If there are vampires in Western Transylvania, Gabriel Resources isn't bothered by them. The company plans to put Rosia Montana gold project into production near the regional town of Deva, Romania. This area has been producing gold since it was part of the Roman Empire.
The $295.9-million project has proven and probable reserves of 225.74 million tonnes grading 1.4 g/t Au, or 12.7 million ounces that could be recovered. The plans call for large scale open pit mining and conventional recovery. The mine would produce an average of 755,000 ounces of gold and 2.6 million ounces of silver each year. Cash operating costs for gold are estimated to be $102/ounce (after silver credits).
Gabriel is buoyed by the potential of Rosia Montana and is undertaking the relocation of 600 families to accommodate mine development.
More details on Rosia Montana and Gabriel's other projects can be found at www.gabrielresources.com