Government regains control of Las Cristinas
President Chavez announced that resources are not for the transnational



Crystallex currently has the contract to operate the mine (FREE)
EL UNIVERSAL
Wednesday October 20, 2010 12:00 AM
Las Cristinas, one of the most attractive mining in Latin America for its gold
reserves estimated at 16.9 million ounces, will be nationalized.

This major gold deposit, located at kilometer 88 of the state of Bolivar, has
been transferred, at least three times, Canadian capital without having
finalized a business plan and marketing the mineral. The Government terminated
the agreements it had signed with transnational Placer Dome and Vanessa
Ventures, which maintains a dispute with the Republic of Venezuela. In 2002, the
Corporación Venezolana de Guayana (CVG) Crystallex signed a contract to operate
Las Cristinas and a couple of hours, President Hugo Chávez, from Belarusian
announced the nationalization of the mine, together with Las Brisas.

"Las Cristinas, the mine is Venezuelan and had surrendered to a multinational,
announced to the world that recovered the revolutionary government and the mine
Las Brisas, these mineral resources are for the Venezuelans, not transnational,"
the president , quoted by AVN.

In June this year, Crystallex International Corp said it would form a joint
venture with a unit of China Railway Engineering Corp (CREC) to boost its
stalled gold project in Venezuela.

The Canadian said at the time that CRRC had advanced $ 2.5 million during the
negotiation of this agreement and this investment was convertible into shares of
Crystallex at a price of 40 cents Canadian action.

The gold price is quoted at $ 1,380 an ounce. ML

http://www.eluniversal.com/2010/10/20/eco_art_gobierno-recupera-co_2075345.shtml