2020 First Quarter Report

About this update from Gabriel Resources Ltd.

[{"type":"text","content":"2020 First Quarter ReportLONDON, UK / ACCESSWIRE / May 12, 2020 / Gabriel Resources Ltd. (TSXV:GBU) - (\"Gabriel\" or the \"Company\") announces the publication of its First Quarter Financial Statements and Management's Discussion and Analysis Report for the period ended March 31, 2020.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\"):The original hearing on the merits of the claim was held over two weeks in December 2019 (\"Hearing\") with a focus on liability and jurisdiction. A second hearing on the merits of the ICSID Arbitration claim is scheduled to be held in Paris in the week of September 28, 2020 that will focus on technical and quantum related matters (\"Second Hearing\").On March 10, 2020, the tribunal constituted to adjudicate the ICSID Arbitration (\"Tribunal\") set out a list of questions arising from the evidence presented during the Hearing. The Claimants filed their answers on May 11, 2020 and the Respondent is required to do so in July 2020. The Tribunal also reserved the possibility of having an additional round of answers to the relevant questions.Following the Romanian Government's official request for the \"reactivation\" of its nomination of the \"Roşia Montană Mining Landscape\" as a UNESCO World Heritage site in January 2020, Gabriel provided to Romania a notice requesting consultation with regard to Romania's application to UNESCO (\"Notice\") reserving its right to commence a further arbitration if warranted. The issuance of the Notice does not in any way interfere with Gabriel's pursuit of the ICSID Arbitration.The net loss for the first quarter of 2020 was $6.8 million (Q4 2019 $18.3 million).As at March 31, 2020 the Company held $15.7 million of cash and cash equivalents.The Company believes that it has sufficient funding to cover its planned activities through to the fourth quarter of 2020 and is currently planning to raise additional financing in the short term to maintain its primary assets and to pursue the ICSID Arbitration through to the issuance of an award by the Tribunal.At this time, Gabriel believes that the restrictions of the outbreak of the novel coronavirus do not significantly impact Gabrie...

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