Crystallex International Corp.-- This Venezuelan Mining Company May Again Be a Buy

Mid-May 2008, all looked grim for shares of Crystallex (KRY), as Venezuela pulled the plug on the company's Las Cristinas property. Production was expected to begin there by 2009. At the time, Venezuela refused to grant a permit to KRY for the Las Cristinas mine after deciding not to grant licenses for open-pit mining for gold, diamonds and coal. Instead, they opted to step up oversight on the mining industry. Citing ecological damage for the move, Venezuela dashed KRY's hopes to mine in the nine million acre reserve. But that was in May. Today, shares of Crystallex may be a buy after the Venezuelan government said it was willing to reconsider the cancellation of the permit for the Las Cristinas project. In this release, the company said it was invited to a meeting by representatives of the Ministry of the Environment, and was told that possible modifications of the Las Cristinas project could result in an issued permit.