Crystallex, Gold Reserve Fall as Venezuela Says No to Open Pit Mining

Shares in Crystallex Corp. (KRY) and Gold Reserve Inc. (GRZ) took a hit in late trading Thursday after news hit the wires that Venezuela will not allow open pit mining.

Crystallex shares were down 10% to C$0.90 approaching market close, while Gold Reserve shares were down 9% to C$1.96

Venezuela's environment minister Yubiri Ortega said the government will not allow open-pit mines for gold, diamonds or coal because the projects cause deforestation.