TORONTO--(Marketwire - Dec 29, 2011) -
PRESS RELEASE
FOR IMMEDIATE RELEASE TSX Trading Symbol: GBU
December 29, 2011
Corporate Update
Gabriel Resources Ltd. ("Gabriel" or "the Company") announces the
following update regarding the Rosia Montana gold and silver project
(the "Project").
Royalty Rates
Gabriel notes the short press release published on the Romanian
Government's website on December 27 in respect of the adoption of an
increased rate of royalties for all mineral resources regulated by the
Mining Law in Romania, and specifically that the royalty payable to the
Romanian state for precious metals production will be increased from 4%
to 8%. Gabriel awaits a formal clarification from the Romanian
Government on if, or how, the published statement would apply to the
Project.
The Company confirms that it continues to work together with the
Romanian Government in respect of potentially amending the ownership of
the Project and royalty rates payable by it, in the context of the
overall expected returns to Romania as well as to Gabriel shareholders
from the Project. A proposal in this regard is currently with the
Romanian Government for consideration. These discussions remain ongoing
and Gabriel awaits a response from the Romanian Government on its
proposal.
The Company will make a further announcement as appropriate.
Technical Assessment Committee ("TAC") Meeting
The TAC is a Romanian state body that meets to review the Environmental
Impact Assessment ("EIA") for any project. A further meeting of the
TAC took place on November 29, 2011 to discuss technical and other
issues in respect of the Project. The Company is encouraged by the
constructive nature of the discussions held and is awaiting formal
feedback from the TAC as to whether further meetings or documentation
will be requested.
For further information on this press release, please contact:
Jonathan Henry Bobby Morse
President and Chief Executive Officer Buchanan
Mobile: +44 7798 801783 Mobile: +44 7802 875227
jh@gabrielresources.com bobbym@buchanan.uk.com
Click on, or paste the following link into your web browser, to view
the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7212U_-2011-12-29.pdf
About Gabriel
Gabriel is a Canadian TSX-listed resource company focused on permitting
and developing its world-class Rosia Montana gold and silver project.
Gabriel and RMGC are committed to responsible mining and sustainable
development in the communities in which they operate.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 .
Forward-looking statements
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 of a change in equity and royalty
rates applicable to the Project. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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