Whilst the Company continues to own and maintain in good standing its exploitation license for the development of the Roşia Montană Project, the ICSID Arbitration has now become the core focus of the Company.
The information set out below and elsewhere in this website relating to the Roşia Montană Project, the Exploitation License, the Company’s exploration and development activities in Romania, the Project approval and permitting process and reported gold and silver resources and reserves is for background purposes only and should not be interpreted as being indicative of the Company’s current expectations regarding the future development of the Roşia Montană Project.
The Project is owned through Rosia Montana Gold Corporation S.A. (RMGC), in which Gabriel holds an 80.69% stake with the balance held by the Romanian State.
Footnote: The structure shown above excludes the Gabriel Group's intermediate holding structure. The detailed corporate structure is available in Gabriel's Annual Information Form on www.sedar.com.
The Project is one of the largest undeveloped gold deposits in Europe with Proven and Probable Reserves of 10.1 million ounces of gold and 47.6 million ounces of silver (215 million tonnes at average grades of 1.46g/t gold and 6.88g/t silver) - see Mineral Reserves & Resources. Additional exploration potential exists in Bucium, some 5km away.
This 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, a Romanian state-owned company. Gabriel and RMGC have been facilitating negotiations, lobbying and representing local interests and raising awareness of the economic decline and environmental degradation issues facing the area together with the significant benefits the Project can bring, in order to ensure a successful outcome for this Project to the benefit of all stakeholders.
Gabriel has focused its efforts toward setting the highest standards through good governance, skilled engineering, open and transparent communications, and operations and reclamation based on globally recognised best available techniques, in order to create value for all of our stakeholders from responsible mining, and to build the Project to be a catalyst for sustainable economic, environmental, cultural, heritage and community development in Romania.
The Project was 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), and over US$24 billion using a gold price of US$1,200/oz, creating thousands of employment opportunities and new business possibilities, as well as making a major contribution to both local and central governmental budgets. More >
The Company has been developing the Project as a world class modern mine using best available techniques and implementing the highest environmental standards that could provide an opportunity to remediate past damage, created by over 2000 years of mining in Rosia Montana, leaving the region's rivers cleaner than before. The Project has been designed to the highest standard and in compliance with all Romanian and EU stringent environmental laws aimed at creating a model mining project not only for Romania and the EU but for future mining projects worldwide. More >
The Company has undertaken and financed extensive corporate social responsibility programs in the Project area, including education and training programs, improvements to infrastructure, renovation of historical buildings and monuments, and other projects fostering the sustainable development of the Rosia Montana community and social progress. More >
Gabriel has financed programmes for restoring, preserving and honouring Rosia Montana's valuable heritage. Over US$30 million has been invested in exploration and recovery of Rosia Montana's cultural and archaeological heritage, one of the largest privately funded programmes in Europe. More >