<a href=new.stockwatch.com>StockWatch 2003-04-15 22:54 ET - News Release

VANCOUVER, April 15 /PRNewswire-FirstCall/ -- Vannessa is working diligently towards clearing up the legal entanglements of the Las Cristinas Concession and is again forced to comment on statements released by Crystallex which give the impression that the issue of Las Cristina's "Operational Rights" is settled and final and that Crystallex has secured final and binding rights over the deposit.

The following Crystallex statement is quoted from their latest newsrelease:

"Crystallex International Corporation dismissed as self-serving the allegations contained in Vannessa Ventures April 8, 2003 press release. Crystallex's Mining Operation Contract is a final and binding agreement based on the authority and the laws of the Republic of Venezuela and is not open to discussion."

For your information, please review the following publication made by the courts (after Crystallex objected to MINCA's court challenge against the validity of the CVG/Crystallex contract) in the Data Information Bank of the Supreme Court of Venezuela, Sala Politica Administrativa, on MARCH 27, 2003:

Dicisiones dictadas en:68.AA 40-a-2002-00/040: (Translation):

"It is hereby declared, that the application for inadmissibility presented by representatives of the company "Crystallex International Corporation" (CRYSTALLEX) will not proceed and consequently, the legal action is admitted, thus summoning the Corporacion Venezolana de Guyana in the person of its President, citizen Francisco Rangel Gomez and the company Crystallex International Corporation (CRYSTALLEX) in the person of its President, citizen Marc J. Oppenheimer. To serve the summons to the Corporacion Venezolana de Guyana (CVG), it was agreed to commission the First Tribunal of the District of Caroni in the Second Circuit of the Judicial Circonscripcion of Bolivar State."

The Crystallex newsrelease also states: "that the Republic of Venezuela fully supports Crystallex in regards to the Las Cristinas Mining Operation Contract". The company refers to support by the President of the CVG, who signed the Contract, and several members of congress who have traditionally supported Crystallex in its efforts to gain control of Las Cristinas.

Other members of congress however have taken offense to these earlier statements of support and have declared that those members are presenting there own, personal opinion and not the opinion of the Republic nor are they officially authorized to do so.

Quote from the Venezuelan Daily NUEVA PRENSA published on October 23 2002:

"Delegate Mora said, that the statement made by Deputy Luis Salas, president of the Mines and Energy Committee of the General Assembly, on the support offered Crystallex by this institution to develop and operate the gold mines of Las Cristinas in the State of Bolivar, was absolutely false.

"It was unanimously resolved in the National Assembly to reopen the case of Las Cristinas in two separate sessions, starting an investigation to establish why the contract with the previous holder of the contract had been terminated.

He also stated that the exploitation of the Las Cristinas could not be arbitrarily assigned, since it must be done through a bidding process.

Vannessa Ventures Ltd.

