The Venezuelan government is analyzing different options for developing the Las Cristinas gold project, located in Bolívar state, an official from the basic industries and mining ministry (Mibam) told BNamericas.

"We do have projects and there are studies and plans to decide the most suitable way to develop the mine, which will be under state control," the official said.

However, the Mibam representative also said that the process of recovering the deposit, for which Canadian company Crystallex International (TSX: KRY) holds the operating contract, and putting it back under state control is ongoing.

According to the official, one of the options is to bring in companies that can help provide technology and knowhow, and that the government will look at these factors to help decide which project is best for Las Cristinas.

In January last year it was announced that VenRus, a proposed JV between the Venezuelan state and a Russian state-owned corporation, would be responsible for mining areas IV, V, VI and VII at the Las Cristinas property.

The Mibam official said that VenRus could be a strategic partner for the project, but insisted that the government is still analyzing the best alternative.

"For now there is no schedule or set date for when the decision will be announced."

In 2009 a sector executive said that Crystallex was continuing with plans to mine Las Cristinas by itself and was awaiting environmental permits.

Mibam has also said it would give the project to Russian company Rusoro Mining (TSX-V: RML), but according to the executive to date the government has not officially informed Crystallex of any decision.

Las Cristinas has 464Mt grading 1.13g/t gold or 16.9Moz gold in proven and probable reserves, in addition to 629Mt grading 1.03g/t gold or 20.8Moz in measured and indicated resources.