I already have a chit load of GLG, one of the cos rumored to be after KRY. Maybe that is the better LT investment.
If the rumor is true, KRY could literally explode from here, as a fair take over price would be much higher imo. A fair price would infer that the ownership rights to LC are valid. ============================================================== Hi "junior Sample"...... <gg>
FYI:
Gold analyst Ing explodes "one of the biggest myths" on Las Cristinas gold mine
Posted: Friday, June 20, 2003 By: David Coleman
In the latest issue of his Gold Stealth Bull Market financial newsletter, analyst John Ing says that one of the biggest myths on the North American stock markets is that Toronto headquartered Crystallex International Corporation (KRY) does not own the rights to the gigantic Las Cristinas gold mine in southeastern Venezuela.
Ing writes: "Las Cristinas was awarded to Crystallex on September 17, 2002 ... this exclusive operating agreement was signed with Venezuelan Guayana Corporation (CVG) a multi-billion state-owned company that was given authority to contract with third parties over the Las Cristinas property from the Ministry of Energy and Mines, as the executing authority under the Mining Law."
"Following the cancellation of the Placer Dome contract due to a notice of default (no gold was produced) the property was repossessed on behalf of the Republic of Venezuela under Venezuelan mining law. The contract was cancelled in early November 2001 and the assets were repossessed November 16, 22001. The contract was gazetted and the copper concessions were cancelled on March 6, 2002 ... Crystallex owns the rights: fact."
Ing continues: Crystallex has reported a reserve update at the 100% owned Las Cristinas gold project in Southeastern Venezuela where an independent study by Reno-based Mine Development Associates shows the deposit holds proven and probable reserves of 9.5 million ounces, grading 1.33 grams per tonnes.
Crystallex has hired SNC Lavalin, to complete a feasibility study of Venezuela's largest undeveloped deposit is expected this fall ... current plans call for an initial 20,000 tonnes per day operation, capable of producing oxide and sulfide ores with a capital expenditure between $225-$230 million. The first phase should produce 275,000-280,000 ounces of gold.
Deutsche Bank has been selected as project finance advisor and, despite earlier ownership questions, we believe that Las Cristinas does not have any of the political problems or lack of economics of other major projects.
Crystallex will not have to move villages, cemeteries or change their processing facilities to mine Las Cristinas ... the government is Crystallex' partner and with power, water and abundant labor, this is an excellent project.
The Gold Stealth Bull Market financial newsletter concludes: "We continue to recommend purchase since Crystallex has one of the lowest market cap per ounce of production with respect to other major underdeveloped projects. As such the longer the shares drift down here, the more likely the company will become a takeover candidate. Maison has assisted the company in recent financings."
VANCOUVER, June 23 /PRNewswire-FirstCall/ - Vannessa Ventures Ltd. (VVV: TSX, OTC-BB: VNVNF, Berlin: VVT - WKN 914781) announces that the Venezuelan Supreme Court has ordered an inspection of Las Cristinas on MINCA's request and has admitted MINCA's evidence against unilateral cancellation of the mining contract.
The Venezuelan Supreme court confirmed MINCA's legal standing in the conflict over the Las Cristinas Mining Rights when it ruled, on June 17, 2003, as inadmissible an objection filed by the CVG against a request by MINCA, that the court should carry out a juridical inspection of the Las Cristinas concession. The inspection will serve to provide evidence as to the damage done to the Las Cristinas infrastructure and property after the CVG takeover, during which the CVG/Crystallex administration of the property allowed the invasion by over a thousand small scale miners into the area who are using hundreds of hydraulic pumps to remove large quantities of surface gold.
MINCA has initiated a juridical inspection, supported by independent expert evaluators, to record the quality and condition of the Las Cristinas infrastructure and assets three days prior to the confiscation of those assets by the CVG in November, 2001. The CVG argued in its objection that MINCA had no right to request such an inspection since it had no further interest in the Las Cristinas Concession. The Supreme Court disagreed and, in addition to ordering the juridical inspection, approved all evidence as pertinent to MINCA's legal case against the unilateral cancellation of the contract by the CVG.
The Supreme Court also ordered that the State Defender's Office be notified that the nullity action regarding the CVG/MINCA Contract is proceeding and that the Court has ordered an official juridical inspection of the Las Cristinas concession.
A positive ruling for MINCA would reverse the effects of the CVG cancelling the MINCA/CVG Las Cristinas contract, restore the legal ownership of the over 11 million oz. gold deposit to MINCA/VANNESSA and invalidate any subsequent agreements concerning the property which were entered into by the CVG.
Should the CVG at that point have any claims against MINCA they will have to be addressed under arbitration as stipulated in the CVG/MINCA contract and as supported by a 2002 Supreme Court ruling which confirmed that any conflict involving the CVG/MINCA Agreement requires settlement under the terms of the contract which specifies arbitration as the exclusive and definite mechanism to resolve such conflicts.
Investigation by the National Assembly
CVG Press Releases claim that the investigation by the sub-commission of the Las Cristinas/CVG/Crystallex/MINCA affair has been completed and has ended in support for the CVG are misleading. When the official eight month investigation, carried out by a sub-commission of the Controller's Commission of the Venezuelan National Assembly, requested the cancellation of the CVG/CRYSTALLEX contract, a Venezuelan Congressman and strong supporter of the CVG/CRYSTALLEX relationship, Sr. Luis Velasques Alvaray, managed by political means to replace several commission members, suppress the official investigation by tabling his own report. He declared to the press on May 27, 2003, that his report was approved by all members of the Controller's Commission of the National Assembly and that the investigation was completed and closed. Several members of Congress, as well as the President of the Official Investigating Commission have objected to the replacement document which was not sanctioned by Congress and did not deal with irregularities in the CVG/Crystallex contract. Discussions are ongoing.
MINCA for its part is requesting that the Attorney General's Office investigate the Velasques Alvaray/CVG report for irregularities since its content is damaging to MINCA due to false and misrepresented information. Sr. Alvaray presented a report in October, 2001, which was produced without the participation of MINCA, did not meet the requirements and criteria for a Congressional Report, and was, therefore, annulled by Congress.
Vannessa is committed to defending its interest in the Las Cristinas Project and is confident that justice will prevail.
For further information please see www.vannessa.com, www.minca.com.ve or call 1-888-339-6339.
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