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Gold/Mining/Energy : Crystallex (VSE:KRY)
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To: Lee Bush who wrote (7)10/6/1996 3:54:00 PM
From: Ken Benes   of 60
 
Lee:

I am sorry for the delay in getting back to you. Since the date of my original note Kry has moved up nicely on medium volume. The keys to a further appreciation of this stock is whether the guys running the company make good on their promises for resumption/increased production and proving up additional reserves.
In my earlier note I stated that the promotional team has left a lot to be desired. And these guys are the same with the exception of the addition of Richard Marshall. If you would have listened to them over the years, their mantra was: production would increase to 50 thousand ounces per year; there will be no further dilution of the stock as expenses would be met by cash flow generated by the production of gold; early indications of drill results were spectacular with intersections of one ounce or more of gold per ton; Gold Reserve is a fraud with doctored results while the Albino has the goods. On and on, one story after another, none of which has born fruit. In reality, production hopefully is beginning after a one year delay. Gold Reserve was not a fraud. And they still have not proven up one million ounces of gold. In my honest opinion, the reason there was no production, they did not have the gold to put into the plant. They had exhausted a high grade vein that gave them their initial 20 thousand ounces and the pit went dry. Lee it is shit or get off the pot for KRY. I still hold a position only because I have visited Kilometer 88 in Venezuela and believe that the area is going to become a major gold producer. Hopefully, these guys will get their story strait and their act together and be part of it.

Ken
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