TORONTO--(Marketwire - Apr 18, 2012) -
PRESS RELEASE FOR IMMEDIATE RELEASE TSX Trading Symbol: GBU April 18, 2012 Court Decision Reaffirms Urbanism Certificate 87/2010 for Gabriel's Rosia Montana Project Gabriel Resources Ltd. ("Gabriel" or the "Company") is pleased to report that today a decision of the Cluj Tribunal (the "Tribunal") reaffirmed the validity of the Urbanism Certificate 87/2010 ("UC87") thus ruling in favour of Gabriel's 80.69%-owned Romanian subsidiary, Rosia Montana Gold Corporation ("RMGC"). In its ruling, the Tribunal rejected an action filed by two non-governmental organisations ("NGOs") requesting the cancellation of UC87 issued for the Rosia Montana Project ("Project"). This is the second such petition rejected by the courts, after the Bucharest Tribunal rejected a similar action in December 2011. Prior to that ruling, in May 2011, the Bucharest Court of Appeals also rejected a petition for the suspension of UC87. This decision marks the 15th court victory for the Project from 16 hearings since 2010. In a recent open letter to senior Romanian politicans, the Cultural Hungarian Association from Abrud and Rosia Montana stated that "the Company has allocated and will allocate major financial and human resources for the preservation of the heritage assets and the development of a modern and responsible mining project". The Company continues to advance the Project through the Technical Assessment Committee ("TAC") process to complete the Environmental Impact Assessment ("EIA"). Jonathan Henry, President and CEO of Gabriel Resources, stated:"This court decision is another victory for Romanian people and all other stakeholders of the Rosia Montana Project over a small minority that is intent on impeding much needed economic activity and job creation in Romania. Our progress towards successful conclusion of the TAC review and EIA is well advanced and we are working towards a positive conclusion as quickly as possible." For further information on this press release, please contact: Jonathan Henry President and Chief Executive Officer Mobile: +44 7798 801783 jh@gabrielresources.com Notes to Editors Urbanism certificates comprise informational documents issued by a local or county council and setting out the legal, technical and economic status of a particular parcel of land and lists the documents that must be submitted in order to obtain a construction permit. It is not a permit or an approval and does not grant any rights or authorize the undertaking of any activities. Urbanism certificates generally are valid for a period ranging between 6 and 24 months. In Romania, urbanism certificates form part of the legal regime associated with obtaining a construction permit for any kind of construction undertaking. Urbanism UC87 remains in full force and effect and has recently been successfully extended for another 12 months until April 2013. About Gabriel Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Rosia Montana gold and silver project. The Project, the largest undeveloped gold deposit in Europe, is owned through RMGC, a Romanian company in which Gabriel holds an 80.69% stake with the 19.31% balance held by CNCAF Minvest 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. The Project is anticipated to bring US$19 billion to Romania as potential direct and indirect contribution to GDP according to 2010 estimates from UK-based Oxford Policy Management (using a gold price of US$900/oz). This contribution increases to over US$30 billion at today's gold price. The Project will generate thousands of employment opportunities. Gabriel intends 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. For more information please visit the Company's website at www.gabrielresources.com . Forward-looking statements This press release contains forward-looking information as defined in applicable securities laws relating to the Company and/or the Project (referred to herein as "forward-looking statements") that are based on management's current expectations, estimates and projections. Specifically, this press release contains forward-looking statements regarding the returns to Romania from the Project and future permitting processes. All statements other than statements of historical facts included herein, including without limitation, those incorporated by reference, those which may refer to the Company's financial position, business strategy, plans, objectives of management for future operations (including development plans and objectives relating to the Company's business) the economic impact, job creation, costs estimates, patrimony plans, future ability of the Company to finance the Project, Project delivery and estimates regarding the timing of completion of various aspects of the Projects' development or of future performance are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target","plan", "intends", "continue", "budget", "estimate", "projects", "may","will", "schedule", and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which are difficult, or may be beyond Gabriel's ability, to predict or control and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, These risks, uncertainties and other factors include, without limitation, changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company's operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Company's requirements for substantial additional funding. Accordingly, readers should not place undue reliance on forward-looking statements. Gabriel undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law. ENDS This information is provided by RNS The company news service from the London Stock Exchange END
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