September 8, 2008
Gabriel Executives Address Denver Gold Show Conference
DENVER, COLORADO--(Marketwire - Sept. 8, 2008) - Gabriel Resources Ltd. (TSX:GBU) -
Speaking today at the Denver Gold Show Conference, Gabriel CEO Alan R. Hill and CFO Richard Young will provide an update on the status of the Company's Rosia Montana Gold Project in Romania and the Company's preparations to advance the project.In Denver, Mr. Hill will tell the conference that the Company has "our building blocks in place: We have a project that meets or exceeds all Romanian and EU laws - with significant redesigns to address stakeholder concerns. We have a very supportive community that wants to see this mine built, our advocacy efforts are building bridges and addressing stakeholder concerns - and we now have in place the strongest team we have ever had, both in Toronto and in Romania." Mr. Young will note that Romania's elections - scheduled for November 30 - will signal an end to the current minority government under which the Project's EIA review has been suspended, opening the prospect of what Young will term "a fair and open review process."
Overall, the Company reached mid-2008 with approximately $116.5 million in cash. Mr. Young will announce that the Company has restarted the project financing process. Once the EIA is approved, the Company will update the control estimate and finalize the Financing Plan. Mr. Young will note that, while the estimate is not complete, costs are clearly trending higher. As a result, the updated Financing Plan will look very different from the original plan announced in spring 2006.
The Company continues to use all means at its disposal to get the EIA process back on track. Once the Government review process recommences, Gabriel anticipates that it will take at least six months to complete EIA approval; complete the purchase of the outstanding properties; receive all other permits and approvals, including initial construction permits; and update the control estimate and complete the financing plan. Following these steps, construction of the mine is expected to take approximately 24 months. Ultimately, the Romanian Government determines the timing of the issuance of the EIA approval and all other permits and approvals required for the Rosia Montana project.
Mr. Hill will emphasize to his Denver audience that "we have a tremendous asset that will become a model mine for our industry - and I, together with my team, am as committed as ever to permit and build Rosia Montana."
Readers are encouraged to read the Company's Annual Information Form dated March 31, 2008, audited annual financial statements, unaudited quarterly financial statements, as well as management discussion and analysis which can be reviewed on the SEDAR website (www.sedar.com).
Gabriel is a Canadian based resource company committed to responsible mining and sustainable development in the communities in which it operates. Gabriel is currently engaged in the exploration and development of mineral properties in Romania and is presently engaged in the development of its 80% owned Rosia Montana gold project.
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