Gabriel Resources
Gabriel Resources Ltd. is a Canadian TSX-listed resource company focused on permitting and developing its world class Rosia Montana gold and silver project located in western central Romania. The Project, the largest undeveloped gold deposit in Europe, is owned through Rosia Montana Gold Corporation S.A. (RMGC), a Romanian Company in which Gabriel holds an 80.69% stake with the balance held by CNCAF Minvest S.A., a Romanian state-owned mining enterprise.
Rosia Montana is the largest undeveloped gold deposit in Europe, hosting measured and indicated resources of 14.6 million ounces of gold and 64.9 million ounces of silver, together with an inferred resource of 1.2 million ounces of gold. Contained within these resources are proven and probable reserves of 10.1 million ounces of gold and 47.6 million ounces of silver (at grades of 1.46 g/t and 6.88 g/t respectively). The Project is currently estimated to produce 626,000 ounces of gold annually during its first five years of operation, with an estimated average of 500,000 ounces of gold and 1.79 million ounces of silver per year over its 16-year mine life. 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.
The Project is in an area which has been mined for many centuries and as recently as 2006 was subject to open pit mining by Minvest. Today Gabriel and RMGC are facilitating negotiations, lobbying and representing local interests and raising awareness of the economic decline and environmental degradation issues facing the Rosia Montana area together with the significant benefits the Project can bring for all stakeholders. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate.
Read more about Gabriel Resources: Notable Staff
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