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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: Just in from RM (nothing new)

Just in from RM (nothing new)

posted on Nov 26, 2008 08:23AM

I wrote RM this morning to get an update and ask about why the office change. Here is his response:

We are continuing to raise the awareness of the situation for Crystallex, Las Cristinas and the Mine Operating Contract to the Government. Our counsel does expect a formal response from the Government addressing our concerns and questions (but timing thereof is impossible to predict). We do hope with the elections in the rear view mirror and a really uneventful election (for both the PSUV and Opponents) that business may come back onto their agenda.

Our lease on the Toronto Office was up for renewal in the spring ‘09 and we were aware of a space nearby (on the same block) at a reduced rate and so took the opportunity to reduce overhead in the new space. We continue to look at additional ways to reduce cash burn rates further.

Regards,

Richard Marshall

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