Gabriel Resources (TSX: GBU; US-OTC: GBRRF) is set to reduce its workforce by 80%, or 400 employees, at its Rosia Montana gold-silver project in Romania if the new government makes no clear move to advance the project.
What brought it to this point were the consistent delays by the Romanian government to “properly address the assessment and permitting of the project,” Gabriel says. As a result, its subsidiary, Rosia Montana Gold Corp, which holds 80.69% of Rosia Montana, has indicated it will let go 80% of its staff by early May to conserve cash.
“All of these jobs and more will be lost unless …
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