Monday, 27th March 2006 (2836 views)

The Las Cristinas gold project in Venezuela has been approved by the country's Ministry of Basic Industry and Mining (MIBAM).

The engineering and design for the $179 million project is fundamentally complete according to a press release from the company and so it is expected that construction on the site will begin soon.

The mine is expected to be in operation by early 2008 and is expected to produce 300,000 ounces of gold per year over the first five years.

Todd Bruce, the president and chief executive of Crystallex, said: "This formal approval by MIBAM represents the crucial cornerstone for the development of the Las Cristinas gold project."

When completed the development will be one of the Canadian-based company's principal assets in Venezuela, alongside the Tomi Mine, Revemin Mill, and Lo Incredible properties.

 

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