Crystallex's Request for Arbitration Registered by the World Bank's ICSID
March 10 2011 - 9:01AM
Marketwired
Crystallex International Corporation (TSX: KRY)(NYSE Amex: KRY)
announced today that its February 16, 2011, Request for Arbitration
before the Additional Facility of the World Bank's International
Centre for Settlement of Investment Disputes ("ICSID") against the
Bolivarian Republic of Venezuela ("Venezuela") has been registered
by the Secretary General of ICSID.
The arbitration, pursuant to the Agreement between the
Government of Canada and the Government of the Republic of
Venezuela for the Promotion and Protection of Investments (the
"Treaty"), was commenced by Crystallex following the Venezuelan
Government's failure to propose any resolution to the dispute
notified by Crystallex on November 24, 2008 and the subsequent
unlawful termination on February 3, 2011, of the Las Cristinas Mine
Operation Contract ("MOC").
Crystallex's claim is for breach of the Treaty's protections
against expropriation, unfair and inequitable treatment and
discrimination. Crystallex is seeking restitution by Venezuela of
Crystallex's investments, including the MOC, the issuance of the
Permit to develop Las Cristinas and compensation for interim losses
suffered, or alternatively full compensation for the value of its
investment in excess of US$3.8 billion.
The details of the registration are available on ICSID's website
at http://icsid.worldbank.org/ICSID/.
About Crystallex
Crystallex International Corporation is a Canadian based
company, whose principal asset is its interest in the Las Cristinas
gold project located in Bolivar State, Venezuela. Crystallex shares
trade on TSX (symbol: KRY) and NYSE-Amex (symbol: KRY).
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities laws, including: statements
relating to the expected timing of completion of the transactions
contemplated by the Agreement, estimated reserves and resources at
Las Cristinas; anticipated results of drilling programs,
feasibility studies or other analyses; the potential to increase
reserves and expand production, at Las Cristinas; Crystallex's
projected construction and production schedule, and cost and
production estimates, for Las Cristinas; and management's
statements regarding its expectations regarding mining in
Venezuela. Forward-looking statements are based on estimates and
assumptions made by Crystallex in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that Crystallex
believes are appropriate in the circumstances. Many factors could
cause Crystallex's actual results, performance or achievements to
differ materially from those expressed or implied by the forward
looking statements, including: the conditions to the transactions
contemplated by the Agreement not being satisfied, gold price
volatility; impact of any hedging activities, including margin
limits and margin calls; discrepancies between actual and estimated
production, between actual and estimated reserves, and between
actual and estimated metallurgical recoveries; mining operational
risk; regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign investment;
speculative nature of gold exploration; dilution; competition; loss
of key employees; additional funding requirements; and defective
title to mineral claims or property. These factors and others that
could affect Crystallex's forward-looking statements are discussed
in greater detail in the section entitled "Risk Factors" in
Crystallex's Annual Information Form (which is included in the
Annual Report on Form 40-F that Crystallex files with the United
States Securities and Exchange Commission (the "SEC") and elsewhere
in documents filed from time to time with the Canadian provincial
securities regulators, the SEC and other regulatory authorities.
These factors should be considered carefully, and persons reviewing
this press release should not place undue reliance on
forward-looking statements. Crystallex has no intention and
undertakes no obligation to update or revise any forward-looking
statements in this press release, except as required by law.
Contacts: Investor Relations Contact: Crystallex International
Corporation Richard Marshall, VP (800) 738-1577 info@crystallex.com
www.crystallex.com
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