SOURCE: Gabriel Resources Ltd

August 03, 2011 07:49 ET

Gabriel Resources announces Q2 Results

TORONTO--(Marketwire - Aug 3, 2011) -

For Immediate Release                                     3 August 2011

                                                TSX Trading Symbol: GBU

                         Gabriel Resources Ltd

Toronto, Ontario, Canada: August 3, 2011


* Permitting for the Rosia Montana gold and silver mining project
("Project") remains the core focus of the business. The following
recent progress has been made:

 o Ongoing engagement with the Technical Analysis Committee ("TAC")
through its review of the Rosia Montana Environmental Impact Assessment

 o Award of the Archaeological Discharge Permit for the Carnic open pit
("ADC") in July 2011.

 o The amended Zonal Urbanization Plan for the Industrial Area of Rosia
Montana ("Amended PUZ") is progressing with six further endorsements
granted in the quarter and 19 of the 22 required endorsements having
now been received.

 o The Zonal Urbanization Plan for the Protected Area of the Historical
Centre of Rosia Montana ("PUZ Protected Area") is ongoing, with 10 of
the 12 required endorsements having now been received.

* Gabriel is maintaining its commitment to the Project and its
cultural heritage through its ongoing restoration of the historical
town centre of Rosia Montana and its undertaking to provide
co-operation and future funding at a regional and national level to
protect and restore Romanian cultural heritage.

* $176.4 million of cash and short-term investments held at June
30, 2011 following the receipt of proceeds from a warrant exercise.

* In July 2011 the Company increased its ownership interest in the
Project to 80.69% through the acquisition of a minority shareholding
for a net cash consideration of US$1.15 million. Minvest S.A., a
Romanian state-owned mining company, holds the remaining 19.31%

To view the full announcement click on the link below 

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