Crystallex International (KRY-T, KRY-X) has received word from the Director General in the Administrative Office of Permits at the Ministry of the Environment and Natural Resources of Venezuela that the legal rebuttal filed by Crystallex on May 12, 2008, has been denied.
A month ago, the director general of the Administrative Office of Permits at the Ministry of the Environment and Natural Resources of Venezuela effectively denied an environmental permit for Crystallex’s flagship Las Cristinas gold project, being co-developed with state-owned miner Corporacion Venezolana de Guayana.
Crystallex isn’t yet out of options: next it will appeal to the Minister of MinAmb within the next 15 business days.
The company says it a “number of legal avenues to pursue both in and out of Venezuela” in order to protect its shareholders’ rights.
Also a month ago, U.S.-based Gold Reserve (GRZ-T, GRZ-X) had its environmental and social impact assessment permit (ESIA) revoked at its smaller Brisas copper-gold project next door to Las Cristinas.
Crystallex’s stock moved little on the news in Toronto: it was up 2 cents to 82 cents in late day trading, with over half a million shares traded.
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