Business
2019 Second Quarter Report
LONDON, UK / ACCESSWIRE / August 2, 2019 / Gabriel Resources Ltd. (“Gabriel&...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2019 Second Quarter ReportLONDON, UK / ACCESSWIRE / August 2, 2019 / Gabriel Resources Ltd. (“Gabriel” or the “Company”) announces the publication of its Second Quarter Financial Statements and Management’s Discussion and Analysis Report for the period ended June 30, 2019.Summary Gabriel remains focused on the progression of its arbitration case against Romania under the rules of the International Centre for Settlement of Investment Disputes (“ICSID”), part of the World Bank (“ICSID Arbitration”). A hearing on the merits of the claim is scheduled to be held in Washington D.C. from December 2 to 13, 2019. The following final substantive submissions were made by the parties in Q2 2019:On May 24, 2019, Romania (“Respondent”) filed its rejoinder with ICSID (“Rejoinder”) in response to the Company’s reply submission of November 2, 2018 (“Reply”), together with its own reply to the Company’s counter-memorial on the objection to the jurisdiction of the Tribunal that Respondent filed with ICSID in May 2018 (“Jurisdictional Challenge”); andOn June 28, 2019 Gabriel filed its surrejoinder on the Jurisdictional Challenge (“Surrejoinder”).On June 18, 2019, an addendum providing for the extension of the term of the exploitation concession license No. 47/1999 (“License”) for the Roșia Montană gold and silver project (“Roșia Montană Project”) to June 20, 2024, including an increased royalty rate from 4% to 6% on mineral production value, was concluded between Gabriel’s principal operating subsidiary, Roșia Montană Gold Corporation S.A (“RMGC”) and the Romanian National Agency for Mineral Resources (“NAMR”).The net loss for the second quarter of 2019 was $7.4 million (Q1 2019 $7.7 million).On June 19, 2019, RMGC concluded an agreement with an interested buyer for an option to purchase the remaining ball mill and received a non-refundable deposit of US$325,000. Completion of the sale is expected to take place in Q3 2019 for gross proceeds of US$3.25 million.As at June 30, 2019, the Company held $12.7 million of cash and cash equivalents. The Company believes that it has sufficient sources of funding...