Crystallex Leaps On News That Environmental Permit Is Near

Shares of Crystallex International (KRY), one of the mining plays in my recent gold spec field bet, leapt 15% Thursday on news that the company received notice from the Corporacion Venezolana de Guayana [CVG], that the requirements for the issuance of the environmental permit to commence construction have been fulfilled.

Mr. Gordon Thompson, Crystallex President and CEO commented, "The request by the Venezuelan Government for the posting of the Compliance Guarantee Bond and taxes further confirms our understanding that we've complied with the very final stage of the procedure for receipt of the environmental permit."

Bottom line: the permit is not in hand, and it is Venezuela - so anything is possible, but it looks very good right now. I still think that KRY can double or more from here.

DISCLOSURE: I am long KRY. Not a recommendation to buy or sell any security. For informational and educational purposes only.