Venezuela to operate Las Cristinas gold mine

Economy
President Hugo Chávez announced in his annual address to the National Assembly (AN) on Tuesday that Venezuela have decided to "take control" of Las Cristinas gold mine, in Bolívar state, where gold reserves are estimated at 35.2 million ounces.

The President said in his long speech, that with this decision the Venezuelan government "is going to control" this gold mine currently valued at "USD 30 billion," comprising the lots IV, V, VI and VII of Las Cristinas and Brisas del Cuyuní. These gold mines are under the control of socialism, for the development of the country's economic growth."

Chávez said that Venezuela and Russia established in 2008 a joint venture called VenRus which is responsible for the development of the deposits.

Crystallex International Corporation reported on Wednesday that it is aware, thanks to the media coverage, of certain comments related to the Las Cristinas gold project attributed to President Chavez in Venezuela. However, 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.