CONTACT: Phone Investors Relations, Vannessa Ventures Ltd., 1-888-339-6339

moneycentral.msn.com

As an avalanche of earnings news descends, read between the lines for real clues about the direction of the economy and market. Here are the details that really matter. By Michael Brush If the rush of negative news this earnings season gives you a headache, here’s simple way to ease the pain: Ignore it. Yes, earnings are bad, but so what? We knew they would be. But as you’re ignoring the profit numbers, there are some details you should be paying attention to. To steal a phrase from Defense Secretary Donald Rumsfeld, we'll call them “snippets of intelligence.” Here are the key “snippets” to keep in mind this earnings season when searching for clues about the direction of the economy and the market: Snippet # 1: Watch sales, not earnings Cost-cutting is once again propping up corporate earnings this quarter. So earnings don’t tell us much about the economic trends that hold the key to the future of the stock market. To get the 411 on the economy, it’s best to watch sales trends instead. Sales at S&P 500 companies actually advanced a healthy 10% last quarter. “With numbers like that, to us it doesn’t seem that things are so bad,” says Alex Motola, of Thornburg Investment Management in Santa Fe, N.M. “But we’re looking for follow-through this quarter.” He says anything above a 5% gain for S&P 500 sales is a good sign. “That would be big,” says Motola. “That would tell us that despite all these concerns about the economy and the consumer, companies are still performing.” As for the cost-cutting, it will gain significance in due time. “All the cost-cutting means the earnings leverage will be huge when the economy picks up,” says Timothy Ghriskey, of Ghriskey Capital in Greenwich, Conn. Snippet # 2: See if recovery hopes are postponed -- again Like a promise never kept, that hoped-for economic revival “two quarters from now” keeps getting postponed. Will companies deliver the same bad news this quarter? “I’ll be listening to all the leaders . . . to find out if they see any change in the outlook for the second half of the year,” says Hugh Johnson, chief investment officer at First Albany. He thinks companies will keep postponing the optimism, and the second half will be bleaker than people now expect. One reason: Worries that oil prices may hang in the $25 to $30 range because of supply problems in Venezuela and Nigeria. If he’s right, don’t expect much pizzazz in the stock market -- especially as we move toward the seasonally weak late summer and autumn months. Capital spending forecasts will be key to watch, because companies need to start spending to rev up an economy still supported mainly by the consumer. The three sectors whose capital spending guidance you should follow the most are technology, industrials and basic materials, says First Call’s Chuck Hill. Analysts are currently looking for a healthy 53% gain in third-quarter tech earnings over the prior year, says Hill. And they’re looking for 24% gains in basic materials and 7% gains at industrial companies. To get a sense of whether these forecasts will hold up, listen closely to big players in these fields such as Hewlett-Packard (HPQ, news, msgs), DuPont (DD, news, msgs), Dow Chemical (DOW, news, msgs), International Paper (IP, news, msgs), Alcoa (AA, news, msgs), General Electric (GE, news, msgs), Honeywell (HON, news, msgs) and United Technologies (UTX, news, msgs). If the forecasts fail, expect trouble. “It’s the postponement of Nirvana to the next time level that will really crunch the market,” says market analyst Phil Erlanger of Erlanger Squeeze Play. As for the all-important consumer, major retailers such as Wal-Mart Stores (WMT, news, msgs), Target (TGT, news, msgs) and J.C. Penney (JCP, news, msgs) already release sales data on a weekly or monthly basis. So you won’t need to wait until May, when retailers report quarterly earnings, to get a read on consumer strength. Investors can get some insight on trends in home mortgage refinancing -- a big supporter of consumer spending in recent times -- from conference calls of big mortgage players in the field like Washington Mutual (WM, news, msgs). Snippet # 3: Watch credit quality In a sinking business climate, before many other signs of economic weakness emerge, companies and people often have trouble paying their debts. That’s why Mark Petrie, of Hokanson Capital Management in Encinitas, Calif., will be listening closely to what banks say about growth in nonperforming (read: dud) loans, and reserves against that bad debt. Capital One Financial (COF, news, msgs) and MBNA (KRB, news, msgs) are great proxies for the quality of consumer debt, says Petrie, noting that they're the two largest credit-card issuers in the nation. FleetBoston Financial (FBF, news, msgs) and Bank One (ONE, news, msgs) have big exposure to commercial credit and consumer debt, as well. Regional banks also play a big role. For economic forecasters, what all these banks say about bad debt means more than their earnings. Snippet # 4: Focus on the fear “As always, the key is not what the news is, but how stocks react to it,” says Erlanger. In a twisted sort of way, bad is good. To set the stage for a meaningful stock advance, Erlanger would like to see bad news create deep fear near term -- preferably this earnings season. “Part of the purpose of a bear market is to create a foundation of doubt and that 'wall of worry' that the market can climb,” says Erlanger. “Bearish sentiment is the fuel for a bull market.” To measure investor fear, Erlanger follows a few volatility indices; these are tools that measure anxiety levels by tracking stock-option volatility. Higher numbers mean more anxiety. Erlanger would like to see the Chicago Board Options Exchange (CBOE), Nasdaq Volatility Index ($VXN.X) climb back to the 70-80 range. It recently was around 40. He’d also like to see the CBOE Volatility Index ($VIX.X) in the 50-60 range. It was recently below 30. Even an intraday move into these ranges would be enough, he calculates, to produce a "healthy" base of fear. Short selling also has to increase. Snippet # 5: See if guidance keeps flowing High-profile companies from McDonald’s (MCD, news, msgs) and Sun Microsystems (SUNW, news, msgs) to AT&T (T, news, msgs) and Mattel (MAT, news, msgs) have suspended earnings guidance. Take it as a bad sign if more companies follow their lead. “Let’s face it, if the guidance were good news, they would give it,” says Erlanger. No one formally tracks the number of companies suspending guidance. So you’ll have to rely on anecdotal reports. Snippet # 6: Watch transportation stocks As arcane as it sounds, the behavior of transport stocks such as CSX Corp. (CSX, news, msgs) in the rail realm, Airborne (ABF, news, msgs) in air freight and Continental Airlines (CAL, news, msgs) can tell you a lot about whether we are headed toward stronger economic growth. That’s why the Dow Jones Transportation Index ($DTX.X) will be watched closely by John Hussman, an economist whose Hussman Strategic Growth Fund (HSGFX) has advanced an impressive 47% since its launch in July 2000. The results of transport companies -- and how their stocks trade -- tell you a lot about the outlook for the economy for three reasons, says Hussman. First, of course, transport companies link producers and customers. Second, they use a lot of energy. So how their stocks behave can give you a read on the market’s outlook for energy prices. Third, transport stocks -- especially the airlines -- have a lot of debt. So how these stocks act tells you a lot about the market’s attitude to bankruptcy and loan-default risk. Since markets anticipate news, you’ll see transport stocks advance ahead of clear signs of improvement in any of these areas. But early hints of improvement may flow out in conference calls by transport companies. “If we were to see strength in the transports, particularly if it were accompanied by a decline in oil prices, that would be a fairly good signal that the market climate has shifted to a more constructive tone,” says Hussman. Snippet # 7: Seek proof that the war really did hurt business About 80% of the companies that used this excuse were probably fibbing, figures John LaForge, a money manager with the Phoenix-Hollister Value Equity Fund (PVEAX). Some, though, really did see orders decline because of uncertainty during the war in March. You’ll be able to spot them because in their conference calls they’ll say orders picked up again in April. LaForge says this will play out in areas where fundamental demand is strong but where buyers had put off orders to hit their first-quarter profit targets. A likely hunting ground: companies that sell equipment used in video on demand, which is becoming more popular among customers of cable companies such as Comcast (CMCSK, news, msgs) and Cox Communications (COX, news, msgs). Phoenix-Hollister has a position, for example, in Concurrent Computer (CCUR, news, msgs), which sells servers used in video on demand. Says LaForge: “In March their customers told them, ‘We don’t want to buy now because we want to make sure we make our numbers, but come April we are going to buy.’” You’ll know for certain April 24, when Concurrent releases its first-quarter earnings. It’s no sure thing that concerns about geopolitical tensions are behind us. “Historically, the war effect lifting the market is based on the euphoria of seeing peace,” says Ghriskey. “But if the mop-up effort in Iraq becomes ugly, and if North Korea becomes ugly, then there are more problems ahead of us in the economy and the market.”

