Crystallex Permit Issuance Virtually Certain
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CONTRIBUTOR http://www.antandsons.com
Crystallex Corp. (AMEX: KRY) reported earnings late yesterday, announcing a net loss for the third quarter of $8.8 million, albeit less than the company's loss last year of $10.3 million during the same period. Despite the earnings release, shares of Crystallex are catching some momentum, higher by $.41, or 14.34%, to $3.27 on moderate volume of 2.8 million shares. What is really moving the stock is the fact that Crystallex updated shareholders and commented on the company's recent progress and activities, specifically its progress towards receiving a mining permit for its Las Cristinas operation. Todd Bruce, Crystallex President and CEO noted that the company attended the recent Venezuelan Canadian Business Forum and that dialogue was "extremely constructive." Crystallex management was able to speak with representatives of the Ministry of Environment and Natural Resources (MARN) and confirm that MARN "is expediting the process to issue the permit as soon as possible." Mr. Bruce continued by saying that Crystallex has "completed the agreements in principle to implement six joint regional projects and have officially submitted these agreements to MARN, MIBAM, the CVG, the Ministry of Basic Industries and Mining and the Canadian Ambassador." Despite the troubled past Crystallex has had in gaining approval, these statements should clear any doubt as to the future issuance of a permit to Crystallex. The stock is certainly reflecting this optimism and should finally be able to trade without the uncertainty over the permit weighing down on Crystallex shares.
http://www.antandsons.com
Crystallex Corp. (AMEX: KRY) reported earnings late yesterday, announcing a net loss for the third quarter of $8.8 million, albeit less than the company's loss last year of $10.3 million during the same period. Despite the earnings release, shares of Crystallex are catching some momentum, higher by $.41, or 14.34%, to $3.27 on moderate volume of 2.8 million shares. What is really moving the stock is the fact that Crystallex updated shareholders and commented on the company's recent progress and activities, specifically its progress towards receiving a mining permit for its Las Cristinas operation. Todd Bruce, Crystallex President and CEO noted that the company attended the recent Venezuelan Canadian Business Forum and that dialogue was "extremely constructive." Crystallex management was able to speak with representatives of the Ministry of Environment and Natural Resources (MARN) and confirm that MARN "is expediting the process to issue the permit as soon as possible." Mr. Bruce continued by saying that Crystallex has "completed the agreements in principle to implement six joint regional projects and have officially submitted these agreements to MARN, MIBAM, the CVG, the Ministry of Basic Industries and Mining and the Canadian Ambassador." Despite the troubled past Crystallex has had in gaining approval, these statements should clear any doubt as to the future issuance of a permit to Crystallex. The stock is certainly reflecting this optimism and should finally be able to trade without the uncertainty over the permit weighing down on Crystallex shares.
http://www.antandsons.com
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