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

To: Sal Pugliese who wrote (6981)	3/18/1998 11:43:00 AM
From: alan holman	Respond to of 10836

Energy & Mines Minister gains temporary respite on appeal against Comptroller General's levy of $203,846 fine on corruption charges -- report by VHeadline/VENews c correspondent Patrick J. O'Donoghue -- VHeadline/VENews: Tuesday, March 17, 1998 -- Venezuela's Energy & Mines Minister, Erwin Arrieta and his Deputy Minister, Evanan Romero have been temporarily given a slight respite by the First Administrative Ligations Court which has admitted a cautionary appeal against a ruling of administrative responsibility by the Comptroller General's Office Administrative Investigations Department against the two charged with freebie joy rides by families and friends on Petroleos de Venezuela (PDVSA) planes. Judge Lourdes Wills believes there are sufficient elements which have violated the accused men's presumption of innocence. Wills cites January 17 media reports which practically presumed the men guilty and could have influenced the Comptroller General's Office February 2 decision to fine Arrieta 106 million bolivares ($203,846) and Evanan Romero 31 million ($59,615) and committal for trail for administrative responsibility. This measure has put both the fine and further court procedures on standby since "during the substantiation of the procedure, public pronouncements about the culpability of the persons under investigation are prohibited." The appeal against measures adopted by the Comptroller General's Office has been passed to the Substantiation Court to decide if their appeal is justified. You may email Patrick J. O'Donoghue at MAILTO:Patrick.O'Donoghue@VHeadline.com

To: Sal Pugliese who wrote (6981)	3/18/1998 12:09:00 PM
From: alan holman	Read Replies (1) \| Respond to of 10836

Venezuela official says Crystallex claims false Reuters Story - March 18, 1998 11:04 %GDM %CA %VE %LATAM %GOL %RESF %EMRG %LDC KRY.TO PDG.TO %MET V%REUTER P%RTR MIAMI, March 18 (Reuters) - The Venezuelan government said on Wednesday that Vancouver-based Crystallex International Corp's claims to the disputed Las Cristinas gold mine deep in the Venezuelan jungle were false. Both Crystallex and Toronto-based Placer Dome Inc have claimed title to the mine, which some analysts said could be one of Latin America's richest gold mines. Last year, Crystallex filed an appeal of Placer's rights in the Venezuela Supreme Court, touching off speculation that the Placer could lose its rights to the concession. "We want to tell you that, despite numerous published claims in the Canadian press made by Crystallex International Corp and its promoters that a pending court challenge in Venezuela could give it the rights to gold concessions on these parcels, the claims are not true," Rafael Rodriguez Acosta, president of Venezuela's congressional commission on mining, told a news conference. "That is all plain and simple. Crystallex does not have the rights it is claiming and which it is telling its investors it has," Acosta said. Acosta also said the Venezuelan government had asked the country's supreme court to render a speedy decision on the pending court case and added that it was unlikely that Crystallex would win its appeal. "We must reassure all potential investors in Venezuela that the rule of law prevails in Venezuela and that claims like those made by Crystallex cannot and will not be tolerated," Acosta said. Acosta's sudden announcement sent Crystallex shares tumbling down 2.65 to 4.50 a share in heavy trading on the Toronto Stock Exchange. The company's shares traded as high as 11.85 last month.