Says Company Remains "On Track" at Rosia Montana
TSX Trading Symbol: GBU
DENVER, Colorado, Sept. 25 /CNW/ - Speaking today at the Denver Gold
Conference, Gabriel's President and CEO Alan R. Hill told investors "Gabriel
continues its steady progress," providing an update on the timeline for the
Company's Rosia Montana gold project in western Romania.
In his Denver remarks, Mr. Hill noted that in the third quarter, Gabriel
completed the public hearings portion of the Romanian EIA process, taking part
in 16 public consultation hearings scheduled by the Romanian Government, 14 in
Romania and 2 in Hungary. With the public hearings complete, the Company is
currently waiting for the Romanian Ministry of Environment and Water
Management (MEWM) to pass back all questions requiring a response.
"We expect the list shortly," said Mr. Hill. "In the meantime, we have a
team analyzing each question raised in the public meetings, and preparing
answers to the questions the Company anticipates receiving." Mr. Hill
continued: "We want to make sure we can turn the responses around quickly,
which will be in the form of an Annex to our EIA." Once complete, the Annex
will be submitted to the Technical Analysis Committee (TAC) within the MEWM
for approval and then to cabinet for final approval. Hill reaffirmed that a
decision on EIA approval is expected in fourth quarter 2006. Following
approval, the Company expects to start construction in the spring of 2007
followed by first gold pour in spring 2009.
Fourth Quarter Priorities
Looking forward to fourth quarter 2006, Mr. Hill identified four key
objectives:
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- Acquire surface rights. "Our goal is to acquire all necessary surface
rights to begin construction next spring," said Hill, "and to that
end, the Company plans to begin purchasing homes in Rosia Montana
village on October 9, 2006."
- Secure project financing. The Company raised approximately
US$88 million in equity in August 2006 and is on schedule to complete
financing debt term sheets for both senior and subordinate debt in
fourth quarter 2006.
- Start detailed engineering. The Company will engage an EPCM
contractor and commence the detailed engineering process.
- Order long-lead-time equipment. The Company will put deposits down in
order to reserve a slot for delivery to ensure the project schedule
is maintained.
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About Gabriel
Gabriel is a Canadian based resource company committed to responsible
mining and sustainable development in the communities in which it operates.
Gabriel is currently engaged in the exploration and development of mineral
properties in Romania and is presently engaged in the development of its 80%
owned Rosia Montana gold project.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and the
information contained herein.
