CRYSTALLEX INTERNATIONAL CORPORATION (KRY today updated shareholders and stakeholders regarding the ongoing dialogue and process between the Venezuelan Ministry of Environment and Natural Resources ("MinAmb") and Crystallex regarding Authorization to Affect Natural Resources (the "Permit") at the Las Cristinas Gold Project.
On June 24, 2008, Crystallex advised shareholders and stakeholders that it was invited to a meeting by representatives of MinAmb including the Vice-Minister. At the meeting, Crystallex was informed that MinAmb was instructed by the Government of Venezuela to reconsider issuance of the Las Cristinas Permit by discussing with Crystallex possible modifications to the Las Cristinas Project to diminish the environmental impacts of the project and thus enable the Permit to be issued. The modifications suggested by the MinAmb representative fall within three main categories:
- Further improvements to optimising the social projects in the area.
- Mitigating the impact of open-vein mining in the currently affected areas of the Imataca Forest Reserve.
- Improving the remediation plans at the end of the mine life as well as repairing existing environmental damage caused by illegal mining.
The Company prepared a report which addressed these three areas and the report has been submitted to MinAmb. In addition, as part of the ongoing process towards the issuance of the Permit on August 7th and 8th, 2008, a team from MinAmb led by the Vice-Minister completed a site visit of the Las Cristinas Project. As part of this visit, the team inspected the social projects including the medical clinic and sewage treatment facility which are both currently under construction.
Commenting on the process, Mr. Robert Fung, Crystallex Chairman and CEO stated, "While it's early to predict the results of the process, we are encouraged by the progress made and the completion of the site visit, and remain optimistic about a prompt and successful completion of the process."
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