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Gold/Mining/Energy : Crystallex (VSE:KRY)
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To: burner who wrote (23)4/17/1997 9:12:00 AM
From: Bob Walsh   of 60
 
Slightly different spin from this news release.

Supreme court of Venezuela issues ruling in Crystallex's favour

Crystallex International Corporation KRY
Shares issued 16,575,759 Apr 16 close $4.01
Thu 17 Apr 97 News Release
Mr Marc Oppenheimer reports
Yesterday the supreme court of Venezuela issued a final and binding ruling ordering publication in Venezuela's Official Gazette of a notice of transfer of Las Cristina 4 and 6 concessions to Inversora Mael, C.A. Crystallex holds its interest in Las Cristina 4 and 6 through Mael.
Las Cristina 4 and 6 concessions were transferred to Mael in 1986. The publication in the Official Gazette is the final legal formality required under Venezuelan mining law to perfect the transfer for all purposes.
The validity of the transfer to Mael had been confirmed by rulings of the supreme court of Venezuela issued in 1991 and 1996. These rulings also declared the nullity of resolutions of the Minister of Energy and Mines denying Mael's right to publication of the transfer in the Official Gazette and provided that the legal effect of the rulings is to be taken as of 1986.
The supreme court also ordered the publication in the Official Gazette of each of the 1991, 1996 and the current ruling as well as the assignment agreement through which Mael acquired the Las Cristina 4 and 6 concessions.
The current ruling reaffirms Crystallex's position as to the validity of its ownership rights to Las Cristina 4 and 6 despite announcements by certain Venezuelan officials and Placer Dome questioning those rights.
Crystallex will continue to seek full recognition of its ownership rights including through further proceedings before the Venezuelan courts.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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