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This all sounds so Mickey Mouse. I am under the impression that the Ven. gov. shorts this stock and GRZ and comes out with an ambiguous announcement for their benefit and Wall St.
GRZ - similar situation
they had a good rebuttal PR - at least we are not alone in this and there is another company heavily invested in this particular region of VZ
Gold Reserve Announces Brisas Project Update Regarding the Authorization to Affect
Wednesday April 30, 6:20 pm ET
SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX:GRZ - News)(AMEX:GRZ - News) announced the Venezuelan Ministry of Environment (“MinAmb”) has communicated its plan to rescind the March 2007 permit for the commencement of the construction phase of the Brisas Project (the “Authorization to Affect”). MinAmb referenced, among other things, the existence of environmental degradation and affectation in the area, the presence of small miners as well as the Imataca Forest Reserve as the basis for their decision.
Doug Belanger, President of Gold Reserve stated, “The Company has not been formally notified of this decision and is working with various government officials to resolve this matter. Another mining company has cited in a recent press release the Director General of MinAmb regarding other mining projects impacted in the Imataca Forest Reserve. Prior to this, at no time during our year-long effort to obtain the administrative Initiation Act, which would allow us to advance the project, has any environmental issue including the Imataca Forest Reserve been raised by MinAmb as an impediment to proceeding with our project.”
“There are no small miners on Brisas and any environmental disturbances result from activities prior to the Company acquiring the property. Such disturbances have been addressed by the Company and are clearly documented in our operating plan already approved by the Venezuelan Government and are subject to future reclamation as outlined in our Environmental and Social Impact Study, previously approved by MinAmb.”
Mr. Belanger further stated, “The Km88 area in which Brisas is located has been approved for mining previous to the Company acquiring Brisas and most recently reaffirmed by Presidential Decree No. 3110 which was published in the Official Gazette in 2004. Support for mining in the Km88 area is clearly evidenced by the approval of our Environmental and Social Impact Study (“EISA”) in early 2007, the issuance of the Authorization to Affect by MinAmb in March 2007 and the fact that the MinAmb and the Ministry for Basic Industries and Mines (“MIBAM”) since 2004 have issued to the Company and others a number of authorizations and other acts relating to mining exploration or exploitation in the Imataca.”
“We are committed to invest during the life of the mine over $1 billion to build the largest gold and copper project in Venezuela and directly create over 1,000 jobs. After years of commitment to Venezuela, nearly $300 million invested in the development of Brisas which adheres to the Equator Principles, multiple permit approvals including most recently the Permit to Affect and receipt of, in the third quarter of 2007, accreditation letters of technical compliance from MIBAM for all of the properties that comprise Brisas, it is unfathomable that the MinAmb suddenly attacks mining projects in the Imataca - impacting not only our investment and others in the industry, but the livelihood of those most affected by the project, the local and regional citizens of Venezuela.”
“We are prepared to protect our rights to Brisas through the Venezuelan legal system and, if necessary, other avenues to protect the interests of our shareholders will be pursued. We have approximately $130 million in cash, investments and restricted cash, project related equipment with an original cost of over $30 million and convertible notes payable of approximately $104 million.”
May 1; 6-k
http://tinyurl.com/46tfm4
the open end:
The communication is subject to several avenues of response, including an application for reconsideration by interested parties under Venezuelan law. Crystallex is currently working with various levels of the CVG to develop strong submissions in support of the authorization to affect natural resources. Crystallex is committed to defending its rights in the Las Cristinas project and intends to respond to this matter vigorously in accordance with its legal entitlements to protect the interests of our shareholders.
May 1: Crystallex seeking clarification on Venezuela mine
http://tinyurl.com/43vr4b
By Cameron French
TORONTO, May 1 (Reuters) - Crystallex International (KRY.TO: Quote, Profile, Research) said on Thursday it was seeking clarification from the Venezuelan government on the status of its Las Cristinas gold development, adding it was unsure how to proceed following an apparent denial of mining rights in the region.
