuela's bolivar currency devaluation

Perhaps I'm not reading the new law correctly.

Unless VZ was controlling the price gold could be sold abroad at 2.15 Bs.F, the new law refers to the price BCV will pay for the 60% of gold companies must offer them first. Another10% is sold domestically but not to BCV.

Perhaps the phrase "allows him to export some 38,000 troy ounces of gold from company mining operations in Venezuela at double the previous Bs.F 2.15 exchange rate quoted by the Central Bank of Venezuela (BCV)." is referring to the amount of cash Aggie will be taking out of VZ. The amount will be double when the gold is exchanged into money. The use of the word export is not meant to be gold but what RML receives for their gold.

The remaining 30% a company may sell is outside of VZ at whatever price they wish to sell it at.

Speaking at Caracas international airport at Maiquetia as he was about to board a return flight to London, Agapov Group CEO Andre Agapov said he was "jubilant" over last night's news (Friday) that President Hugo Chavez Frias had fixed new foreign exchange rates at Bs.F 2.60 and Bs.F 4.30 to the US$ ... especially the latter which allows him to export some 38,000 troy ounces of gold from company mining operations in Venezuela at double the previous Bs.F 2.15 exchange rate quoted by the Central Bank of Venezuela (BCV).


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