Patience, Crystallex Investors: The Venezuelan Government Will Eventually Come Through
Source: Seeking Alpha (9/25/07)
Reserves at Crystallex's Las Cristinas Project in Venezuela have increased by 24% or approximately 3.3 million ounces, according to Wellington West analyst Catherine Gignac.
She said in a note to clients that the increase was a combination of a higher gold price assumption of US$550 per ounce versus US$450 in 2005 and a drill program delineating the Las Cristinas property.
She added, however, that the current reserves of roughly 17 million ounces were negatively affected by rising operating costs at the project...
As for the ongoing delay in receiving the final permit for the project from the Venezuelan government, Ms. Gignac told frustrated investors that the government appears to support the development and simply has a different timeline than North American capital markets.