News Release - Can't see much new
posted on
Aug 14, 2008 06:20AM
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
Cristinas Permitting Dialogue>KRY.T
TORONTO, ONTARIO--(Marketwire - Aug. 14, 2008) - CRYSTALLEX INTERNATIONAL
CORPORATION (TSX:KRY)(AMEX:KRY) today updated shareholders and stakeholders
regarding the ongoing dialogue and process between the Venezuelan Ministry of
Environment and Natural Resources ("MinAmb") and Crystallex regarding
Authorization to Affect Natural Resources (the "Permit") at the Las Cristinas
Gold Project.
On June 24, 2008, Crystallex advised shareholders and stakeholders that it was
invited to a meeting by representatives of MinAmb including the Vice-Minister.
At the meeting, Crystallex was informed that MinAmb was instructed by the
Government of Venezuela to reconsider issuance of the Las Cristinas Permit by
discussing with Crystallex possible modifications to the Las Cristinas Project
to diminish the environmental impacts of the project and thus enable the Permit
to be issued. The modifications suggested by the MinAmb representative fall
within three main categories:
- Further improvements to optimising the social projects in the area.
- Mitigating the impact of open-vein mining in the currently affected areas of
the Imataca Forest Reserve.
- Improving the remediation plans at the end of the mine life as well as
repairing existing environmental damage caused by illegal mining.
The Company prepared a report which addressed these three areas and the report
has been submitted to MinAmb. In addition, as part of the ongoing process
towards the issuance of the Permit on August 7th and 8th, 2008, a team from
MinAmb led by the Vice-Minister completed a site visit of the Las Cristinas
Project. As part of this visit, the team inspected the social projects
including the medical clinic and sewage treatment facility which are both
currently under construction.
Commenting on the process, Mr. Robert Fung, Crystallex Chairman and CEO stated,
"While it's early to predict the results of the process, we are encouraged by
the progress made and the completion of the site visit, and remain optimistic
about a prompt and successful completion of the process."
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain statements included
or incorporated by reference in this news release, including information as to
the future financial or operating performance of the Company, its subsidiaries
and its projects, constitute forward-looking statements. The words "believe,"
"expect," "anticipate," "contemplate," "target," "plan," "intends," "continue,"
"budget," "estimate," "may," "schedule" and similar expressions identify
forward-looking statements. Forward-looking statements include, among other
things, statements regarding targets, estimates and assumptions in respect of
gold production and prices, operating costs, results and capital expenditures,
mineral reserves and mineral resources and anticipated grades and recovery
rates. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors could cause the
Company's actual results to differ materially from those expressed or implied
in any forward-looking statements made by, or on behalf of, the Company. Such
factors include, among others, risks relating to additional funding
requirements, reserve and resource estimates, gold prices, exploration,
development and operating risks, illegal miners, political and foreign risk,
uninsurable risks, competition, limited mining operations, production risks,
environmental regulation and liability, government regulation, currency
fluctuations, recent losses and write-downs and dependence on key employees.
See "Risk Factors" below or in the Company's 2007 40-F/Annual Information Form.
Due to risks and uncertainties, including the risks and uncertainties
identified above, actual events may differ materially from current
expectations. Investors are cautioned that forward-looking statements are not
guarantees of future performance and, accordingly, investors are cautioned not
to put undue reliance on forward-looking statements due to the inherent
uncertainty therein. Forward-looking statements are made as of the date of this
Management Discussion and Analysis and the Company disclaims any intent or
obligation to update publicly such forward-looking statements, whether as a
result of new information, future events or results or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations Contact:
Crystallex International Corporation
A. Richard Marshall, VP
1-800-738-1577
Email: info@crystallex.com
Website: www.crystallex.com
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(END) Dow Jones Newswires
08-14-08 1012ET
10:12 081408