Las Cristinas: fears that the project could be delayed further or nationalized

Gold miner Crystallex International Corp said on Wednesday that Venezuela has denied an exploration permit at its Las Cristinas mine, reigniting fears that the project could be delayed further or nationalized. Shares of the company plunged as much as 60 percent to their lowest level in years, after the company said denial of the permit runs counter to approvals needed to get the long-awaited mine underway. Toronto-based Crystallex has been trying for years to nail down approvals to mine the massive gold deposit, which has proven and probable reserves of 14 million ounces. Crystallex said in a statement it understood that the office of permits at Venezuela's environment ministry had denied the request in a communication to the state-owned company that holds the Las Cristinas concessions.