TORONTO, CANADA--(Marketwired - Jan. 30, 2014) - Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) reports that a ruling of the Suceava Tribunal (the "Tribunal") in Romania today has admitted a request for the temporary suspension of the Archaeological Discharge Certificate 9/2011 for the Carnic open pit ("ADC") which was issued in July 2011 in respect of its majority-owned Roşia Montană gold and silver project ("Project"). The ruling is not irrevocable and will be appealed, and the ADC remains valid while suspended.
The Tribunal accepted an action filed by three non-governmental organisations ("NGOs") to suspend the ADC, pending the irrevocable conclusion of a case launched by the same NGOs to annul the ADC. The next court hearing of the annulment case is scheduled in Buzau for February 10, 2014. .
On September 9, 2013, the Bucharest Tribunal rejected a claim similarly seeking the annulment of the ADC, launched in a separate case by two other NGOs. This decision is not irrevocable.
Jonathan Henry, President and CEO of Gabriel stated:
"The Project is multi-faceted and pioneering in terms of the permitting process in Romania. The Project has enormous potential benefit for Romania, its people and the community of Roşia Montană. We remain committed to our goal of building one of Europe's most modern mines in Roşia Montană, developed in full compliance with Romanian and European Union legislation, using the best available practices and sympathetic to the cultural heritage of the area. The Project will provide Romania with much needed economic stimulus and significant job creation."
Notes to Editors - Archaeological discharge certificates
Gabriel is required to obtain archaeological discharge certificates for the various parts of the proposed Project footprint. In order to obtain such discharge certificates, Gabriel must conduct an extensive program of preventative archaeology in order to ensure that all valuable historical relics in the area are uncovered and preserved. The archaeological site investigations at Rosia Montana represent the largest preventative archaeological program undertaken in Romania. One of the principal benefits from these programs has been the significant development of modern archaeological techniques within Romania, as well as fostering cooperation and exchanges between international and Romanian archaeologists.
On July 14, 2011, the Alba County Directorate for Culture and National Patrimony issued a new ADC to Gabriel's 80.69 percent-owned Romanian subsidiary, Rosia Montana Gold Corporation S.A. ("RMGC") for the Carnic open pit, which complements those it already holds for the Cetate and Jig open pits.
Since the issue of the ADC for Carnic, Gabriel has commenced further detailed archaeological work in the old underground mining galleries that lie under the historical center of the village of Rosia Montana. This work has focused on opening up previously unexplored Roman galleries and the commencement of archaeological rehabilitation work on underground development adits and old mining areas that have never been restored for public interest. These areas will be restored by Gabriel with a view to opening them as a permanent museum and visible testimony to the 2,000 year mining history at Rosia Montana.
Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Roşia Montană gold and silver project. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held exclusively 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. The Project is anticipated to bring over US$24 billion (at US$1,200/oz gold) to Romania as potential direct and indirect contribution to GDP. 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.
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 in respect of 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 Project's 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", "potential", "proposed" 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, legislative, political 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.