Unfavorable investment policies hurt miners in Venezuela

Shareholders of Crystallex International Corporation (AMEX: KRY, Bullboard) / (TSX: T.KRY, Bullboard) are undoubtedly chagrined that they bought into Crystallex in the last two years above $2.00 per share based on reports of significant gold reserves at Las Cristinas in Venezuela. At year end 2007, Crystallex reported estimated proven and probable reserves of 16.86 million ounces of gold and estimated measured and indicated resources of 20.76 million ounces.
As recently as February 28, 2008, Gordon Thompson, President and Chief Executive Officer reported to shareholders that during 2007, their partner, the Corporacion Venezolana de Guayana (CVG) was formally notified by the Ministry of the Environment and Natural Resources of Venezuela that all requirements for the issuance of the Las Cristinas Environmental permit had been fulfilled.