ROMANIA – Gabriel Resources of Toronto sees a glimmer of hope for its Rosia Montana gold project as the Romanian government approved draft legislation relating to the project. The company hopes the legislation will be passed in the session due to begin next month.
Rosia Montana has been a lightning rod for all that seemingly can go wrong on a project as non-governmental organizations put pressure on government. The project is the site of former gold mining and skilled workers are available. It is what should be a win-win situation, but the Romanian government refused to issue an environmental permit in 2007.
The proposed legislation would see Gabriel transfer 5.69% of the operating company to a state-controlled shareholder, and that stake would rise in stages to 25%. Gabriel would pay a 6% royalty on production. The company will further promise to preserve the cultural heritage of the area, eliminate historical pollution, and practice sustainable development.
Gabriel says Rosia Montana will be Europe's largest gold mine, creating 900 full time jobs.
The 43-101 technical report prepared in 2012 concerning the project is posted on GabrielResources.com.