Gabriel Resources (TSX:GBU, StockForum), a Toronto-based natural resource firm engaged in exploring and developing precious mineral properties in Romania, announced results from the recent Suceava Tribunal in Romania.
The tribunal ruling admitted a request to temporarily suspend the Archaeological Discharge Certificate (“ADC”) 9/2011 for Gabriel's Carnic open pit. The certificate was originally issued in July 2011 and covered the company's majority-owned Rosia Montana gold and silver project.
According to the news release, “The ruling is not irrevocable and will be appealed, and the ADC remains valid while suspended.”
The ADC suspension is a result of actions filed by three non-governmental organizations (“NGOs”). These actions are dependent on the irrevocable conclusion of the ADC annulment case launched by the same three NGOs. The next hearing for the annulment case is slated for February 10, 2014 in Buzau.
Further to this, on September 9, 2013, the Bucharest Tribunal tossed out a similar claim for ADC annulment in a different case involving two other NGOs. The ruling in this instance is not irrevocable.
Gabriel president and CEO, Jonathan Henry, commented on the legal wrangling, “The Project is multi-faceted and pioneering in terms of the permitting process in Romania.”
He went on, “The Project has enormous potential benefit for Romania, its people and the community of Rosia Montana. We remain committed to our goal of building one of Europe's most modern mines in Rosia Montana, developed in full compliance with Romanian and European Union legislation, using the best available practices and sympathetic to the cultural heritage of the area.”
Then concluded, “The Project will provide Romania with much needed economic stimulus and significant job creation.”
Gabriel Resources was in the news recently when the company was highlighted as having faced more political and environmental pressures in 2013.
Shares fell 9.02% on the news to $1.11 per share.
Currently there are 384.1m outstanding shares with a market cap of $426.4 million.