Toronto — The Canadian Press Published on Thursday, Apr. 01, 2010 12:59PM EDT

Toronto-based mining company Crystallex International Corp. (KRY-T0.390.0721.88%) raised questions Thursday about its ability to continue to operate as it reported a full-year loss of $313.9-million (U.S.) amid permit delays at its Las Cristinas gold project in Venezuela.

The company said it had cash and cash equivalents of $6.9-million at the end of 2009. Combined with the expected proceeds from the sale of some equipment, Crystallex says this should be enough to meet its obligations and expenditures through the second quarter “but will not be sufficient to cover the company's obligations over the next twelve months.”

“This uncertainty raises substantial doubt as to the ability of the company to meet its obligations as they come due,” Crystallex said.

The company's 2009 loss amounted to $1.07 per share, compared to a loss of $25.7-million or 9 cents per share in 2008. Revenue was nil, compared to $14.4 million a year ago.

The company has been struggling with getting the necessary approvals from the Venezuelan government for Las Cristinas. A key permit was denied by the government in 2008. That denial was subsequently appealed by Crystallex, but it has not yet received a response.

The continuing delay resulted in a $297.1-million writedown of the value of Las Cristinas.

The project has an estimated reserve of 17 million ounces of gold.