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Venezuela’s bid to boost gold reserves bad news for Crystallex

Posted on 06 November 2008

From Theglobeandmail.com: Venezuelan President Hugo Chavez’s government says it is taking over one of the world’s largest gold deposits, operated by Toronto’s Crystallex International Ltd., because it needs to boost its gold reserves amid the global financial crisis.

The nationalization of the Las Cristinas project, which Crystallex has said could contain more than 16 million ounces of gold worth about $11.8-billion (U.S.) at today’s prices, could prove the death knell for the junior miner’s decade-long struggle to build the mine….. Full Article: Source


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