Crystallex stock tumbled on Wednesday after the Canadian-based miner said it had been denied authorization to "affect natural resources to carry out exploration activities", which seemed to run contrary to past approvals for the mine.
Spokesman Richard Marshall said Crystallex was not sure whether the exploration ruling meant it would be denied final permits to complete the mine.
"We're trying to get clarification exactly on what this is," he told Reuters.
Toronto-based Crystallex has been trying for years to nail down approvals to mine the massive gold deposit, but had thought it was on the verge of receiving the go-ahead to begin the final construction phase. The deposit has proven and probable reserves of 14 million ounces.
"This letter seems to suggest a complete policy change in position relating to this region," Marshall said.
He said word of the denial had come by way of a letter from a director general of the Venezuelan Ministry of the Environment to the CVG, which is the government-owned body that owns the Las Cristinas concessions. The CVG in turn informed Crystallex.
"We felt based on the content of the letter and because it seemed to completely contradict everything that has happened pertaining to this project and mining in this region that we needed to make the market aware of it immediately," Marshall said.
"Now we're trying to determine what this means, where we stand, and what our course forward is."
Shares of Crystallex, which dropped 43 percent on Wednesday, were down 5 Canadian cents at 87 Canadian cents late in Thursday's session. ($1=$1.02 Canadian) (Reporting by Cameron French)
oh - you never know what happens with these message boards (unless you are a moderator/assistant), but the numbers are still sequential for the posts. They usually skip when posts are deleted. Hmmmmmm???
He or she got kind of religious in the posting.
I was sure I saw posts here yesterday. One was by someone name ctdragon or something similar.
looks like you were the first post since mid-April
before that, the posts go back to 2007 and earlier
bought in on today's weakness; strictly a gamble ;p
This stock is hot and no one shows any interest. This stock has been my best performer in the stock challenge cnbc contest. Also have a few shares in account. The mining permits are close as pr'd by the co. Would others share their comments?
Bob What are your thoughts on the latest events? Are they
finally going to be able to mine some gold?
Jerry
Venezuela to vote for president
Hugo Chavez, Venezuelan President
Hugo Chavez wants more time to complete his revolution.
People in Venezuela are set to go to the polls
in a presidential election -
http://news.bbc.co.uk/2/hi/americas/6203154.stm
This stock will be at $12 by end of Jan this year. doubters will be sorry. the stock moves on Chavez comments but rest assured work is needed for his people and companies that dont polute with mercury at the same time as mine for sure instead of braging how much reserve they have will be taking profit from the largest undeveloped gold mine in the WORLD. With 20ys in contract that relates to huge profit. the only reason this did not work for previous cos is that gold was at 300 an ounce and this mine is in the jungle. now roads and airports and housing are built and will be shared by GRZ to share expenses and les enviromental damages. Both these companies are set to explode this year. Drilling permits are at hand,taxes assessed and deals made last week in Toronto say .......here we go
Time to ride the wave gl
Anyon no if the enviromental permit for drilling is the same as the one needed for mining to start. seems like this stock is ready for the increase it deserves
Nice day today.:)
Hey Bob,
KRY AMEX chart set up very nice now for a near term reversal.It would not suprise me if it even pops like PLM just did recently.I hold no position at this time.Just doing some DD and checking out your board Bob.Good luck here.
HJ
http://www.freewebs.com/phantom1_/index.htm
To bad - he has become a big problem !!!
http://www.investorshub.com/boards/read_msg.asp?message_id=12995553
Chavez supports Syria against US -
http://news.bbc.co.uk/2/hi/americas/5298178.stm
Venezuelan President Hugo Chavez has pledged
to stand by Syria in opposition to what he said
was US "imperialist aggression" in the Middle East.
