Canadian gold miner Crystallex may sell as much as 85% of its future Venezuelan gold production on international spot markets...

In an exclusive interview, Canadian gold mining Crystallex International (KRY) vice president A. Richard Marshall says that under strict Venezuelan regulations his company is committed to offer at least 15% of its Venezuelan gold production to the Central Bank of Venezuela (BCV) ... and the remaining 85% (or in fact all of it) may be exported subject to regulatory licensing arrangements that have presented no problems in the past.

The Toronto-based company -- which operates in Venezuelan under its Crystallex de Venezuela C.A. subsidiary -- says the regulariions clearly state that although any payment by the Central Bank under its option on the 15% of production, is made at the global market US$ price per ounce of gold in the Venezuelan currency, F.Bolivares (=Strong Bolivares), http://www.xe.com/ucc/ mechanisms exist for funds to be repatriated to Canada under foreign exchange regulations currently in place.

Although Crystallex is currently only producing 30,000 ounces of gold per year from its existing mine operations in southeastern Venezuela, Marshall said the company has not experienced any foreign exchange difficulties although he admits that incomes have been ploughed back into preparations for the company's major contract to mine at least 16 million ounces of gold at the gigantic Las Cristinas goldfield which will produce a steady flow of bullion some 24-30 months after a final permit to launch operations is officially announced.