Rosia Montana Project - Positive Romanian Parliamentary Commission Report
--------------------------------------------------------------------------------
7-03
Toronto, Ontario, July 7, 2003 -- Gabriel Resources Ltd. ("Gabriel") provides the following update on the development of Gabriel's 80% owned Rosia Montana gold project in Romania (the "Project").
Positive Parliamentary Commission Report
According to an interview with Mr. Alexandru Sassu, the President of the Special Joint Committee (the "Committee") of the Romanian Parliament, published by the Romanian newspaper "Independent", a number of the more important findings and conclusions of the final report (the "Report") of the Committee are as follows:
- The Project will provide significant benefits to Romania and its economy
- Romania has established a legislative framework, consistent with European Union standards, to:
- regulate all aspects of the development and operation of such a Project
- attract direct foreign investment on a non discriminatory basis; and
- revitalize the Romanian mining industry
- Gabriel's plans for developing the Project are in accordance with all applicable Romanian and European Union rules and regulations regarding the environment
- Gabriel's activities to date are in compliance with all applicable rules and regulations
- Gabriel's archaeological discharge program, being funded entirely by Gabriel, is of national importance to both Romania and Europe
Mr. Sassu has confirmed to Gabriel the accuracy of the interview with the Independent newspaper. This article also indicates that the Report has been delivered to the Permanent Bureau of the Parliament.
Gabriel understands that the Report will be considered by both the Chamber of Deputies and the Senate upon Parliament's return from its summer recess in September and that the full Report will be made public at that time.
Continued Government and Community Support for the Project
Gabriel is very pleased with the summary of the findings and conclusions of the Report as outlined by the Independent article, which further reinforces the previous and ongoing support for the Project demonstrated by the local, county and federal levels of the Romanian Government, as well as by the local community of Rosia Montana.
Gabriel's development plans for the Project continue to provide that it will be developed in accordance with all relevant Romanian laws and regulations, European Union directives and World Bank guidelines.
Background to the Parliamentary Commission
On March 27, 2003, at the request of the Romanian Prime Minister, the Romanian Government established a Special Joint Committee (the "Committee") to assess the Project in order to formulate a singe point of view regarding the economic, social, cultural and environmental aspects of the Project. The Committee consisted of 13 members and included representatives from all political parties represented in the Romanian Parliament. In addition, Government Ministers, members of the Romanian Academy, stakeholders, NGO's and other interested parties were all invited to make presentations to the Committee.
Members of the Committee conducted a site visit to the Project and held a series of meetings and consultations in both Rosia Montana and Bucharest with all interested parties. Gabriel made two separate presentations to the Committee, one in Rosia Montana and one in Bucharest. Gabriel's presentations demonstrated to the Committee that the development of the Project would provide significant economic benefits to Romania, while being developed in a manner that meets or exceeds all international best practices, guidelines, policies and laws relating to the environmental, social and cultural aspects of the Project.
Final Approvals for Piatra Alba Community Site
The Alba County Council has approved the zonal urbanistic plan (the "PUZ") for the new community site located in Piatra Alba, Rosia Montana. The PUZ provides details of the development plan for the new resettlement site, including all community infrastructure and public facilities, such as the hospital, school, community centre, library, churches and government offices, as well as the residential neighborhoods.
Having now received all necessary approvals, Gabriel will shortly begin construction of the access road and basic infrastructure for the 186 hectare site.
Appointment of Vice-President - Operations
Richard Hill has been appointed Vice President -- Operations of Gabriel and Managing Director of Rosia Montana Gold Corporation S.A., Gabriel's 80% owned Romanian subsidiary. Mr. Hill will assist in the development, start-up and commissioning of the Rosia Montana project and will assemble the requisite operating personnel in order to assume responsibility for the ongoing commercial operation of the project once commission is complete.
Mr. Hill was the General Manger of Australian Magnesium Corporation Pty. Ltd. from 1997 to 2001 and prior to that was the manager of International Projects for Normandy Mining Limited from 1992 to 1997.
Mr. Hill earned his BSc in Mechanical Engineering from Nottingham University in the UK and his MSc in Agricultural Engineering from Reading University in the UK.
Gabriel is a Canadian based resource company engaged in the exploration and development of mineral properties in Romania and is presently continuing the development of its 80% owned world scale Rosia Montana gold silver project in Romania.
On Behalf of the Board:
Signed by "Oyvind Hushovd"
OYVIND HUSHOVD
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
CONTACT: Gabriel Resources Ltd. at (416) 955-9200 or info@gabrielresources.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.
