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

To: c.r. earle who wrote (5411)	2/18/1998 8:17:00 AM
From: Bob Walsh	Respond to of 10836

Bloomberg release posted by Franky on SH: Vancouver, British Columbia, Feb. 17 (Bloomberg) -- Crystallex International Corp. Chairman Philip Lacerte resigned, and the mining company named Robert Fung, a former vice-chairman at Toronto brokerage Gordon Capital Corp., to replace him. Crystallex said Lacerte plans to go traveling with his family. It said Lacerte will leave its board. Fung, 59, was already a Crystallex director. He will be involved in the company's efforts to get a disputed mining project off the ground in Venezuela, where Crystallex is battling Placer Dome Inc. for rights to the site. Vancouver, British Columbia-based Crystallex also said it formed a Venezuelan unit, Minera Venamo CA, to oversee its interests in the country. Enrique Tejera Paris, formerly Venezuela's ambassador to Spain, has been named president of the new company. ''Bob Fung has a business acumen to do whatever he wants,'' said Dorothy Atkinson, an analyst with Whalen, Beliveau & Associates of Vancouver, British Columbia. She has a ''buy'' on the company's shares. Crystallex shares fell C$1.40 (US0.97) to C$9.60 in Toronto. More than 1 million shares trade, four times the three-month daily average. Atkinson attributed the share decline to an article in an Internet newsletter, the Grandich Letter, which advised Crystallex shareholders to reduce their holdings. Crystallex is in a legal dispute with Placer Dome of Vancouver about ownership of the Las Cristinas gold deposit. Las Cristinas is estimated to hold 11.8 million ounces of gold, making it the largest gold deposit in Venezuela. The Venezuelan Supreme Court is expected to soon rule on whether to hear the Crystallex's claim to gold deposits at Las Cristinas. --Paul Brent in the Toronto newsroom (416) 364-7300/mos