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

To: Mr Metals who wrote (6989)	3/18/1998 11:55:00 AM
From: alan holman	Respond to of 10836

Congatulations....Legal ownership of Las Cristinas 4 & 6 goldfields is NOT at issue in upcoming CSJ 4th Ruling -- report by VHeadline/VENews c Editor Roy S. Carson -- Caracas: Thursday, March 5, 1998 -- VHeadline/VENews has spent exhaustive hours with a top-flight source going over details of the Las Cristinas 4 & 6 mining case currently before Venezuela's Supreme Court of Justice ... and we can both exclusively and conclusively report that the CSJ 4th Ruling will NOT deal with the legal ownership of Las Cristinas 4 or 6. Clarification of ownership by the Vancouver-based Crystallex International Corporation's subsiduary is considered to be wholly unnecessary has already been defined and confirmed in a final and binding decision by the CSJ PAC on May 9, 1991, which established that Ramon Torres had acquired the rights to LC4&6 from Dot de Lemon in a "valid and legal manner". Because of the Ministry of Energy & Mines (MEM) earlier obstinate attitude and refusal to comply with the 1st Ruling and a 2nd on October 16, 1996, as well as a 3rd on April 15, 1997, the CSJ Political Administration Chamber (PAC) considered itself forced to qualify the supreme legality of its ruling by ordering the Notice of Transfer published in an extraordinary issue of the Venezuelan Official (Legal) Gazette No.5,146 dated May 15, 1997. The validity of Inversora Mael/Crystallex's ownership of the LC4&6 concessions has also been subject to preceding review and confirmation by the 1st Court of Mercantile Matters of the Judicial Circuit of the Federal District and State of Miranda on April 16, 1986, upon which Inversora Mael was duly registered at the Public Registry Office of the Roscio District of the State of Bolivar -- Record No.16, April 21, 1986, Second Quarter of 1986, pages 37-42 -- under the explicit legalities of and in accordance with the Venezuelan Mining Law. Inversora Mael remains to this day as full and exclusive titleholder to Las Cristinas 4 & 6 and according to Article 57 of the Venezuelan Mining Law it is ONLY the Supreme Court of Justice that may review and decide on nullity or invalidity of mining concession titles. Court officials clarify that 8 motions filed by Inversora Mael had been subject to CSJ Substantiation Judge Acuna's July 15 (1997) admittance as well as the subsequent admission of three (3) other motions she had previously held to be subject to a Statute of Limitations provision which does NOT concern the legal ownership of the concessions which has been adequately and conclusively proved before Venezuelan Law. At issue is Inversora Mael's petition to rescind erronious resolutions issued in 1989 by the Ministry of Energy & Mines which impinge upon Inversora Mael's 100% ownership of said concessions: "Inversora Mael's claim has the principal purpose of obtaining the annulment of administrative acts issued in 1989 by the Ministry of Energy & Mines affecting Inversora Mael's rights over Las Cristinas 4 & 6." The upcoming CSJ PAC 4th Ruling will be "definitive" ... that is to say it will set up a set of clearly defined procedural actions by which Inversora Mael/Crystallex will follow each bureaucratic step towards reestablishing the force of its legally-owned gold concessions. Officials now confirm that there is NO avenue by which Placer Dome (PDG) can claim legal ownership of Las Cristinas 4 & 6 nor indeed is there any means by which either the Venezuelan Guayana Corporation (CVG) or the PDG/CVG JV, MinCa can EVER establish any such claim of legality over the concessions which remain in legal ownership of Inversora Mael. The process by which Inversora Mael/Crystallex will arrive at the obvious conclusion to its legal endeavors and be able to begin mining operations at Las Cristinas 4 & 6 will take an approximate 12 months through all Venezuelan judicial channels. Nevertheless, long-term plans by Crystallex International's new Venezuelan umbrella company, Minera Venamo (MinaVenCa) for the immediate area of Las Claritas in south-eastern Bolivar State, include improvements to the local infrastructure and extensions to milling and processing plant at its nearby Albino concession, and will be easily accommodated within the 1-year time frame. Crystallex International mine developers say they are secure in the knowledge that there is now NO WAY in which legal ownership of LC4&6 may be removed from its rightful owners. Ministry of Energy & Mines officials here in Caracas have now (somewhat belatedly) realized the obvious unconstitutionality of their refusal to obey three previous CSJ rulings. Venezuela's former Ambassador to Spain, Dr. Enrique Tejera Paris is now in Chairmanship charge of Crystallex International's Minavenca as "wider picture" developments of Venezuela's $10 billion gold mining industry which are expected to be formally announced shortly after the latest CSJ PAC ruling is finally handed down. News Index****Page One**Special Features****Archives You may email the News Desk at VHeadline/VENews : News.Desk@VHeadline.com or telephone Caracas 00 58/2-283.2758