TORONTO, ONTARIO--(Marketwire - May 3, 2012) - Gabriel Resources Ltd. ("Gabriel" or the "Company")(GBU.TO - News) notes media reports of statements made in Romania by the outgoing Minister of Environment, Attila Korodi. These statements refer to the existence of a legal "audit" requested by Mr. Korodi, the conclusions of which would reportedly impact the Technical Analysis Committee ("TAC") review of the Environmental Impact Assessment ("EIA") of the Rosia Montana Project ("Project").
The Company has not had sight of the legal conclusions referred to in the media, reported to be a requirement for Gabriel's subsidiary Rosia Montana Gold Corporation ("RMGC") to obtain a new urbanism plan and urbanism certificate before the TAC can complete its review, nor indeed the scope of instructions given to the law firm responsible.
RMGC has recently obtained an extension to the validity of its urbanism certificate, UC87/2010 for the period until April 2013, which remains in full force and effect.
To the Company's knowledge neither Mr. Korodi nor any party has yet had sight of any written judgment with regard to the recent Alba Iulia Court of Appeal ("AICA") ruling regarding approval of the general urbanism plan ("PUG") and an industrial area zonal urbanism plan ("PUZ") for the Project. It remains questionable on that basis how any such legal "audit" could be concluded with any certainty of the impact on the TAC review.
The Company has been advised that continuation in the progress of the TAC review, environmental and other permitting for the Project should not be affected by the AICA ruling. The Company will need to consider the implications of the AICA decision in due course once the written reasons for the judgement are published by the court. In the meantime Gabriel stands by its analysis of the legal impact of that decision notified to the market on April 5 and April 9, 2012.
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.
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.
Gabriel Resources Ltd.
President and Chief Executive Officer
Mobile: +44 7798 801783