TORONTO, CANADA — (Marketwired) — 05/16/13 — Gabriel Resources Ltd. (TSX: GBU) („Gabriel“ or the „Company“) announces the publication of its First Quarter Financial Statements and Management-s Discussion and Analysis Report for the period ended March 31, 2013.
Summary
Jonathan Henry, Gabriel-s President and Chief Executive Officer, stated:
„We are pleased with the recommencement of the Technical Analysis Committee review process and encouraged by the interaction between RMGC and Government so far this year. We will maintain dialogue with the Government regarding the economic, social, cultural and environmental benefits that the Project will bring to Romania and we look forward to finalising the environmental permitting process which will allow Gabriel to build Romania-s first modern mine for the benefit of the country and all stakeholders.“
Further information and commentary on the operations and results in the first quarter of 2013, together with events anticipated in the short term, is given below. The Company has filed its Interim Unaudited Condensed Consolidated Financial Statements and Management-s Discussion & Analysis on SEDAR at and each is available for review on the Company-s website at .
About Gabriel
Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Rosia Montana gold and silver project. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held exclusively by Rosia Montana Gold Corporation, a Romanian company in which Gabriel owns an 80.69 percent equity interest, with the 19.31 percent balance held by CNCAF Minvest S.A., a Romanian state-owned mining enterprise. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate. The Project is anticipated to bring over US$31 billion (at a US$1,500/oz gold price) to Romania as potential direct and indirect contribution to GDP. The Project will generate thousands of employment opportunities. Gabriel intends to build a state-of-the-art mine using best available techniques and implementing the highest environmental standards whilst preserving local and national cultural heritage in Romania.
For more information please visit the Company-s website at .
Further Information
Financial Performance
Liquidity and Capital Resources
Capital Cost
Political Environment
Project Ownership and Royalty Rates
Environmental/Permitting
Archaeology and Preservation of Cultural Heritage
Corporate and Social Responsibility (CSR)
Litigation
Outlook
Forward-looking Statements
This press release contains forward-looking information as defined in applicable securities laws relating to the Company and/or the Project (referred to herein as „forward-looking statements“) that are based on management-s current expectations, estimates and projections. Specifically, this press release contains forward-looking statements regarding the returns to Romania from the Project and in respect of future permitting processes. All statements other than statements of historical facts included herein, including without limitation, those incorporated by reference, those which may refer to the Company-s financial position, business strategy, plans, objectives of management for future operations (including development plans and objectives relating to the Company-s business) the economic impact, job creation, costs estimates, patrimony plans, future ability of the Company to finance the Project, Project delivery and estimates regarding the timing of completion of various aspects of the Project-s development or of future performance are forward-looking statements.
The words „believe“, „expect“, „anticipate“, „contemplate“, „target“, „plan“, „intends“, „continue“, „budget“, „estimate“, „projects“, „may“, „will“, „schedule“, „potential“, „proposed“ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic, legislative, political and competitive uncertainties and contingencies.
Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which are difficult, or may be beyond Gabriel-s ability, to predict or control and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, without limitation, changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company-s operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Company-s requirements for substantial additional funding.
Accordingly, readers should not place undue reliance on forward-looking statements. Gabriel undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
Contacts: Gabriel Resources Ltd. Jonathan Henry President and Chief Executive Officer Mobile: +44 7798 801783
Gabriel Resources Ltd. Max Vaughan Chief Financial Officer Mobile: +44 7823 885503
Gabriel Resources Ltd. Katie Fedorowicz Investor Relations Mobile: +44 7810 437059
Buchanan Bobby Morse Mobile: +44 7802 875227
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