Welcome to the Crystallex HUB on AGORACOM

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

Free
Message: Recent update from RM.

Recent update from RM.

posted on Feb 18, 2009 05:10PM

I tried to post this message earlier today and for some reason it would not format properly and so I deleted it. I am trying again.

Before I post I do understand that some members do not appreciate any comments from Richard Marshall so if you are one of them please do not read any further.

Given all the recent media sound bytes surrounding KM88 and political events that have unfolded in Venezuela and the fact that there appears to be some bullishness with KRY (can't say the same about GRZ) I wanted to hear what the only known reliable source we know inside the company had to say on the topic. Below is what RM said:

-----Original Message-----

From: Richard Marshall

Sent: Wednesday, February 18, 2009 6:19 AM

To: 'XXXX'

Subject: RE: Crystallex Permit vs VZ bureaucy.

Hello XXXX, I hope all is well.

A group of Crystallex Debenture Holders have presented claims and motions in Court which the Company will defend vigorously and believes their claims are without merit.

Concurrently, we are continuing frequent communication (in the form of written, spoken and/or meetings) with Senior Venezuelan Officials regarding the Las Cristinas Project, our development plans and the overdue Environmental Permit issuance. To date no one has relayed any dissatisfaction with Crystallex, the MOC and the plans for Las Cristinas (other than the attributed negative comments and rhetoric whipped around in the press).

We are continuing to work for a favorable conclusion to this permitting debacle such as the Permit issuance and advancement of the Project for the benefit of the local communities, Venezuela, stakeholders and shareholders. Should a favorable conclusion not be achieved then the Company can file an International Arbitration Claim in the ICSID under the terms of the Canada/Venezuela FIPA.

We have continued the construction of the Sewage Treatment Plant and the new Medical Facility in KM88 and expect the construction of both to be completed within weeks. These projects are a part of the MOC and we are remaining in full compliance of all the terms and covenants awaiting the permit issuance.

Hopefully, now that the Constitutional Reform has been achieved by the Venezuelan Administration business, such as gold mining projects in SE Bolivar State, will be on their Agenda.

Regards,

Richard

_______________________

Richard Marshall

VP Investor Relations

Crystallex International Corporation

-----Original Message-----

From: XXXX

Share
New Message
Please login to post a reply