Crystallex (KRY) Shares Continue to Fall
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Crystallex (AMEX: KRY) commented today on market activity relating to comments made by the Minister of the Environment and Natural Resources of Venezuela ("MinAmb") regarding open pit mining in Venezuela.
Crystallex still maintains that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval, Construction Compliance Guarantee Bond Request and Environmental Tax request issued by the same Ministry. Both the posting of the Bond and payment of the requested Tax were satisfied in 2007 and Crystallex obtained receipt of acceptance. Additionally, MinAmb officials testified at a Venezuela National Assembly panel late last year that all the requirements for the issuance of the Las Cristinas Environmental Permit had been satisfied and that the Permit will be issued.
On May 12, 2008, Crystallex filed its appeal under the Venezuelan Administrative Law to MinAmb outlining the reasons and evidence that the proposed Las Cristinas operations were not only in keeping with Venezuelan Law but would clean up and deal with the severe environmental degradation as a result of decades of illegal mining activity in the area. Crystallex is also aware of its legal rights and remedies and will undertake whatever is necessary in order to protect its shareholders' rights.
Separately, yesterday, Crystallex reported a Q1 loss $0.04 per share (including $6.1 million unrealized loss on translation of future income taxes) compared to a $0.01 for the same period last year. Revenues were $5.9 million compared to $3.72 million for the same period last year.
Shares of KRY are down 8.43% ($0.07) in early trading and have dropped about 40% (from an intraday high this week. Shares are down 85% on a 52-wk basis, however, the company is still worth close to a quarter of a billion dollars. [SM]
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