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
Crystallex International Corporation
(KRY: TSX and Amex)
Head Office: Toronto, Canada
Crystallex International Corporation is headquartered in Toronto, Canada and has operations and exploration properties in Venezuela. Its principal asset is the Las Cristinas project in Bolivar State, which is currently under development. Las Cristinas’ estimated 17 million ounces of gold positions Crystallex as one of the largest North American-based gold companies in terms of reserves.
Las Cristinas is expected to commence commercial gold production approximately 24 months after receipt of the environmental permit at a processing rate of 20,000 tonnes per day (tpd). Production is expected to average 256,000 ounces a year for the first five years and 233,000 ounces a year for the 65-year mine life. With possible expansion to a 40,000 tpd operation, Las Cristinas’ production would average approximately 500,000 ounces a year.
The remarkable quality of the Las Cristinas property has allowed Crystallex to attract an exceptional management team. Led by Robert Fung (Executive Chairman & CEO), Robert Crombie (President), William Faust (COO & Senior VP) and Hemdat Sawh (CFO), Crystallex has the depth of experience and discipline seeking to maximize the value of Las Cristinas for its shareholders.
Crystallex’s exploration efforts to date indicate that gold mineralization at Las Cristians remains open at depth and in certain areas at surface. Las Cristinas thus has considerable potential to grow even further.
Las Cristinas – In September 2002, Crystallex signed a Mining Operation Contract with the Corporacion Venezolana de Guayana (CVG) which granted Crystallex exclusive rights to develop and exploit the gold deposits on the Las Cristinas property. Calculated at a US$550 per ounce gold price, Las Cristinas has estimated reserves of 17 million ounces of gold, contained in a measured and indicated resource of 20.8 million ounces.
The Company continues to progress its objective of becoming a significant intermediate gold producer. Crystallex expects to commence gold production in 2010 at its base case level of 20,000 tonnes per day (“tpd”). Las Cristinas engineering and design work is essentially complete; all Long Lead items have been fabricated and/or secured. To date, expenditures are at US$114 million under the EPCM contract. In the first five years of full operation Las Cristinas average production for the 20,000 tpd base case will amount to approximately 252,000 ounces a year at total cash costs of US$258 per ounce.
Crystallex has already completed a Pre-Feasibility Study for an expanded 40,000 tpd operation and plant facilities will be constructed in modular fashion to facilitate future expansion and increased production. The 40,000 tpd case would see production for the first five years average some 500,000 ounces per annum.
Crystallex's existing operations produced 33,567 ounces of gold in 2007. Crystallex is currently mining and processing ore from open pit and underground mines on the Tomi concession.
The Company’s shares are traded on the Toronto Stock Exchange and on the American Stock Exchange under the symbol KRY.