EZ

Good day.

It seems to me that the denial of permit (even though everything is in place to grant the permit at the stroke of a pen from Venezuela) opens-up an interesting scenario. When I last spoke to Bob he told me that the main stumbling block was 'political' and that the company was working with several entities to release value.

If the problem towards KRY is political then the question becomes is it purely KRY and GRZ that represent political problems for Chavez? Or are all North American mining companies a political problem? Is it a political problem because the carrot of gold mining is better placed infront of a non-North American entity? Should that be the case then the chances of a ABX, GG or IAG of getting involved would seem remote don't you think?

So if there is no permit and let's assume no stomach for arbitration then what is the 'win-win' solution? I think the question can be boiled-down even further to:

What final outcome costs Venezuela the least amount of money to get its' own way, to get the equipment and plans, to avoid arbitration and for KRY to leave Venezuela in a content manner?

- the only outcome I can come-up with is for Crystallex to be bought-out by another entity that waives any attempt at arbitration in return for the permit and an exemption to the central bank gold sales rule!

Any buy-out, and I still believe this, would be via stock swap.

Who that would be if you discount RML, North American miners? I think we could be looking still at a Russian Company availing themselves of the Gazprombank cash? Polyus or Polymetal?

Teutracker