Posted by a long time long ian65fl:
Hello Mr. XXXXX. We understand your frustrations and remain focused on the most important issue for the Company - the follow through by the MinAmb with the issuance of their permit.
Crystallex has been an investor and operator in Venezuela for over 15 years and has encountered occasions where the bureaucratic wheels seem to stop for no clear reason - unfortunately we seem to be in one of those periods at the MinAmb. We are encouraged that the MinAmb notified the Las Cristinas Project of their approval of the EIS/EIA last summer and requested a specific Construction Compliance Guarantee Bond and Environmental surface taxes in order to process and issue their permit. We fulfilled those requirements. I can assure you that the CVG and Crystallex are doing everything they can to gain the attention of MinAmb so that they follow through with their commitment to issue the permit in the shortest possible time. It appears that others are also vying for their time o n other unrelated projects caught in the same backlog.
The April 2007 financing was projected to give the Company a working capital runway into Q1 2008. It was important to secure additional working capital. The global markets have been very tumultuous and the financing markets for small and emerging resource companies has been very difficult. We expect the announced C$2.10 unit financing to close around February 11th as disclosed in the January 25th press release.
All current information regarding the Company including the use of proceeds is outlined in the prospectus and press releases. The prospectus can be found on the Canadian Regulatory site www.sedar.com and the recent press releases can be viewed on the Crystallex website www.crystallex.com
We are aware of the Vanessa Ventures claims for damages and ICSID proceedings against the Republic of Venezuela. Crystallex is not a party to those claims and following the issuance of the MinAmb permit we expect to build the Las Cristinas project.
Regards,
Richard Marshall