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

To: rob who wrote (8883)	6/11/1998 6:07:00 PM
From: JEFF CHAPMAN	Respond to of 10836

(REUTERS) Crystallex shares plummet on Las Cristinas rumors Crystallex shares plummet on Las Cristinas rumors By Paul Simao TORONTO, June 11 (Reuters) - Crystallex International Corp. <KRY.TO> lost a quarter of its share value on Thursday as markets continued to speculate that the upstart Canadian mining firm would lose its claim to a disputed gold mine in Venezuela. Crystallex shares fell C$1.35 to C$4.00 in heavy midday trading on the Toronto Stock Exchange, the second consecutive day of heavy losses. For the past year Vancouver-based Crystallex and senior gold producer Placer Dome Inc. <PDG.TO> have been embroiled in a bitter turf war over ownership of the $600 million Las Cristinas gold mine, located in the remote southeastern reaches of Venezuela. Crystallex has asked the Supreme Court of Venezuela to reverse a July 1997 decision denying the company the right to challenge Placer's 70 percent ownership of the project. Las Cristinas is estimated to contain 12 million ounces of gold. The court was expected to issue a decision on Thursday. "A decision is looming. It's pretty obvious that investors are betting they (Crystallex) will lose their application," said John Ing, president of Maison Placements Canada Inc. Crystallex said it has spent C$15.4 million so far to maintain its claim to Las Cristinas, a sum which would be expensed to operations if the lawsuit failed. Placer, however, remained confident it would prevail when a decision was finally handed down. "Our sense is that there is no reason why it shouldn't be favorable to us," said Placer Dome spokesman Joe Danni. Danni said gold production at Las Cristinas could begin as early as 2000. Placer Dome shares C$0.70 to C$16.90 ($1=C$1.47 Canadian) REUTERS * end of story * BTW, I got this story from mytrack.com's software which is free and can be downloaded here: mytrack.com If you do sign up for this (you get Comtex newswires around the clock on markets around the world plus Marketguide reports for free, with news/quotes/ticker in 'pushed' streaming format), please put 'Muthavugah' in the referred by field... jc