FP/wire say Crystallex may seek arbitration
Ticker Symbol: C:KRY

FP/wire say Crystallex may seek arbitration

Crystallex International Corp (C:KRY)
Shares Issued 294,817,719
Last Close 5/19/2010 $0.54
Thursday May 20 2010 - In the News

The Financial Post reports in its Thursday, May 20, edition that Crystallex International is actively pursuing a resolution of a permit dispute with the Venezuelan government over its principal asset there, and it may file for international arbitration if a settlement cannot be achieved. A Reuters dispatch to the Post reports that last October, Venezuelan President Hugo Chavez said he would link the mines in the southeastern state of Bolivar with Russian companies instead of Canadian companies. Canada's Gold Reserve and Crystallex had purchased the rights to Venezuela's Brisas and Las Cristinas mines. Meantime, Crystallex says the Court of Appeal for Ontario upheld the Dec. 16 decision of the Ontario Superior Court dismissing noteholders claims that the company had not acted in accordance with its obligations to noteholders. The Ontario Superior Court had ordered the noteholders to pay Crystallex its costs. Crystallex stock edged up 5.5 cents to finish Wednesday on the Toronto Stock Exchange at 54 cents. The Post reported on Jan. 6 that Haywood Securities analyst Kerry Smith was dropping coverage of Crystallex. His final target price for the shares was 20 cents. It was then trading at 39 cents.

© 2010 Canjex Publishing Ltd.