Re: Who holds Title to the LC concession?

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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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Re: Who holds Title to the LC concession?

posted on Mar 04, 2009 10:12AM

The CVG was established by decree 1531 on Nov.12 2001. It is therefore a Venezuelan Governmental agency.

Should the CVG be merged/closed/amalgamated or changed in any shape or form, any and all agreements in place between the CVG and external parties would therefore ultimately become the full legal responsibility of the Venezuelan Government. It is not possible to abdicate legal responsibility by closing or merging an entity!

Should the CVG be changed in any manner, the MOC would pass to the new entity and ultimately to the Venezuelan Government.

Talk of closing the country's largest employer is a moot topic.

As April approaches we should be receiving news concerning the completion of the two community projects. Hopefully, this will be an opportunity to provide shareholders with some news on developments.

The one final point I would make is that the CVG is not responsible for paying tax therefore any income derived by the CVG is tax free.