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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: devovling Mibam
15
May 25, 2008 06:07AM
1
May 25, 2008 06:12AM

May 25, 2008 06:20AM

Why are we not hearing information from others in the NA contradicting El Zabayer? Remember our friend Guitterez? Apparantly Zabayer's statement of yesterday regarding splitting up of Mibam has been confirmed by today's "news". Is Zabayer misinformed or playing politiics (or the stock market) regarding his specific statements pertaining to KRY and the intent of the National Executive to terminate the contract in the "short term" or does the constant trickle of negative news confirm Hugo has already made his decision? Are pro-Crystallex voices being quashed in the media? Why have we only heard primarily negative things via the media? I believe John Maynard Keynes said..."In the long run we are all dead". Is that when mining rights will be given to Rusoro? Sanz' statement that "already established workings in southern Bolivar State are not covered by Ortega's unofficial edict" is extremely positive for us on the surface...unless, of course, Hugo accuses Crystallex of being crooked (in keeping with Zabayer's statement) and the Russians are allowed to mine while we are shut down. Do you trust Chavez? I don't. Stick a fork in me. I'm done.

From Yesterdays' Article:

El Zabayar says he wantgs to see the creation of a specific Ministry of Mines to "generate an adequate and effective mineral policy, which rules the entire mining industry, including exploration, exploitation and concessions, throughout the national territory" ... he insists that a new Ministry of Mines should thoroughly review what he describes as "the erratic performance of transnational mining corporations in our territory."

El Zabayar claims that Crystallex International is "committing a fraud against the nation with the placement of shares on the Vancouver Stock Exchange." He alleges that Crystallex has invested an average of US$5 million in the Vancouver exchange and that this represents "an evasion of funds that do not stay in Venezuela." He says the case is known to the National Executive and it is expected that in the short term it is "appropriate to terminate the contract which is injurious to the interests of the Bolivarian Republic of Venezuela."

From Todays' Article:

A key feature of the new Mining Ministry is aimed at having comprehensive control of all aspects of Venezuela's mining industry to eliminate inter-ministerial confusions such as the recent "differences" between Mibam's Rodolfo Sanz and MinAmb's Yuribi Ortega de Carrizales. The latter had caused widespread confusion in a throwaway statement that she will not allow open-pit mining in the Imataca Rainforest region but Mibam's Sanz says already established workings in southern Bolivar State are not covered by her unofficial edict but rather that there is general agreement that the Imataca should not be opened up for further exploration and/or exploitation.



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May 25, 2008 11:54AM
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May 26, 2008 11:06AM
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