Gabriel Stock Falls After 4 Senior Managers Resign
13:44 EDT Monday, April 14, 2003
TORONTO (Reuters) - Gabriel Resources Ltd. said on Monday four senior managers, including its president and chief operating officer, were resigning at the precious metals explorer for "personal reasons."
After the news, Gabriel's stock fell 52 Canadian cents, or 19.3 percent, to C$2.17 a share on the Toronto Stock Exchange on Monday afternoon. It was halted earlier in the session, pending the announcement.
Gabriel said in a statement that Robin Hickson, president and chief operating officer, and Andrew Kaczmarek, vice-president and general manager of its Rosia Montana gold and silver project in Romania, had tendered their resignations.
It added that Bruce Marsh, vice-president of environmental and regulatory affairs, and Mike Steyn, vice- president of community development, would also resign.
It did not immediately announce their replacements.
In recent months, Gabriel's Rosia Montana project has come under fire from environmental group Greenpeace and politicians from Romania's opposition parties, saying the project would seriously damage the environment.
The company has repeatedly rejected such charges.
Oyvind Hushovd, chairman and chief executive, said on Monday Gabriel had made "significant progress" in developing the Rosia Montana project.
Hushovd, appointed to Gabriel's board in November, was chief executive and president of Falconbridge Ltd. , the world's third-largest nickel miner, until he was replaced in an overnight boardroom coup last February amid a creeping takeover of Falconbridge by metals and mining group Noranda Inc. .
ior Managers Resign
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