At the time of publication, Michael Brush did not own or control shares in any of the companies listed in this column.

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, April 15, 2003 By: Bob Dang

VHeadline.com reader Bob Dang writes: Hi, I'm a Canadian University student, who just wanted to say that i think your President Hugo Chavez is a great man.

I just watched an Irish documentary called: Chavez inside the coup.

If you have not seen this documentary, I highly recommend it, for in it lies the truth.

I was wondering if you could recommend it to be played on the state-owned channel in Venezuela (channel 8). I really hope that Venezuelans come to realize that Chavez is for the people ... he wants to distribute the wealth back to where it belongs: you.

These social reforms require a vast amount of capital ... capital that can only be gained with the new hydrocarbon bill coming into effect (i.e. the dismantling of PDVSA).

• I hope your country finds the stability, security and riches that it's people deserve.

Have a good day and thank-you for reading my e-mail.

Bob Dang freshjive112@rogers.com

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JOAQUÍN RIVERY TUR – Granma daily special correspondent –

CARACAS.— President Hugo Chávez successfully closed the World Solidarity with Venezuela Encounter; a four-day conference in the capital that demonstrated the strength of the Bolivarian people’s struggle to carry their dreams forward.

After greeting Carlos Lage and other visitors, President Hugo Chávez declared that neither the economy nor financial markets are able to dictate to the world because, to date, they have led the world down turbulent paths.

He expressed his gratitude at the clarity and passion of the ideas and suggestions expressed throughout the meeting, and stated that "the world is as important to us as Venezuela and if this wasn’t so, the Revolution wouldn’t be Bolivarian."

He emphasized that revolution and solidarity should be globalized, adding that this World Meeting had exceeded all expectations and should be repeated in the future, as it had been very fruitful.

Chávez mentioned that he and Evo Morales had discussed the idea of organizing a meeting in Venezuela for the continent’s indigenous populations. Some of the comrades in Miraflores Palace had also pressed for a campesino meeting and there were plans to stage a World Youth Festival in Venezuela as well.

He recalled that, shortly before he died, Bolívar had thought that he was not getting anywhere but, as Chávez pointed out, he is more alive today than ever before.

"Today we are commemorating the first popular victory of the 21st century," he stated. "And one of the reasons for this success can be attributed to what Túpac Amaru said when they were tearing him into pieces. He announced that he would return to the earth in a million different pieces."

Today the Venezuelan people cannot be manipulated by media campaigns and are taking up their own battles to defeat any internal or external attempt to set back the Bolivarian Revolution, he added.

The President stressed that today there is a driving force behind the Revolution and nothing or nobody can stop it. He went on to say, "we can only walk down the road of revolution, it is the only one allowed."

LAGE’S SPEECH

Carlos Lage made a brief speech on behalf of the Cuban delegation to express gratitude for the profound show of solidarity that Venezuela has given to the Cuban Revolution.

"It was almost impossible to walk the streets without someone approaching and saying ‘Viva Cuba,’ or sending greetings to Fidel and the Revolution. Even to the point of making unnecessary excuses for the terrorist aggression against the Cuban embassy in Caracas." He underlined that "the Cuban Revolution arose from our history, from our realities and the unity of our people and the wise leadership of comrade Fidel have beaten 40 years of imperialist blockade. The Bolivarian Revolution is born from Venezuela’s history, from the roots of the Venezuelan people, and it is here – and we must not forget this – that the struggle for Latin American independence began 200 years ago.

