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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: RM: Cautiously Optimistic!

RM: Cautiously Optimistic!

posted on Dec 09, 2009 10:03PM

If one is wondering what Richard Marshall's current stance is relative to the worlds longest and unresolved permit situation this is what he has said in a recent email:

"I have not reconsidered my position and remain cautiously optimistic for a solution."

And if you want to know the current comment from Richard Marshall on status of this saga this is what he has to say:

"The Company stated in a November press release that "Crystallex has been exploring various alternatives to mitigate the impasse and protect its investments under the Mine Operating Contract ("MOC"). These alternatives include a number of possible transactions and structures. While discussions are ongoing, there can be no assurance that definitive agreements can be reached. The Company continues to work on behalf of all of our stakeholders to identify and progress alternatives in the context of the Las Cristinas dispute with the Venezuelan government to maximize stakeholder value." The discussions and exploring alternatives are ongoing."

In the above response I was concerned about his quote, " While discussions are ongoing, there can be no assurance that definitive agreements can be reached." so I expressed my feelings on the tone of the comment and his response was as follows:

"My response was merely factual and any tone you derive from it is pure speculation."

I also enquired about the status to date on the noteholders suit (and thanks also to nobear for his response) and received a similar response to those already posted as follows:

"On December 3rd, 4th & 7th, Crystallex and the noteholders presented their positions and arguments in front of the Court. The Hearing was concluded on Monday and the matter, next steps and/or a decision now rest with the Court. Crystallex believes the noteholder claims were without merit."

Oh and what about the next interest payment to the noteholders? Well here is his answer to that question:

"The Company is current with interest payments on the December 2011 debentures and has already escrowed the next interest payment."

Finally, like many out there, I have been involved with Crystallex for longer then I want to admit and while I am not sure why I feel this way, I think we are approaching a closing event fairly soon. I would like to believe that if Richard Marshall is "cautiously optimistic for a solution" and the company continues "to work on behalf of all of our stakeholders" then perhaps there is some hope for us long term (no disrespect intented to those new investors) investors afterall. As usual time will tell us all...

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