Crystallex Comments on Market Activity and Las Cristinas
2008年5月16日 - 11:35PM
Marketwired
TORONTO, ONTARIO (AMEX: KRY) commented today on market activity
relating to comments made by the Minister of the Environment and
Natural Resources of Venezuela ("MinAmb") regarding open pit mining
in Venezuela.
The Minister's comments of yesterday followed the position
outlined in a letter from a Director General in the Administrative
Office of Permits at MinAmb which was sent to the Corporacion
Venezolana de Guayana ("CVG") as discussed in the Company's press
release dated April 30, 2008.
Crystallex still maintains that the Director General letter and
now the Minister's comments are in conflict with the Las Cristinas
Environmental Impact Study approval, Construction Compliance
Guarantee Bond Request and Environmental Tax request issued by the
same Ministry. Both the posting of the Bond and payment of the
requested Tax were satisfied in 2007 and Crystallex obtained
receipt of acceptance. Additionally, MinAmb officials testified at
a Venezuela National Assembly panel late last year that all the
requirements for the issuance of the Las Cristinas Environmental
Permit had been satisfied and that the Permit will be issued.
The letter from the Director General and the comments made by
the Minister appear to be in opposition to all industrial activity
in the Imataca Region and leave a number of current and historic
projects standing contrary to their position. In addition,
Crystallex believes that the comments made by the Minister and the
Director's letter contradict Presidential Decrees, National
Assembly Resolutions, MinAmb Resolutions, and Ministry of Basic
Industry and Mines Resolutions. Current Imataca regulations, issued
by Decree, specifically provides for mining activities in the
region.
On May 12, 2008, Crystallex filed its appeal under the
Venezuelan Administrative Law to MinAmb outlining the reasons and
evidence that the proposed Las Cristinas operations were not only
in keeping with Venezuelan Law but would clean up and deal with the
severe environmental degradation as a result of decades of illegal
mining activity in the area. Crystallex is also aware of its legal
rights and remedies and will undertake whatever is necessary in
order to protect its shareholders' rights.
Local and indigenous communities and Venezuelan Officials have
voiced continued support for the development of the Las Cristinas
project and other mining projects in the region.
The Company is continuing its efforts with the support of
Venezuelan governmental agencies to advance the Las Cristinas
project which will create significant employment, healthcare
facilities and sustainable development for the surrounding
communities.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain
statements included or incorporated by reference in this news
release, including information as to the future financial or
operating performance of the Company, its subsidiaries and its
projects, constitute forward-looking statements. The words
"believe," "expect," "anticipate," "contemplate," "target," "plan,"
"intends," "continue," "budget," "estimate," "may," "schedule" and
similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, statements
regarding targets, estimates and assumptions in respect of gold
production and prices, operating costs, results and capital
expenditures, mineral reserves and mineral resources and
anticipated grades and recovery rates. Forward-looking statements
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by the Company, are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors could
cause the Company's actual results to differ materially from those
expressed or implied in any forward-looking statements made by, or
on behalf of, the Company. Such factors include, among others,
risks relating to additional funding requirements, reserve and
resource estimates, gold prices, exploration, development and
operating risks, illegal miners, political and foreign risk,
uninsurable risks, competition, limited mining operations,
production risks, environmental regulation and liability,
government regulation, currency fluctuations, recent losses and
write-downs and dependence on key employees. See "Risk Factors"
below or in the Company's 2007 40-F/Annual Information Form. Due to
risks and uncertainties, including the risks and uncertainties
identified above, actual events may differ materially from current
expectations. Investors are cautioned that forward-looking
statements are not guarantees of future performance and,
accordingly, investors are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty therein.
Forward-looking statements are made as of the date of this
Management Discussion and Analysis and the Company disclaims any
intent or obligation to update publicly such forward-looking
statements, whether as a result of new information, future events
or results or otherwise.
Contacts: Crystallex International Corporation Investor
Relations Contact: A. Richard Marshall, VP 1-800-738-1577 Email:
info@crystallex.com Website: www.crystallex.com
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