TORONTO – Gabriel Resources, owner of the stalled Rosia Montana gold project in which it holds 80.69% in Romania, has filed a request for arbitration in the matter before the World Bank's International Centre for Settlement of Investment Disputes.
Gabriel charges the Romanian government with violations of certain Bilateral Investment Treaties. Such treaties are created to encourage and protect investments between sovereign states. Each state offers various protections to foreign investors from the other state. That gives both parties to an investment confidence in their rights, the process and the outcomes. Treaty obligations are directly enforceable by investors against states through international arbitration in a neutral venue.
Rosia Montana is the site of historic open pit mining and a trained workforce exists in the region. Despite Gabriel's best efforts, the Romanian government has refused to grant environmental permits for a new gold and silver project.
The deposits have a measured and indicated resource of 512.7 million tonnes averaging 1.04 g/t Au and 5.00 g/t Ag for a total of 17.14 million contained oz of gold. Within that tonnage, are 214.9 million proven and probable tonnes at 1.46 g/t Au and 6.88 g/t Ag, or 47.6 million contained oz. The inferred portion measures 44.8 million tonnes averaging 0.98 g/t Au and 3.00 g/t Ag for 1.42 million contained oz of gold.
Gabriel continues to believe that the Rosia Montana project would significantly boost the Romanian economy, stimulate regional growth, and provide much needed employment. At the same time, the company is confident that Romania's cultural heritage will be preserved during development and operation of the mine and mill.
Please visit GabrielResources.com for more information.