Wednesday, June 4, 2008

Crystallex shares tumble on CEO departure

Shares of Crystallex International Corp. fell 11 per cent in early trading Wednesday after the miner's president and chief executive officer Gordon Thompson resigned “to pursue personal interests.” On the TSX, Crystallex stock fell nine cents to 72 cents, a drop of 11 per cent, in trading of nearly 263,000 shares. The Toronto miner announced late Tuesday after markets closed that Mr. Thompson will be replaced on an interim basis by Robert Fung as executive chairman and CEO and Robert Crombie as president. 'On behalf of the company and board of directors, we would like to thank Gordon for his dedication to the company, contributions, hard work and for his support,' said Mr. Fung in a release. Mr. Thompson's resignation comes after years of clashes between the company and at least some parts of the Venezuelan government over the development of its Las Cristinas mine in the South American country.



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1 comment:

  1. AnonymousJune 4, 2008 at 5:04 PM

    A few months ago, I decided to get out of investing in Crystallex due to the Political issues in Venezuela. Chevez would like to centralize control on all resoures.

    After the Oil Industry was taken over Political by Chevez, we as investors in the Gold Industry (Crystallex and Gold Reserve) should have realized the Political direction of Venezuela. It was a matter of time for Chavez to reach out and touch this Industry. Investors need to evaluate and base their decisions on the existing situation and not on their emotional beliefs. Alot of investors have been financially burnt by this decision to hold on to their hopes. I was lucky to get out with a minor loss on this investment.

    These village people do not have any say regarding the minig direction of these properties. Chavez will work with Russian Companies to Mine these Properties. As a result, Russia will provide arms to support Venezuela's Military Program. Chevez will not work with any companies in the North American Continent. This continent has nothing to offer him. He strives on opportunities to acquire power within the World Domain.

    I wish the remaining supporters a positive outcome in their other Investments.

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