Crystallex Updates Shareholders on the Las Cristinas Project and a Letter From the Ministry of Environment
2008年8月22日 - 9:11PM
Marketwired
CRYSTALLEX INTERNATIONAL CORPORATION (TSX: KRY)(AMEX: KRY) wishes
to advise its shareholders and stakeholders that it has received an
official letter from the Venezuelan Ministry of the Environment and
Natural Resources ("MinAmb") in response to the report on
modifications to the Las Cristinas project ('report") submitted to
MinAmb and referred to in the Crystallex press release of August
14th 2008. The communication from the Vice-Minister of MinAmb,
notified Crystallex that MinAmb has reviewed the Report submitted
by Crystallex and finds that the proposals in the report are viable
and conform to the Environmental and Social guidelines of the
Venezuelan Government. The Ministry further advises that these
findings must be taken into account with respect to the decision
the government is to take regarding the Environmental Permit
("Permit") for the Las Cristinas project.
Although the letter from MinAmb does not formally address the
Appeal procedure initiated by Crystallex in May, 2008, Crystallex
has been advised by Venezuelan Counsel that in practical terms this
letter supersedes the effects and position of the April, 2008
letter from a Director General in MinAmb denying the request by the
Corporacion Venezolana de Guayana ("CVG") for the issuance of the
Permit for the Las Cristinas gold project.
Background
On April 30, 2008 Crystallex reported that it was advised of a
letter from a Director General in MinAmb denying the CVG request
for the issue of the Las Cristinas Environmental Permit. On May 12,
2008, Crystallex submitted a formal rebuttal of the Permit denial
letter to the Director General and on June 17, 2008, submitted an
appeal directly to the Minister of MinAmb.
On June 24, 2008, Crystallex was invited to a meeting attended
by representatives of MinAmb including the Vice-Minister. At the
meeting, Crystallex was informed that the Vice-Minister and MinAmb
had been instructed by the Government of Venezuela to reconsider
the issuance of the Las Cristinas Permit. To that end, discussions
with Crystallex for possible modifications to the Las Cristinas
Project to diminish the environmental impacts of the project and
thus enable the Permit to be issued began. The modifications
suggested by the MinAmb representative fell within three main
categories:
- Further improvements to optimising the social projects in the
area.
- Mitigating the impact of open-vein mining in the currently
affected areas of the Imataca Forest Reserve.
- Improving the remediation plans at the end of the mine life as
well as repairing existing environmental damage caused by illegal
mining.
The Company prepared a report which addressed these three areas
and which was submitted to MinAmb earlier this month. In addition,
as a part of the process towards the issuance of the Permit on
August 7th and 8th, 2008, a team from MinAmb led by the
Vice-Minister completed a site visit of the Las Cristinas Project.
As part of this visit, the team inspected the social projects
including the medical clinic and sewage treatment facility which
are both currently under construction.
Commenting on the letter, Mr. Robert Fung, Crystallex Chairman
and CEO stated, "We are very pleased to receive this formal
correspondence moving the process toward our goals of the issuance
of the Permit and the subsequent construction phase of the Las
Cristinas Project."
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: Investor Relations Contact: Crystallex International
Corporation A. Richard Marshall, VP 1-800-738-1577 Email:
info@crystallex.com Website: www.crystallex.com
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