Something Fishy With Crystallex
Todays action was another down move perpetrated by the news yesterday:
Chavez May Propose Bill to Take Over Mine Ventures (Update7)
June 12, 2006 17:52 EDT — Venezuelan President Hugo Chavez may propose legislation allowing for government takeovers of mining companies, said the head of a congressional mining panel.
However, Crystallex came out saying this:
Crystallex International Corporation (TSX:KRY.TO – News)(AMEX:KRY – News) – commented today that there has been considerable confusion resulting from yesterday’s press coverage on possible revisions to the Venezuelan mining law, namely the incorporation of mixed companies as an exploitation structure in the mining sector. The Government stake in such mixed companies would be at least 51%……It is important therefore to stress that the mixed company model under discussion is not applicable to the Crystallex Las Cristinas operating contract as the draft mining law provides express recognition of existing contracts which are in proper execution and good legal standing.
I bought some today near the lows which is an 11.5% gain.
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