Gabriel Resources Provides Romania Update
Gabriel Resources Ltd. (GBU.TO), which lost 6% on Wednesday, provided an update regarding the Rosia Montana gold and silver project. It said: "Gabriel notes the short press release published on the Romanian Government's website on December 27 in respect of the adoption of an increased rate of royalties for all mineral resources regulated by the Mining Law in Romania, and specifically that the royalty payable to the Romanian state for precious metals production will be increased from 4% to 8%. Gabriel awaits a formal clarification from the Romanian Government on if, or how, the published statement would apply to the Project.
It added: "The Company confirms that it continues to work together with the Romanian Government in respect of potentially amending the ownership of the Project and royalty rates payable by it, in the context of the overall expected returns to Romania as well as to Gabriel shareholders from the Project. A proposal in this regard is currently with the Romanian Government for consideration. These discussions remain ongoing and Gabriel awaits a response from the Romanian Government on its proposal."
The Company said it will make a further announcement as appropriate.
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