Article 11: For the purposes of this Law

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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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mineonmoney

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Article 11: For the purposes of this Law

posted on Nov 09, 2008 04:09PM

"Article 11 of the draft mining law specifically provides for exploitation by way of operating contract, in a manner separate and distinct from the mixed company structure contemplated elsewhere in the draft. A translation of Article 11 is provided as follows:

"Article 11: For the purposes of this Law, operation contracts shall be understood as those legal arrangements entered into between National Social Mining Production Corporation and private legal entities, for the rendering of services within the work frame of exploration activities and rational and sustainable exploitation of mineral resources."

Crystallex holds a valid and binding operating contract issued by the state through the Corporacion Venezolana de Guayana ("CVG"), its regional natural resource development arm, that was officially approved and endorsed by the Ministry of Basic Industries and Mining ("MIBAM")"