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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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Message: Re: Cash position

Nov 16, 2007 03:00PM

Nov 16, 2007 03:26PM

From what I have been told Crystallex does not know off any reason for any permit delays and even in the testimony at the NA nothing was raised.  What was said is that a number of projects outside of Crystallex's interest in mining, forestry and other areas pending at MinAmb have also had no activity since the spring. RM also indicated that GRZ, who have received a permit are waiting for a final signoff from MinAmb to start their construction phase. (that is a bit scary) It appears things move so very very slow in the big Venezuelan bureaucracies which is very different from our expectations to which we are extremely frustrated. Let's remember we are investing in a very poticially different environment and VZ will be moving at their own pace. The good news is that this is not just a KRY issue although it feels like it. 

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Nov 16, 2007 05:55PM
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