the vet, unless you know something more that most including the Corp., you understand the legal implication of reporting materially false press release correct, although I questioned RM on this issue and was told they could file arbitration on two different occasions I take an official PR much more seriously and base on release I believe we will have no problem filing imo
TORONTO, ONTARIO -- (MARKET WIRE) -- 11/28/08 -- Crystallex International Corporation (TSX: KRY)(NYSE-A: KRY) today updated shareholders and stakeholders regarding various matters concerning its business.
Ongoing Dialogue with the Venezuelan Authorities
Crystallex maintains ongoing dialogue and correspondence with Venezuelan ministries and key government officials regarding the Authorization to Affect Natural Resources (the "Permit") for the Las Cristinas Gold Project and the status of its Mine Operating Contract ("MOC"). As part of this interaction, Crystallex filed a writ with the Ministry of Environment and Natural Resources ("MinAmb") on October 24, 2008. This document supplemented Crystallex's prior appeal and requested that the Minister of MinAmb take the Vice-Minister's August 20, 2008 letter into consideration in rendering her decision on the appeal. This August 20, 2008 letter indicated that Crystallex's previous submission on August 4, 2008 complied with government guidelines on environmental and social matters and was viable from a technical perspective.
On November 28, 2008, Crystallex delivered a letter to the Government of Venezuela notifying it of the existence of a dispute between Crystallex and the Bolivarian Republic of Venezuela ("Venezuela") under the Agreement between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments (the "Treaty").
It is Crystallex's intention to settle the dispute amicably within six months. If the dispute has not been settled amicably within six months, Crystallex has the option of submitting the dispute to international arbitration. The dispute has arisen out of MinAmb's decision dated April 14, 2008 to deny the Permit and Venezuela's subsequent media statements attributed to the Minister of MIBAM on November 5, 2008 regarding the status of the Project and the MOC.
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TORONTO, ONTARIO--(Marketwire - Feb. 6, 2011) - Crystallex International Corporation (TSX:KRY)(NYSE Amex:KRY) announced today that it has received a letter from the Corporacion Venezolana de Guayana ("CVG") that states that the Company's Mine Operating Contract ("MOC") for the Las Cristinas Project in Bolivar State, Venezuela, has been "unilaterally terminated" by the CVG. The letter also enclosed a copy of a resolution passed by the CVG on February 3, 2011 which states that the MOC is unilaterally terminated. The resolution cites, as the basis for the termination of the MOC, Crystallex's lack of activity to progress the Las Cristinas Project for more than one year and "... for reasons of opportunity and convenience".
Crystallex has fully complied with all its obligations under the MOC and has advanced Las Cristinas to a "shovel ready" state while awaiting the issuance of the Authorization to Affect Natural Resources (the "Permit") from the Ministry of Environment and Natural Resources ("MinAmb"). In June, 2007, the CVG confirmed that the approval of the Crystallex Las Cristinas Environmental Impact Study ("EIS"), the posting of the construction guarantee bond and the payment of the environmental disturbance taxes represented the final and conclusive step in the procedure for the issuance of the Permit required to construct the Las Cristinas Project. Notwithstanding Crystallex's fulfillment of the conditions to receive the Permit, MinAmb denied the request for the Permit in April 2008. Despite the Company's compliance with the MOC requirements and the CVG's confirmation in August 2010 that the MOC was in full force and effect, to date the Permit to allow project construction to commence has not been issued.
Crystallex is reviewing its position in light of this correspondence and is considering all steps necessary to protect its investment on behalf of all its stakeholders including the filing of the International Arbitration claim outlined in a Notification of Dispute served by the Company on the Venezuelan Government in November 2008.
