| Gabriel Resources warns of Romania job cuts over mine permit woes | |
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March 13 (Reuters) - Gabriel Resources Ltd could lay off about 80 percent of the workers at its Romanian subsidiary, or nearly 400 people, unless prospects for its Rosia Montana gold project improve, the Canadian company said on Thursday. Gabriel, which is trying to secure permits for Rosia Montana, which would be Europe's biggest open-pit gold mine, said it gave the workers redundancy notices, and may terminate contracts, effective May 1. "We still remain fully committed to constructing and operating a mine at Rosia Montana but we need to see a similar commitment from Romania," Chief Executive Officer Jonathan Henry said in a statement. Following protests across the country opposing the mine, a parliamentary commission rejected a draft bill in November that would have allowed Rosia Montana to proceed. A second attempt to approve the project as part of a new mining law failed in December. Gabriel said on Thursday it was "unable to provide guidance" on when the government could approve its environmental permits.
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Gabriel Resources Ltd.
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DEVELOPMENT STAGE |
CODE : GBU.TO |
ISIN : CA3619701061 |
CUSIP : C12459120 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gabriel Resources is a gold development stage company based in Canada. Gabriel Resources develops gold and silver in Romania, and holds various exploration projects in Romania. Its main asset in development is ROSIA MONTANA in Romania and its main exploration properties are BUCIUM - RODU-FRASIN and BUCIUM in Romania. Gabriel Resources is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 153.8 millions as of today (US$ 125.0 millions, € 100.6 millions). Its stock quote reached its highest recent level on July 15, 2011 at CA$ 8.65, and its lowest recent point on January 01, 2016 at CA$ 0.12. Gabriel Resources has 384 440 000 shares outstanding. |