"Crystallex International (KRY : TSX : $1.20), Net Change: -0.02, % Change: -1.64%, Volume: 2,809,785...Crystallex has received a letter from the Venezuelan Ministry of the Environment and Natural Resources (MinAmb) in response to the report on modifications to the Las Cristinas project submitted to MinAmb. MinAmb has reviewed the report submitted by Crystallex and finds that the proposals in the report are viable and conform to the Environmental and Social guidelines of the Venezuelan Government. The Ministry further advises that these findings must be taken into account with respect to the decision the government is to take regarding the Environmental Permit for the Las Cristinas project. Although the letter from MinAmb does not formally address the Appeal procedure initiated by Crystallex in May 2008, Crystallex has been advised by Venezuelan Counsel that in practical terms, this letter supersedes the effects and position of the April 2008 letter from a Director General in MinAmb denying the request for the issuance of an environmental permit for the Las Cristinas gold project. With regards to diminishing the environmental impacts of the project, modifications suggested by MinAmb fell within three main categories: 1) Further improvements to optimising the social projects in the area; 2) Mitigating the impact of open-vein mining in the currently affected areas of the Imataca Forest Reserve; and 3) Improving the remediation plans at the end of the mine life as well as repairing existing environmShares of Crystallex were up more than 30% last week." (8/25/08)
    -   Morning Coffee

"Crystallex International shares spiked briefly to a four-month high on Friday after the Venezuelan government hinted the much-delayed Las Cristinas gold project may be closer to an official go-ahead.

Crystallex shares soared nearly 20 percent before retreating again on news that Venezuela was open to proposed modifications to the project. The stock has dropped 60 percent over the past 12 months as the permitting process for the 17-million-ounce gold mine has dragged on.

The company learned in April Venezuelan's Environment Ministry was planning to deny the permit, but then was told in June it would reconsider the application if certain modifications to the project were made.
On Friday, Crystallex said it had received an official letter from the ministry saying the modifications it proposed are viable and "conform to the environmental and social guidelines of the Venezuelan government." (8/22/08)
    -   Reuters

"...still no permit for Las Cristinas - modifications to the project are now required to satisfy the Ministry of Environment and Natural Resources and the government, which are primarily related to minimizing the environmental impact of the project...we are currently modeling start up of Las Cristinas in 2011, based on risk-adjusted 7% discount rate and a long-term gold price of $650 per ounce. Cristinas is one of the largest gold reserves on the planet and if developed could have an enviable cost advantage, given the subsidized cost of fuel in Venezuela..." (8/15/08)
    -KERRY SMITH,   HAYWOOD SECURITIES

"If you are a shareholder in Crystallex, Gold Reserve or Rusoro, you probably feel like an abused spouse. At this point the most emotionally appealing thing to do is to eject your tormentor from house (sell your stock).

But has Chavez’ big mouth obscured the inherent value in these companies?

I think so.

My reasoning comes from examining Chavez’ track record in the oil industry (which is 30 times bigger). He made loud noises about “nationalizing” the sector, which depressed stock prices and softened up the CEOs, and then he started negotiating.

“I don’t want the oil companies to leave,” Chavez admitted, “I want them to be minority partners.”

Exxon Mobil buys oil in 35 different markets. They’ve made $100 billion profit in three years. They can afford to tell Chavez, “Thanks, but no thanks.”

But very few of the CEOs who have done business with Chavez have bad things to say about him. Why? Because he’s playing the same game they are. Trying to create an environment in which he can make money. In that sense Chavez is completely predictable...

After Chavez paid a 20% premium ($740 million) for an 82% stake in the country's largest private electrical utility, the CEO commented that it was “a good deal for investors.”

Crystallex, Gold Reserve and Rusoro control an estimated $36 billion of gold assets in Venezuela.

Chavez will need their help to get it out of the ground.

He is going to offer them a deal. Whether or not they take it, and whether the shareholders will see stock prices break previous highs, I do not know. But it is worth noting that in his nine years as President of Venezuela Chavez has yet to forcibly shut down a single project.

Chavez is a much straighter businessman than he is a politician." (8/11/08)
    -   stockhouse.com

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