Crystallex says Venezuela commission backs its mine
OTTAWA, Oct 26 (Reuters) - Crystallex International Corp (KRY.TO) (KRY.A) said on Friday that a Venezuelan government commission has recommended the environment ministry grant a license allowing development to start at the company's long-stalled Las Cristinas gold-mining project.
The Venezuelan National Assembly's commission of economic development, in a report published on Friday, repeated demands that the Ministry of Environment grant Crystallex a license, the Canadian miner said.
"The report has confirmed our position and expectations and we look forward to constructing this project once the (Ministry of the Environment and Natural Resources) permit is issued," Chief Executive Gordon Thompson said in a statement.
The commission said that Crystallex has met the legal, technical and feasibility study requirements for the permits to be granted, the company said. It also said the permit delay is hurting the company, which continues to pay staff and maintenance costs.
Crystallex has struggled to get the mine to production since winning a contract to develop the deposit in 2002.
Its shares rose as much as 24 percent after Crystallex released its statement. At midday they were up 41 Canadian cents, or 17 percent, at C$2.92 on the Toronto Stock Exchange and up 39 cents at $3.03 on Amex.
($1=$0.96 Canadian)
