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Gold/Mining/Energy : Crystallex (VSE:KRY)

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To: bruce bell who wrote (37)	1/21/1998 4:31:00 PM
From: icedog	Read Replies (1) of 60

News from Venezuela's Electronic News vheadline.com.ve Caracas: Tuesday, January 20, 1998 -- Canadian mining corporation, Placer Dome (PDG) is throwing in the towel on it's Venezuelan operations ... effective immediately! Exclusives sources at Venezuela's Ministry of Energy & Mines (MEM) have told VHeadline/VENews that top executives from Vancouver met with Minister, Erwin Arrieta, earlier today to spring the surprise news that PDG is to immediately "suspend" operational activities in Venezuela. The news comes as the Attorney General, Ivan Dario Badell, opened an investigation into "irregularities" allegedly committed by Energy & Mines Ministry and Venezuelan Guayana Corporation (CVG) officials in the unauthorized issuance of concessions, titles and work contracts since the early nineties! MEN Minister Arrieta is said to have immediately called to President Rafael Caldera on information received revealing that Placer Dome is hurrying to issue a public statement tomorrow (Wednesday) announcing their "suspension of activities" decision as being due to the falling price of gold on world markets but also citing "judicial insecurity" in Venezuela as a get-out cause. VHeadline/VENews was able to surprise rival Crystallex International lawyers in Caracas with the news and a somewhat shaken Dr. Gonzalo Tejera Paris said "it's a further argument in favor of our point of view about Las Cristinas 4 & 6 ... they (Placer Dome) know they're going to lose..." Hugh Leggatt, Placer Dome's official press spokesman in Vancouver, has said that he has "no comments" to make on today's developments

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