Crystallex is Making Investors KRY

Canadian gold miner Crystallex International Corp. recently said that it has completed "the very final step" to gain a permit allowing construction of its Las Cristinas mine in Venezuela. The environmental impact study for the project, one of the world's largest undeveloped gold deposits, has been approved by Venezuela's Ministry of the Environment and Natural Resources.

Anyone who has followed Crystallex over the last year or so can attest to the roller coster ride this stock has been on. Check-out their chart and you will see lots of peaks and valleys.

Crystallex trades on the TSX with symbol KRY

Check-out Crystallex on Google Finance

Crystallex International Corporation is engaged in the production of gold and related activities, including exploration, development, mining and processing in Venezuela. The Company's principal asset is its interest in the Las Cristinas Project located in Bolivar State, Venezuela. Recently, the gold miner received an environmental permit which is the last step before getting a permit to start construction. The fate of KRY's stock price rests with Venezuelian "socialist" president, Mr chavez.

With the recent nationaliztion of the oil industry in Venezuela, doing business there is not exactly straight-forward. However, all signs point towards Crystallex getting the green-light to start construction. And if and when it does, expect the stock to soar. Las Cristinas mine in Venezuela has massive gold reserves.

RBC (Royal Bank of Canada) rates this stock a strong buy. TheStreat.com has upgraded KRY from a sell to a hold. Make no mistake, this stock is very risky. My downside prediction of share-price if Las Cristinas mine doesn't happen is about $2. Upside though is in the $7 - $10 range. If you've got some disposable cash and are a gambling person, this might be a bet you want to make.

DISCLOSURE: I own shares in Crystallex. This is a very speculative investment, and it may cause you to KRY. Do your homework, see if this stock is good for you.