Crystallex International shares spiked briefly to a four-month high on Friday after the Venezuelan government hinted the much-delayed Las Cristinas gold project may be closer to an official go-ahead. Crystallex shares soared nearly 20 percent before retreating again on news that Venezuela was open to proposed modifications to the project. The stock has dropped 60 percent over the past 12 months as the permitting process for the 17-million-ounce gold mine has dragged on. The company learned in April Venezuelan's Environment Ministry was planning to deny the permit, but then was told in June it would reconsider the application if certain modifications to the project were made. On Friday, Crystallex said it had received an official letter from the ministry saying the modifications it proposed are viable and 'conform to the environmental and social guidelines of the Venezuelan government.' The ministry also said that the modifications must be taken into account in making the decision on the environmental permit, according to Crystallex. 'This is yet another step in the right direction,' said John Ing, a long-time gold analyst and president of Toronto investment house Maison Placements.
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