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Gold/Mining/Energy : Crystallex (KRY) -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (10625)	9/27/2001 1:39:55 PM
From: grampa	Respond to of 10836

Guess you're right. I'm an ECM carryover and guess my head keeps thinking of those oz first. It would be nice to get a report on Las Cristnas tho -- (I hope) :-)

To: Syncrude who wrote (10625)	9/27/2001 2:09:26 PM
From: russet	Respond to of 10836

Vannessa is "sole legal operator of Las Cristinas" Vannessa Ventures Ltd VVV Shares issued 46,123,473 Sep 25 close $0.75 Thu 27 Sept 2001 News Release Mr. Manfred Peschke reports Recent developments and statements surrounding Vannessa Ventures' Las Cristinas gold project has prompted the company to clarify and lay to rest certain ownership, management and development concerns. First, Minera Las Cristinas C.A. (Minca) is the sole operator legally empowered to develop the Las Cristinas project. In effect, this contract is a mining lease giving Minca the sole right to mine alluvial and vein gold. The contract is effective for 20 years, renewable and in good standing. Through the company's 95-per-cent shareholding in Minca, Vannessa Ventures controls both the management and board of directors of Minca. Vannessa is satisfied that the contract between the Corporacion Venezolana de Guayana (CVG) and Minca is current and in good standing. Second, the purchase of Placer Dome Ltd.'s Venezuelan holding company, Placer Dome de Venezuela, which owns 95 per cent of Minca, by Vannessa Ventures Ltd. on July 13, 2001, is legal and, contrary to the claims made by the CVG, no commitment exists requiring CVG approval for the transaction that took place between Vannessa and Placer Dome. This fact is confirmed via several legal opinions commissioned from well-respected Venezuelan and international law firms that had access to all pertinent documentation. Any claims or actions contrary to this position are unfounded and will be vigorously contested by Vannessa Ventures. The Venezuelan ministry of energy and mines (MEM) particularly heartens us by the vice-minister's recent comments: "... We (Venezuelan government) have to preserve the legal system so that other companies interested in investing in the country are guaranteed the observance of law and private property. We cannot terminate concessions that are currently valid nor rescind contracts granted by the CVG." Third, Minca has garnered strong and considerable support for its development plans for Las Cristinas, and the region, from the leaders of the local small-miner associations and communities. Furthermore, since 1991, Minca has expended in excess of $170-million (U.S.), including $25-million (U.S.) in capital infrastructure and community support to establish minable reserves and the economic viability of the Las Cristinas deposit. Finally, the 11.8-million-ounce gold reserve at Las Cristinas (as announced by Placer Dome in August, 1997), represents an enormous opportunity for both Vannessa and Venezuela. Prudent development based on a sound and solid economic basis will ensure a significant and long-term benefit to all. With the project fully permitted and options for financing available, Minca is working expeditiously toward the development of the project. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com