TORONTO, CANADA -- (Marketwired) -- 09/09/13 -- Gabriel Resources Ltd. (TSX: GBU) ("Gabriel" or the "Company") notes media statements in Romania this morning reporting comments by the Prime Minister and other ministers of the Romanian Government ("Government") that the draft legislation relating to the Rosia Montana Project ("Project") is to be rejected before debate by the two chambers of the Romanian Parliament ("Parliament").
Notwithstanding that the Government approved the draft legislation in its meeting on August 27, and recent polls illustrate a majority of support for progression of the Project across Romania it appears that the Government has instituted emergency procedures to halt any debate in Parliament.
Gabriel is urgently seeking confirmation of the actual statements made and clarification of the impact on the proposed permitting of the Project. If the draft legislation is rejected then the Company will assess all possible actions open to it, including the formal notification of its intentions to commence litigation for multiple breaches of international investment treaties.
As matters progress the Company will update the market accordingly, however until such further announcement the Company would advise caution in the trading of its shares.
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 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.
Gabriel Resources Ltd.
President and Chief Executive Officer
Mobile: +44 7798 801783
Gabriel Resources Ltd.
Mobile: +44 7810 437059
Mobile: +44 7802 875227
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Discounts Help U.S. Auto Sales Sizzle in July
- Recruiting and Keeping the Perfect Employee
- MassMutual Teams Up With ALPFA
- Colorado Issuing Immigrant Driver's Licenses
- Chrysler U.S. Sales in July Hit 9-Year High
- Russia, Ukraine Now Face Off Over Football Clubs
- Dow Wipes Out Gains for the Year: What Happens Now?
- House Shelves Immigration Bill, Goes on Vacation
- Fiat Looks Abroad After Chrysler Merger Vote