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Gold/Mining/Energy : Crystallex (KRY)

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To: Ally who wrote (8484)	5/2/1998 9:39:00 AM
From: E. Charters	of 10836

So here is a point to pause and ask ourselves., (irrespective of the "friendly" thread rivalry and give and grab we get here) why all the fuss about Venezuela now? And why did Queenstake pull out when they had lots of bucks? 1. Why the fuss? The Venezoleanos passed laws to allow foreign mining corporations to sell their gold outside the state for American dollars at world price. Before they had a 50-50 rule and the bolivar convertibility that they paid for half the gold allowed them to get it for about 270 US when it was selling for 400. Dome delayed its exploration then and negotiated with the gov't for a better deal. They got a compromise deal and then the gov't went to 100% overseas gold sales in an effort to attract more foreign companies. 2. Queenstake, with an advanced property with reserves in VZ and 15 million cash pulled out of Venezuela recently and cited problems with getting rights and long processess of approval. Really Queenstake had not prosecuted much action on their VZ property and feared a green protest on the Imataca thing. Queenie who used to be a placer mining company in BC got out of the development biz about ten years ago in Atlin, BC as it does not sell newspapers and in their opinion selling stock makes more money than mining does. (not!). Queenie's style is la pumpa da dumpa and tie-on-who-needs-an-original-idea-when-other-guys-are- smart-enough-and-will-lead us-to-it. 3. Considering all that is there anything to worry about in the processes to come with KRY? Well I refuse to say that Venezuela will start to become the place in the universe to dump scads of money overnight but of all the countries in South America it has at least a promise of some political and monetary stability from the historical perspective. Corruption of the Latino kind is not going to go away in Mexico, or any other country in L.A. The question we have to ask ourselves is how it differs from our neck of the woods. I aver that corruption in North America is alive and well and makes MORE MONEY than it does in L.A. The VSE is an organized corruption. Most Ontario Ministries are corrupt in handing out contracts. You will never get a government contract in a liberal administration if you are a member of the conservative party. You will never get a taxi license or restaurant license in the city of Toronto without handing out a bribe. And you can keep those with any number of violations by paying. No apartment building in Toronto is built to fire or other code. (they all have oil based paint in the halls) Do you believe those leaking Condos in BC were built without bribes being paid? Would you like to buy a bridge in Brooklyn? You know the condos had to be "inspected". So from our sewer we point the finger. The only difference is Latino corruption is more out in the open and they clean it up publicly from time to time. We don't. (Can you imagine our Supreme Court putting a corrupt former Prime Minister or President in jail? Do you believe we don't have any?) Let's not get that weird ethnocentric perspective that we are so much better than everyone else here in Fortress North America. We aren't. echarter@vianet.on.ca The Canadian Mining Newsletter

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