Crystallex International (KRY)

Add a New Bears Reason Company: Crystallex International (KRY) Current price: Headline: (100 character max) Analysis: Cancel 25% agree 4 votes   Venezuala places mining out of bounds and with in Crsytallex Plans Sink Top Contributor: Jack Bass | Created when AMEX:KRY was $0.66 | Edit | History ex Venezuela's environment minister said Saturday , June 21 ,2008 that the government will put national interests first in the mining sector and forbid mining in a forest reserve that is home to two of the country's largest gold concessions. In May, Crystallex International Corp. of Toronto said the Environment Ministry had denied it a permit to operate its Las Cristinas gold mine. The company estimates that Las Cristinas -- located in the Imataca Forest -- holds about 17 million ounces (480 million grams) of gold. Crystallex said in a statement on Tuesday that it has filed an appeal with the ministry. Vice President Richard Marshall could not be reached by telephone on Saturday, but he told The Associated Press in May that "this would be the final permit" to complete the mine's construction phase. Plans for the company's two other Venezuelan mines, Tomi and La Victoria, could be exhausted this year, Marshall said. Last year, Crystallex -- which has been operating in Venezuela for 16 years -- produced more than 33,000 ounces (935,000 grams) of Venezuelan gold. (100 character max) Cancel

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