TORONTO, CANADA — (Marketwired) — 11/11/14 — Gabriel Resources Ltd. („Gabriel“ or the „Company“) (TSX: GBU) announces the publication of its Third Quarter Financial Statements and Management–s Discussion and Analysis Report for the period ended September 30, 2014.
Summary
Capitalized terms used in this summary section are defined in „Further Information“ below.
Jonathan Henry, Gabriel–s President and Chief Executive Officer, stated:
„The success of the Rosia MontanA project would allow Romania to become the leading gold producer in Europe. We remain hopeful that 2015 will see the Romanian Government place a strong emphasis on the development of its mineral resource industry to provide much needed jobs for Romanians and to kick start an economic revival for the country. The Company remains fully committed to constructing and operating a mine at Rosia MontanA but until political will is demonstrably behind the development of a mine, the Company will continue to review all of its available options to move the Project forward.“
Further information and commentary on the operations and results in the third quarter of 2014, together with events anticipated in the short term, is given below. The Company has filed its Unaudited Condensed Interim Consolidated Financial Statements and Management–s Discussion & Analysis on SEDAR at and each is available for review on the Company–s website at .
Further Information
Financial Performance
Liquidity and Capital Resources
Capital Cost
Political Environment
European Parliamentary elections
Presidential election
Other Political influences on permitting progress for the Project
Environmental Permit
Other Permitting
Litigation
Other Legal Proceedings
Outlook
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 currently owns an 80.69 percent equity interest, with the 19.31 percent balance held by Minvest Rosia MontanA 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$24 billion (at US$1,200/oz gold) 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 .
Forward-looking Statements
This press release contains „forward-looking information“ (also referred to as „forward-looking statements“) within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management–s current expectations and plans and allowing investors and others to get a better understanding of Gabriel–s operating environment.
These forward-looking statements may include statements with respect to the future financial or operating performance of the Company and its subsidiaries, the perceived merit of properties, exploration results and budgets, mineral reserves and mineral resources estimates, work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, including the Company–s plans and expectations relating to the Project, the anticipated outcomes of the application processes for permits, endorsements and licenses, including but not limited to the ongoing review of the environmental impact assessment, required for the Project, or other statements that are not statements of fact.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as „expects“, „is expected“, „anticipates“, „believes“, „plans“, „projects“, „estimates“, „assumes“, „intends“, „strategy“, „goals“, „objectives“, „potential“, „possible“ or variations thereof or stating that certain actions, events, conditions or results „may“, „could“, „would“, „should“, „might“ or „will“ be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.
Forward-looking statements are based upon certain assumptions and other important factors regarding present and future business strategies and the environment in which the Company will operate in the future, which could prove to be significantly incorrect.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and/or its subsidiaries to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, without limitation, the political and economic risks of operating in Romania, including those related to controls, regulations, political or economic developments and government instability in Romania; uncertainty of estimates of capital costs, sustaining capital costs, operating costs, production and economic returns; permitting risks, including the risk that permits and governmental approvals necessary to develop and operate the Project will not be available on a timely basis or at all, risks of maintaining the validity and enforceability of necessary permits and risks of replacing expired/cancelled permits and approvals; uncertainties relating to the assumptions underlying the Company–s mineral resource and mineral reserve estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs; risk related to the acquisition of all necessary surface rights for the development of the Project, including the risk that the Company may not acquire all such rights, or acquire such rights at acceptable prices; risks related to the Company–s ability to commence production and generate material revenues or obtain adequate financing for its planned exploration and development activities; risks of defective title to mineral property, including the risk of successful legal challenges to the validity of the Company–s exploitation license; risks related to the Company–s ability to finance the development of the Project through external financing, strategic alliances, or otherwise;
litigation risks, including the uncertainties inherent in current and future legal challenges relating to the Project; risks related to the availability of infrastructure, water, energy and other inputs; uncertainty inherent in litigation including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and the possibility that decisions may be reversed on appeal; uncertainties relating to prices for energy inputs, labor, material costs, supplies and services (including, but not limited to, labor, cement, steel, capital equipment, reagents and fuel); risks related to changes in law and regulatory requirements, including environmental regulation; risks related to the subjectivity of estimating mineral resources and mineral reserves and the reliance on available data and assumptions and judgments used in interpretation of such data; risks related to currency fluctuations, particularly in the value of the United States dollar and/or the Canadian dollar relative to each other and to the Euro and the Romanian leu; risks related to the future market prices of gold and silver and other mineral and commodity price fluctuations, and volatility in metal prices; risks related to the need for reclamation activities on the Company–s properties and uncertainty of cost estimates related thereto; risks associated with maintaining substantial levels of indebtedness, including potential financial constraints on operations; dependence on cooperation of state-owned joint venture partner in the development of the Project; risks related to the loss of key employees and the Company–s ability to attract and retain qualified management and technical personnel; risks related to market events and volatility of global and local economic climate; taxation, including change in tax laws and interpretations of tax laws; mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in development, construction or production; risks related to opposition to the Project from non-governmental organizations or civil society; share capital dilution and share price volatility; and increased competition in the mining industry.
Forward-looking information contained herein is made as of the date of this press release. There can be no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Accordingly, for the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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
Buchanan Bobby Morse +44 20 7466 5000
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