TORONTO, ONTARIO--(Marketwired - Sept. 18, 2013) - Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) provides an update on the status of the draft legislation on certain measures related to the exploitation of its majority owned Roşia Montană gold and silver project ("Project") and the development of mining activities in Romania ("Draft Law") that was sent to the Romanian Parliament ("Parliament") for debate on September 5, 2013.
On September 9, 2013, the Company announced that it was seeking confirmation of reported media statements that the Draft Law may be rejected prior to debate by the two chambers of the Parliament. Emergency procedures were subsequently instituted within the Parliament to expedite the reporting stages of the Draft Law, with two of the standing committees of the Senate rejecting the Draft Law unanimously and the third committee suspending its review of the Draft Law on September 17, 2013. The Company understands that these emergency procedures were withdrawn on the same date.
The Official Gazette of Romania has now reported the decision of Parliament on September 17, 2013 to establish a Special Joint Committee of the Chamber of Deputies and of the Senate for the issuance of an opinion on the Draft Law ("Special Committee") with the objective to (a) examine the Draft Law initiated by the Government, as well as any amendments submitted by the Government, deputies and senators by no later than October 1, 2013; (b) prepare a report for discussion in each chamber; and (c) facilitate a decision on the adoption of the Draft Law in a plenary session of each Chamber. Furthermore, it reported, amongst other matters, that the Special Committee will be chaired by Senator Darius Vâlcov, the President of the Administration Committee of the Senate and shall be composed of 21 members appointed by the parliamentary groups in a ratio which reflects the political configuration of the Parliament. Decisions of the Special Committee will be adopted by a majority vote of the members present.
The Official Gazette also sets out that the Special Committee can carry out on-site visits and may invite representatives of interested parties, non-governmental organizations and experts from public authorities or other specialized institutions to participate in its work, who can each present their views on the Draft Law to the Committee.
The findings, conclusions and proposals of the Special Committee are due to be submitted to the plenary of the Senate by October 20, 2013, following which that body will debate the Draft Law and a final decision of the plenary of the Senate is expected to be taken on or around November 1, 2013. Thereafter the report of the Special Committee and the Draft Law would be sent to the Chamber of Deputies, as the decision-making body. Deadlines for the submission of amendments and the Special Committee's report shall be laid down by the Standing Bureau of the Chamber of Deputies.
Gabriel and Rosia Montana Gold Corporation stand ready and willing to provide all factual information necessary to support a wide-ranging Parliamentary debate regarding the Project.
In line with its disclosure obligations, the Company will update the market accordingly as matters progress; however Gabriel will continue to adhere to its general policy of not commenting on media reports as to the political or permitting situation of the Project in Romania.
Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Rosia Montana gold and silver project. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held exclusively by Rosia Montana Gold Corporation, a Romanian company in which Gabriel currently owns an 80.69 percent equity interest, with the 19.31 percent 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 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 regarding the returns to Romania from the Project and 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.