Agoracom: Small Cap Investment - Crystallex International

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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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july 09', our partners in the CVG

posted on Nov 01, 2010 11:16AM

VENEZUELA: CVG-Minerven president Luis Herrera confirms expropriation of Las Cristinas gold mine and more...

2009-07-29 02:17:36 - Venezuela's state-owned gold-mining company CVG-Minerven president Luis Herrera has revealed that, to date, the government has expropriated an total of 500,000 hectares in the most important mining regions of the country ... including the Las Cristinas gold mine. "We are rescuing more than half a million hectares which were given out in the form of contracts and concessions to transnational companies since the 1990s," Herrera told ABN (the Venezuela national news agency).

VHeadline Venezuela News reports:

Herrera emphasizes the expropriation of the Las Cristinas mine (in the south-east of the country) where reserves are estimated at 35.2 million ounces and its operation was in the hands of the Canadian company Crystallex until the end of last year, when the Venezuelan government announced it would assume exploitation, through a Russian-Venezuelan consortium. "The mine

is paralyzed because six years ago the state gave the opportunity to Crystallex to run it and all that happened has been speculation in the (North American) stock markets," said Herrera, without specifying when it will be taken back by the State.

In January, Venezuelan President Hugo Chavez announced that the Ministry of Basic Industries & Mines (Mibam) and the Russian company Rusoro Mining had formed a joint venture called VenRus CA to exploited the major gold deposit together (with the State). The creation of VenRus CA is part of the Venezuelan government's policy -- in operation since 2007 -- to regain control of strategic economic sectors.
According to government figures, officials expect Venezuela's annual gold production to increase from 4.2 metric tonnes to 8.2 metric tonnes in the medium term.

VHeadline Venezuela News
news.desk@vheadline.com

http://www.vheadline.com/readnews.asp?id=82305" target="_blank">www.vheadline.com/readnews.asp?id=82305