http://www.investorsparadise.com/forum/ http://www.eblah.com en http://www.investorsparadise.com/forum/m-1190716752/ http://www.investorsparadise.com/forum/m-1190716752/#num1 Author: Dorothy Kosich
Posted:  Tuesday , 25 Sep 2007

RENO, NV -

While proven and probable reserve estimates from Crystallex's Las Cristinas mine have been increased to nearly 17 million ounces of gold, President and CEO Gordon Thompson said Monday said he has no idea where the project will receive its final permit.

In a presentation to the Denver Gold Forum, Crystallex (TSX, AMEX: KRY) announced that Mine Development Associates of Reno has also updated Las Cristina's measured and indicated resources to 20.76 million ounces of gold. However, estimates for operating costs increased 28% to $9.81 per tonne of ore.

Richard Spencer, Crystallex's Vice President Exploration, said the project has an estimated 65-year mine life with $244/oz average operating costs for the first five years and an average $340/oz cost over the life of the mine. He attributed the $79/oz per cost increase to higher prices for cyanide and steel. ]]> Tue, 25 Sep 2007 06:39:12 popeye http://www.investorsparadise.com/forum/m-1143462285/ http://www.investorsparadise.com/forum/m-1143462285/#num1 German Retailer KarstadtQuelle Sells All Department Store Real Estate Assets in $5.39 Billion Deal

BERLIN (AP) -- Struggling German retailer KarstadtQuelle AG on Monday sold all of its department store real estate assets in a euro4.5 billion ($5.39 billion) deal that it said wipes its slate clean of financial liabilities.
The assets were sold to a joint venture company called Whitehall, a property fund of which U.S.-investment bank Goldman Sachs owns 51 percent and KarstadtQuelle 49 percent, the retailer said in a statement.

KarstadtQuelle said it would receive an immediate cash payment of euro3.7 billion ($4.43 billion), and expects to see an additional appreciation of the assets of around euro800 million ($960 million).

The transaction allows for "the complete redemption of group financial liabilities," the company said.

A total of 85 properties were sold to Whitehall, including 29 parking garages and 15 office buildings. As part of the deal, KarstadtQuelle is renting the properties back on long-term leases.

Independent of the deal, KarstadtQuelle said it sees an additional euro600 million ($718.14 million) being generated from the further sale of properties, such as office buildings, land and other assets.

Shares of KarstadtQuelle rose more than 2.4 percent to euro23.20 ($27.77) in Frankfurt trading after the report was released.

The Essen-based company, which is in the middle of a major restructuring that has included management changes and the sale of many assets, has suffered amid persistently sluggish consumer spending that has long acted as a brake on Germany's economy.

At the end of the third quarter in 2005, KarstadtQuelle's debt stood at around euro4 billion.

"The complete removal of debt for the company immediately opens new development and growth potential on the basis of a considerably less capital intensive business model," the company said.

KarstadtQuelle said it believes that its department store real estate property has a high value-appreciation potential.

The company said through the sale, it will achieve a high extraordinary income in its 2006 financial year and will "benefit from a sustainable and significant improvement of its group earnings."

The transaction is subject to approval of KarstadtQuelle's supervisory board.

http://www.karstadtquelle.com]]> Mon, 27 Mar 2006 07:24:45 DeMerchant http://www.investorsparadise.com/forum/m-1141135629/ http://www.investorsparadise.com/forum/m-1141135629/#num1
SEOUL, South Korea (AP) -- Investors including U.S. billionaire Carl Icahn were weighing their options Tuesday, a day after South Korea's dominant tobacco maker rejected their unsolicited offer to purchase the company.
The investors last week proposed in a letter to KT&G chief executive Kwak Young-kyoon an offer of 60,000 won, or $62, a share for the company, which makes tobacco products and items derived from ginseng, a root opular in Asia for its perceived health benefits.

Acting together as the KT&G Full Value Committee, the investors have become the second-largest shareholders in the company, amassing about 6.7 percent of its total stock since last year.

In a statement Tuesday, the group said it "reserves the right to take any and all action with respect to its investment in KT&G in the future, including the commencement of a tender offer if it determines to do so."

Warren Lichtenstein, chairman of the committee, said the investors were "disappointed" at the board's actions.

If the takeover attempt is successful, it would be the first unsolicited buyout of a major South Korean company by overseas investors.

Icahn and Lichtenstein have been calling for KT&G to float shares in its ginseng subsidiary and to sell landholdings to improve the company's share price.

KT&G argued Monday it has done well by its investors, claiming it has outperformed other international companies in the sector and Korea's main stock index, and that its share price rose 204 percent from January 2003 through earlier this month.

A showdown on the bid is expected at the company's annual shareholders' meeting set for March 17. The investors have nominated three people to compete for two openings for outside directors on the company's board.

KT&G shares rose Tuesday, gaining 0.2 percent to close at 57,500 won, or $59.]]> Tue, 28 Feb 2006 09:07:09 DeMerchant