Congratulations to all longs!!!!! KRY news release:
Dan
Crystallex and Venezuela to Develop Las Cristinas
Company welcomes government announcement
TORONTO, SEPTEMBER 8, 2002 – CRYSTALLEX INTERNATIONAL CORPORATION (symbol KRY on TSX and AMEX) President and CEO Marc J. Oppenheimer welcomed the selection of Crystallex by the Venezuelan government Friday to develop Las Cristinas, believed to be one of the largest undeveloped gold projects in Latin America and the world .As a result of this decision, all legal requirements including title, possession, and mining rights will be brought together so that development of the Las Cristinas ore-body can take place.
“This is a historic moment for our Company and our shareholders,” said Mr. Oppenheimer. “We are pleased to have been selected and look forward to beginning work on the project. We also salute our shareholders who have steadfastly stood by our Company as we patiently sought to obtain possession of this property in a legitimate and lasting way.”
Late Friday in Caracas, Venezuela’s state industrial holding company, Corporacion Venezolana de Guayana (CVG) announced that its Directors had “approved the signing of an operating contract with the Canadian company Crystallex for the development of the Las Cristinas gold deposit.” In a statement released following the Board meeting, CVG President Francisco Rangel Gomez said Crystallex was chosen to operate the project because it offered the best prospect for a rapid development and start-up of the mine.
“The selection of Crystallex to develop Las Cristinas acknowledges that the company has the experience, capability and the long-term commitment to Venezuela to build a sustainable project that will benefit the Venezuelan economy and in particular the people of Bolivar State where Las Cristinas is located,” added Mr. Oppenheimer. “The CVG is a large and important Venezuelan government corporation. We are very proud to be developing this property with the CVG.”
Crystallex started mining operations in Venezuela’s Kilometre 88 in 1994 and is the only international company to have constructed and operated a producing industrial mine at Kilometre 88. Today, the Company has operations in all three of Venezuela’s major gold producing districts and has invested more than US$120 million in Bolivar State where the Cristinas concessions are located. The Company is currently mining gold and, at the same time, developing two new mines in this region.
About Crystallex:
Crystallex International Corporation is an emerging intermediate gold mining company operating as well as developing new mines in Venezuela and Uruguay. Crystallex’s strategy for growth is to develop its portfolio of producing properties as well as to diversify geographically by investing in producing or near-production projects and by exploring properties of merit in other areas.
On Behalf of the Board:
Marc J. Oppenheimer, President & CEO
For Further Information:
Investor Relations: A Richard Marshall, VP (201) 541-6650, or Andrea Boltz (604) 683-0672
Media Contact: Susan Reisler or Natalia Williams, Media Profile (416) 504-8464
To receive previous Company releases: (800) 758-5804 ext.114620
Visit us on the Internet: crystallex.com
Note:
This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Crystallex, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release. |
