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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: IR
IR

Jan 04, 2008 09:31AM

Re: IR

in response to by
posted on Jan 05, 2008 06:15AM

Kryholder, Yes I have had recent email communications with RM; not much new to report, but I am begining to get a sense that we are at least moving forward with the recent Ministerial changes in the NA and a different tone with Chavez. Note RM last sentence and it should be noted that they have replace the mining minister so perhaps yet another positive message being sent. Below is the email for you to read:

"No change in the status or expectations relating to the pending MinAmb permit. Venezuela celebrates the orthodox holiday of Three Kings Day and thus there's very little activity in any department the first week of the New Year.

As has been practiced by the Chavez Administration each year since 1998, Mr. Chavez has announced he'll be making Cabinet changes. I believe he's indicated that 13 Ministers will be replaced and hopefully all the appointments will be confirmed in the coming days. The MIBAM and MinAmb are Ministries with less priority and visibility and so everyone waits to see if there will be Ministerial changes. The Minister at MinAmb has been replaced each of the last 3 years but each time the majority of the MinAmb staff and bureaucrats remained.

Regardless of who is the Minister at MinAmb, the EIS for the Las Cristinas Project has been approved and the Bond and Taxes have been accepted by the Agency. There's an obligation on the Department to issue the Permit.

We wait to see if the frustrations identified by the NA last fall in a lack of productivity at MinAmb will change the Minister."

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