He said he and Syria would strive to build a world
free of US domination -
http://news.bbc.co.uk/2/hi/americas/5298178.stm
NYBob,
Yes Bob he is a problem and will slow down progress on the mine development. Also higher taxes will cut down on margins.
Just how much all this is priced into the pps is a question that I do not know. Maybe he will consider forced early retirement.
Is this a problem? Here's a few links that will hopefully
work -
http://www.iht.com/articles/2006/08/20/news/venez.php
http://news.xinhuanet.com/english/2006-08/21/content_4986648.htm
To 'Huntewr7' on 'Crystallex Internat CP'
thanks for all KRY info -
did you see the video and
what do you think about the
Chavez’s plans for Venezuela -?
perspectives from opposition party members and raw -
footage from the slums of Caracas -
Runtime 30 Minutes
http://www.informationclearinghouse.info/article13830.htm
NYBob,
Thanks for opening the board for KRY. From the earnings report they have approx. 4000 oz. of gold in stock (not sold). Their cost to produce is figured on oz. sold. Looks like if all gold had been sold they would have been at about break even. This leads me to believe when they are allowed to open the new mine after permitted the stock price will go up considerbly. They have already purchased much equip. 57 mil. worth in storage and will be shipped when required. There is much potential here with gold on its way to $1,000 a oz. I have come to a conclusion that now is a good time to buy for me. Just a small investors opinion that belives gold is on the way up.
Brown Gold - Venezuela's organic cocoa farmers
feed an insatiable market -
Venezuela's chocolate revolution
By Greg Morsbach
BBC News, Ocumare
Pink cocoa pods
Organic cocoa fetches much higher prices
Deep inside Venezuela's tropical forest a quiet revolution is taking place.
In the shade of the trees, pink cocoa pods ripen ready for the next harvest in early November.
The pods carry the white, sticky pulp which is used to make cocoa beans and later chocolate.
The type of agriculture being used just outside the village of Ocumare de la Costa, is having a big impact on the farming community and its families.
http://news.bbc.co.uk/2/hi/business/5235804.stm
Chavez hails Russian arms deals -
Venezuelan President Hugo Chavez has again
thanked Russia for supplying his country
with weapons, despite objections from
the United States -
bolshevikz President Putin (left) -
backed Venezuela's UN bid
- and US don't care for the buz.? -
or don't want to get involved in
the talk -
don't care? -
like a spoiled kid? -
it may end on the neg. side?
no energy or intelligence -
in the works anymore?
like to give everything away? -
makes the bolshevikz happy -
if nothing else?
http://news.bbc.co.uk/2/hi/europe/5221468.stm
Cool interview with Chavez. Either the guy is paranoid or spot he hit the nail on the head. Good job opening up the board. Also in NY> Propjoe from yahoo
Chavez’s political risk factors -
http://www.crystallex.com/content.aspx?id=23&
Political risk factors vs China - Russia
100% less risk than in China - 666 -
http://www.investorshub.com/boards/read_msg.asp?message_id=11912518
- 50% less risk than in Russia -
with the 100% bolshevikz putin old kgb-chef -
http://www.mbktrial.com/media/media.cfm
Chavez’s plans for Venezuela -
Report offers a never-before-seen interview with Chavez -
insight into Chavez’s relationship with the U.S. as -
Chavez’s plans for Venezuela -
perspectives from opposition party members and raw -
footage from the slums of Caracas -
Runtime 30 Minutes
http://www.informationclearinghouse.info/article13830.htm
Crystallex International -
DL (7/13/2006 1:39 AM)
T.KRY
Last: 3.41
Change: +0.04(+1.19%)
Volume: 564.28 k
Last Trade: 7/12/06
http://www.investorshub.com/boards/quotes.asp?ticker=t.kry
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The super red banksters cults -
Rothschilds World Part 1 "Glen, Rush, Michael...Here's to you boy's"
http://www.youtube.com/watch?v=yhKHwrUA5SM&feature=related
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