Crystallex Provides Updates on Las Cristinas Development in Venezuela
7/31/2003 9:03:00 AM
TORONTO, Jul 31, 2003 /PRNewswire-FirstCall via COMTEX/ -- Crystallex International Corporation (Amex: KRY; Toronto) ("Crystallex") provides updates in connection with the Las Cristinas mining project in Venezuela.
The feasibility study being prepared by SNC Lavalin Engineers and Consultants is now in the final stages of preparation and will be translated and presented to Corporacion Venezolana de Guayana ("CVG") in Venezuela by mid-September as contemplated by the mining operation contract between Crystallex and the CVG, executed on September 17, 2002. As previously reported at its Annual General Meeting, based upon results from current and ongoing research and pilot studies being carried out in conjunction with the feasibility study, Crystallex believes that the characteristics of the Las Cristinas project have improved. The total proven and probable reserves have increased from 224 million tonnes at 1.33 g/t Au to 243 tonnes at similar grade. The reserves increased from 9.6 million ounces to 10.1 million ounces. The metallurgical flowsheet, confirmed by SGS Lakefield Research Limited at its test plant, has been simplified to a conventional carbon-in-leach circuit resulting in an expected total gold recovery of 89%. The deposit is open at depth and along strike. Preliminary economic projections indicate reduced capital and cash operating costs for the project. Recovery and cost estimates remain subject to confirmation in the feasibility study. It is expected that the feasibility study, with input from the CVG, will form the template for development of the Las Cristinas project. Once the feasibility study is submitted and approved Crystallex will move forward with financing and preparations to commence construction.
Final Report of the Permanent Comptroller Committee
On June 11, 2003, the Permanent Comptroller Committee of the National Assembly of Venezuela issued a final report supporting the actions taken by CVG to terminate the former mining agreements over the Las Cristinas mining project granted to Minera Las Cristinas C.A. (Minca), and further supporting the reactivation of the project through Crystallex. Crystallex is advised that this report, which confirms four previous reports by committees of the National Assembly, is not subject to revision or appeal before any authority in Venezuela |
