Crystallex International Corporation (KRY) reported today that it has begun discussions with the Venezuelan Ministry of Basic Industry and Mines ("MIBAM") regarding the future of the Revemin Mill in El Callao, Venezuela.Crystallex acquired the Revemin Mill in 2000 through the acquisition of the Venezuelan assets of Bolivar Goldfields. Since that time, the Company has processed ore from various mines including the Tomi Open Pits, Tomi Underground, La Victoria and certain materials from local cooperatives. The ore from the various deposits Crystallex operates in this area has been exhausted. Additionally, under contractual commitments relating to Revemin, the Company has entered into discussions with MIBAM regarding the reversion, future use and feed for the Revemin Mill.
Based on contractual obligations, and with the exhaustion of material that can be mined and processed from the deposits on Tomi and La Victoria, it is opportune for the company to discuss the future of the Revemin Mill with MIBAM and to access how this processing facility can be used for the benefit and sustainable development of the communities in the area and the people of Venezuela. These discussions are at a very early stage and it is premature to comment on decisions that could be reached.
Over the past several years Crystallex has worked closely with both MIBAM and the Ministry of the Environment ("MinAmb") on the Las Cristinas Gold Project some 200 kilometres to the south of El Callao. Recent discussions with MinAmb regarding the Las Cristinas environmental permit have been encouraging. Crystallex will begin the construction phase of Las Cristinas upon the receipt of the environmental permit.
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