Business
Gabriel Resources Ltd. - First Quarter Report
Gabriel Resources Ltd. - First Quarter Report.
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX Trading Symbol: GBU\n\n\nTORONTO, May 7 /CNW/ -\n\n\nHighlights\n\n\nFinancial performance\n\n - First quarter 2007 net loss was $2.5 million, or $0.01 per share.\n - A total of $18.3 million was spent on our two development projects\n during the first quarter 2007.\n\nLiquidity and capital resources\n\n - Cash and cash equivalents and short-term investments at March 31,\n 2007 totaled $224.4 million.\n - Working capital at March 31, 2007 totaled $213.6 million.\n - Gabriel Resources Ltd. ("Gabriel" or the "Company") raised a total\n of $153.4 million during the first quarter 2007 through an equity\n offering and the exercise of warrants and stock options. The\n Company has now completed the required equity component of its\n expected financing plan.\n - Project related expenditures for the balance of 2007 are expected\n to total approximately $200 million (US$175 million), based on fall\n 2007 construction start up.\n - Project financing discussions are well underway with a goal of\n completing final term sheets for both senior and subordinated debt\n in parallel with our EIA approval expected in the summer 2007.\n - Subsequent to March 31, 2007, a further $16.1 million was raised\n through the exercise of outstanding warrants, which expired on\n April 2, 2007.\n\n"We responded to the 5,610 questions and 93 contestations last week\nprovided by the government during the first quarter of this year from the\npublic consultation. Our response totaled 12,900 pages in Romanian and 12,600\npages in English. We are looking forward to the continuation of the\nprofessional, transparent process the Romanian Government has taken in the\npermitting process so far, in this the largest project to be permitted since\nRomania's entry into the EU," said Alan R. Hill, President and Chief Executive\nOfficer.\n\nRosia Montana Project Development\n\nEnvironmental Impact Assessment\n\n - On May 4, 2007, the Company responded to the official list of\n questions received from the Romanian Government judged to require a\n response, which was in response to the public consultation process\n following the Environmental Impact Assessment ("EIA") filing in May\n 2006, in which the Company participated in 14 public consultation\n meetings in Romania, and two meetings in Hungary to meet Espoo\n Convention co...