"Yesterday afternoon I saw the Bolivarian Revolution with my own eyes and I touched it with my own hands. I left the hotel where I was staying and I climbed the hills, Las Malvinas, Tamarindo, Gran Colombia. We visited people’s houses and when we came out there was a sea of children with their parents, chanting to us, ‘Ooo, aah, Chávez is not going.’ "

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, April 15, 2003 By: Oscar Heck

VHeadline.com commentarist Oscar Heck writes: According to a recent article in the Boston Globe: “Enrique Salas Romer, who lost to Chavez in the 1998 election and may run again, says the opposition coalition is now focusing on a single theme -- the economy. Unemployment is close to 30 percent, according to unofficial estimates … “We're now entering a new phase in which the debate will center around human rights -- mostly the right to eat,'' Romer said.”

What a farce!

Typical of the Venezuelan opposition! I hope that no one will believe statements such as: “…human rights -ú the right to eat.”

The vast majority of the Venezuelan middle and upper classes (the majority of the opposition people) really couldn’t care less about poorer Venezuelans!

I will explain: Romer is equating “the right to eat” with “human rights.” Fulfilling a “dream” such that every Venezuelan has enough to eat, is the typical and historical middle-to-upper class tactic to justify their “civilized” and “acceptable” control of Venezuelan society!

It has “always” been enough (for the upper classes - the 20%) that the 80% has enough to eat … and nothing more! Nothing more!

Chavez is trying to make sure that the poor have:

• access to food at good prices (by-passing speculators)
• access to good education (with filled stomachs)
• the ability to start their own businesses (not having to depend on a “boss” who pays minimum wage)
• dignity, not to get pushed around with lies and threats from the upper classes
• the ability to complain and report corruption and abuse
• and much more…

The above list (what Chavez is attempting ... but much being sabotaged by opposition people) represents only a partial list of what the ruling classes do not want.

• They do not want the 80% to be well-educated, otherwise they will have to share real jobs with “others” who are not part of the “mafia” families (e.g. PDVSA’s surplus employees).
• They do not want the 80% to know how to defend themselves, so that they can keep on abusing them under threat of dismissal or death (e.g. forcing employees to sign papers in support of the mafia-organized stoppage).
• They do not want the 80% to feel dignity, otherwise the will have to import maids (slaves?) from some other country (and pay higher wages!).
• They do not want the 80% to learn how to start their own businesses, otherwise the “cheap labour” work force will diminish, forcing them to pay higher wages and lowering their profits from 3000% to 1000% !

As for a political platform based on “the economy” ... this is another joke.

Who ruined the economy? Chavez?

No, it was the opposition themselves, including Romer, a staunch supporter of that “criminal” opposition. Now “they” want to propose ideas to “fix” the economy? I would not trust these guys for a second!

The opposition wants a referendum. If Chavez loses the referendum and elections are called, it is almost sure that Chavez will win (with an estimated vote of 40-45%). What will the opposition mafia do then?

• Will they continue to use illegal, unethical, immoral and criminal methods to continue trying to oust a democratically elected leader from power?

My prediction is, yes. They seem to have learned very little in the last year: a failed USA-backed coup, a failed two-month CTV/Fedecamaras-led stoppage of Venezuelan industry, a failed attempted shut-down of the Venezuelan banking system, a failed teacher’s stoppage in January 2003, a futile call for an unofficial referendum do dissolve the present government … and finally, the falling-apart of collaborative relations between different sectors of the opposition.

Oscar Heck Oscar@vheadline.com

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Referendum 2003 discuss the pros and cons of a revocatory referendum

President Hugo Chavez Frias express your opinions on the Presidency of Hugo Chavez Frias and his Bolivarian Revolution

Bolivarian Circles Are Bolivarian Circles a Venezuelan form of Neighborhood Watch Committees or violent hordes of pro-Chavez thugs?

Venezuela's Opposition What is it? Is a force to be reckoned with or in complete disarray?  

Our editorial statement reads: VHeadline.com Venezuela is a wholly independent e-publication promoting democracy in its fullest expression and the inalienable  right of all Venezuelans to self-determination and the pursuit of sovereign independence without interference. We seek to shed light on nefarious practices and the corruption which for decades has strangled this South American nation's development and progress. Our declared editorial bias is pro-democracy and pro-Venezuela ... which some may wrongly interpret as anti-American. --  Roy S. Carson, Editor/Publisher  Editor@VHeadline.com    © 2003 VHeadline.com All Rights Reserved.  Privacy Policy Website Design, hosting and administration by: Integradesign.ca