Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Message: From GRZ's 10q yesterday

In addition to the management of our arbitration claim, we continue to explore efforts to facilitate a resolution of our dispute with the Venezuelan government, liquidate Brisas Project assets and evaluate other mining opportunities for a direct or indirect participation.

Throughout the second and third quarters of 2010, management of the Company met several times with working committees of MIBAM to discuss our investment dispute and the government's objective regarding the Brisas Project. In October 2010, the Venezuelan Attorney General's office and MIBAM requested a meeting with the Company to explore possible resolutions. Management believes that this meeting was positive primarily from the standpoint of attendance by the Attorney General's office and key members of MIBAM. While a general framework for proceeding with settlement talks was considered and the overall tone was constructive, there can be no assurance that a resolution to this investment dispute can be concluded as an alternative to completing the arbitration process.

The timing of our involvement in any new mining opportunity if any, and the amounts that may be required cannot be determined at this time and are subject to available cash, sale of equipment originally slated for the Brisas Project and/or future financings, if any.

New Message
Please login to post a reply