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Romania: Gabriel Resources to pursue the avenue of international arbitration

, Investors

Gabriel currently owns an 80.69 percent equity interest, with the 19.31 percent balance held by
Minvest Roşia Montană S.A., a Romanian state-owned mining enterprise. Gabriel Resources Ltd announced the publication of its Third Quarter Financial Statements and Management’s Discussion and Analysis Report for the period ended September 30, 2015.
“We are hugely disappointed that there remains no engagement with the Romanian Authorities despite formal notification of this dispute almost ten months ago. Gabriel has been given no alternative but to pursue the avenue of international arbitration in order to protect its rights. Although the arbitration process is now underway, we have always been committed to the construction and operation of a world class gold mine at Roşia Montană and our overriding wish remains that an amicable resolution can be reached. ”Gabriel is a TSX-listed Canadian resource company whose activities have been focused on permitting and developing the world-class Roşia
Montană gold and silver project in Romania over the past seventeen years. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held by Roşia Montană Gold
Corporation, a Romanian company in which Gabriel currently owns an 80.69 percent equity interest, with the 19.31 percent balance held by Minvest Roşia Montană S.A., a Romanian state-owned mining enterprise. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate. It is anticipated that the Project would bring over US$24 billion (at US$1,200/oz gold) to Romania as potential direct and indirect contribution to GDP and generate thousands of employment opportunities. Gabriel has sought to build a state-of-the-art mine using best available techniques and implementing the highest environmental standards whilst preserving local and national cultural heritage in Romania.
Gabriel Resources Ltd. is a Canada resource firm engaged in the exploration and development of precious metal mineral properties in Romania. The company has a market cap of $80.67 million. Gabriel has two mineral projects located in Romania and is focused on permitting and developing the project at Rosia Montana, which is one of the largest undeveloped gold deposits in Europe. It currently has negative earnings. The Firm conducts all of its activities in Romania through Rosia Montana Gold Corporation (RMGC). The stock closed at $0.21 during the last session. It is down 56.25% since April 9, 2015 and is downtrending. It has underperformed by 54.96% the S&P500.

 

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