Gabriel Reports Significant Progress in Public Recognition of its Rosia Montana Project at the Denver Gold Showadmin
Speaking today at the 2009 Denver Gold Show, Mr. Keith R. Hulley, Gabriel’s Chief Executive Officer, reported that the Company has been very encouraged by the tangible improvement in the profile and public recognition of its 80%-owned Rosia Montana Project as a potential significant contributor to the national economy of Romania.
With the conviction that developing the Rosia Montana Project is very much in the national interest of Romania, in 2009, the Company started a facts-based national communication campaign to inform public opinion and key stakeholders about the Rosia Montana Project. The campaign has triggered significant national interest generating live debates, talk shows, interviews and independent reportages of the real situation at Rosia Montana itself.
“We are pleased to see clear evidence that more and more people in Romania recognize the significance of Rosia Montana,” said Mr. Hulley. “What’s most gratifying is that our track record of improving the quality of life for local residents has produced a ground swell of support for the Project in the local community in and near Rosia Montana and the surrounding regions which will derive significant economic, environmental and cultural benefit from the Project. All our efforts continue to be aimed at developing the Rosia Montana Project and ensuring that the long-term benefits it will bring to all our stakeholders are realized. We have a world-class asset located in the developed world, at a time when world class assets are in short supply and the market for gold is strong.”
Mr. Hulley noted that the Project “will bring critically-needed economic benefits to Romania at a time when the country faces the impact of the global financial crisis, and will demonstrate how modern mining methods and strict standards can help Romania revitalize its resource sector creating an economic engine for growth and sustainable development.” As accurate facts and details about the project have become better understood, there is a growing appreciation of the benefits the Project delivers to the country and the region:
– The mine is projected to bring US $4 billion to the Romanian economy – The local community supports the Project
– The Project complies with the strict EU legislation governing mining and the protection of the environment.
With regard to the last point, Mr. Hulley stressed that Rosia Montana was “designed to the highest international technical, environmental and community standards and the Company continues to work with all levels of government to ensure that the Environmental Impact Assessment process is recommenced as quickly as possible.”
Gabriel has a strong Board and management team to bring the project into fruition. It also has a strong balance sheet with cash, cash equivalents and short-term investments totaling $143 million and no debt at June 30, 2009.