Cash and equivalents of US$21.6 million at the end of the first quarter should be sufficient to fund Crystallex International‘s (KRY-T, KRY-X) operations through the end of the year, the company says.
The Canadian gold mining company’s principal asset is its Las Cristinas gold project in Venezuela. Crystallex has tried to move the project ahead since it won a contract to mine it in 2002, but has yet to secure an environmental permit.
The company is still awaiting a response from the Ministry of Environment and Natural Resources regarding its appeal last June to the Ministry’s denial of the permit.
On Mar. 2, 2009, the Corporacion Venezolana de Guayana, or CVG, which granted Crystallex exclusive rights to develop and mine the gold deposit, confirmed that Crystallex was in compliance with the mine operating contract.
Losses from operations were US$5.2 million or US2¢ per share in the first quarter, compared with US$11.2 million or US4¢ per share in the first quarter of 2008.
At presstime in Toronto, the company was trading at 34¢ per share. Its 52-week trading range is 10¢-$1.49 per share and the company has 294.8 million shares outstanding.
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