More hype flying in persistent Vannessa claim against Las Cristinas

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Monday, June 23, 2003 By: David Coleman

In a curiously worded weekend press release, Vancouver-based Vannessa Ventures (VVV) has signaled that it believes the Venezuelan Supreme Tribunal of Justice (TSJ) has recognized its legal standing in a lengthy conflict in which it claims that its US$50 purchase of Placer Dome (PDG) interests in the Las Cristinas 4, 5, 6 & 7 gold mine development is somehow valid.  In actual fact, the VVV super-hype is based on a TSJ preliminary move to submit Mineras Las Cristinas (MINCA) evidence against what it claims to have been the "unilateral cancellation" of a previously-held joint venture work contract.

Vannessa claims the court has ordered an inspection of Las Cristinas after June 17 decision which ruled inadmissible an objection by the Venezuelan Guayana Corporation (CVG) to an inspection of the Las Cristinas concession to review claimed damage done to infrastructure after the CVG had moved to legally rescind the MINCA contract and to award an exclusive operating contract to Toronto headquartered Crystallex International.

Vannessa claims that Las Cristinas has been invaded by over a thousand small-scale miners using hydraulic pumps to remove large quantities of surface gold.

The CVG argues that MINCA has no right to request any inspection since it had no further interest in Las Cristinas where MINCA says it had begun its own inspection, with independent assessors, three days before the CVG moved to take legal control of the property in November, 2001.

Flying a kite for North American stock market investors, the weekend-released Vannessa Ventures press release goes on to insist that an eventually positive ruling for MINCA would reverse the effects of the CVG cancellation of the MINCA/CVG Las Cristinas contract and somehow restore ownership to over the 11 million ounces gold deposit and invalidate any subsequent agreements entered into by the CVG.

In further hype, Vannessa Ventures claims that the CVG has misled the public by stating that a probe by a parliamentary investigation team into the Las Cristinas/CVG/Crystallex/MINCA affair has ended in support for the CVG ... "when the official 8-month investigation by a sub-commission of the Controller's Commission of the National Assembly, requested the cancellation of the CVG/CRYSTALLEX contract, a congressman and strong supporter of the CVG/CRYSTALLEX relationship, Sr. Luis Velasquez Alvaray, managed by political means to replace several commission members, suppress the official investigation by tabling his own report.  Velasquez Alvaray declared to the press on May 27, 2003, that his report was approved by all members of the Controller's Commission and that the investigation was completed and closed. Several members of Congress, as well as the President of the Official Investigating Commission have objected to the replacement document which was not sanctioned by Congress and did not deal with irregularities in the CVG/Crystallex contract. Discussions are ongoing."

"MINCA for its part is requesting that the Attorney General's Office investigate the Velasquez Alvaray/CVG report for irregularities since its content is damaging to MINCA due to false and misrepresented information ... Velasquez Alvaray presented a report in October, 2001, which was produced without the participation of MINCA, did not meet the requirements and criteria for a Congressional Report, and was, therefore, annulled by Congress."

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