* Crystallex loses permit for Venezuelan project

* Shares fall 56 percent in early trade in Toronto

TORONTO, Feb 7 (Reuters) - Shares of Canadian gold miner Crystallex International fell 56 percent on Monday after the Venezuelan government withdrew a permit allowing Crystallex to develop the Las Cristinas gold project. [ID:nN06170934]

Crystallex has seen its fortunes wither, and its share price tumble, in the last three years as Venezuelan President Hugo Chavez has nationalized assets in the banking, oil, telecommunications and power sectors.

Over the last couple of years, Chavez, a former soldier inspired by Cuba's Fidel Castro, has also made moves toward bringing the mining industry more firmly into state hands. In 2009, the government seized Gold Reserve's Brisas project, which is adjacent to the Las Cristinas project.

Many anticipated that it was only a matter of time before authorities made a similar move on the Las Cristinas project, the launch of which has been stymied by the government's refusal to issue a construction permit for the last three years.

On Sunday, Crystallex said that a state-owned Venezuelan company had unilaterally decided to end its contract on Las Cristinas project, its largest asset.

Shares of Crystallex, which closed Friday at 23 Canadian cents, were down 10 Canadian cents at 13 Canadian cents on the Toronto Stock Exchange early on Monday.

($1=$0.99 Canadian) (Reporting by Euan Rocha; editing by Peter Galloway)