GABRIEL RESOURCES $2.82 (Toronto symbol GBU; TSINetwork Rating: Speculative) (416-955-9200; www.gabrielresources.com; Shares outstanding: 380.1 million; Market cap: $91.1 billion; No dividends paid) aims to develop its 80.46%-owned Rosia Montana gold project in Romania. With an estimated 10 million ounces of gold reserves and 500,000 ounces of projected annual output, Rosia Montana could become Europe’s largest producing gold mine.
However, the proposed mine is near the site of ancient Roman mining tunnels. That has triggered protests from environmentalists, historians and other civic groups.
Gabriel recently won a vote related to its bid to build the mine. A regional referendum on the issue was held on December 9, 2012. Of the voters who participated, 62.45% supported the resolution to permit mining. In the community of Rosia Montana itself, support was even higher, at over 78% in favour.
Voter turnout was 43.2%, which was higher than average for national parliamentary elections but short of the 50% required to make the referendum “legally valid.” But even if it was legally valid, the vote was advisory in nature and wouldn’t have bound the Romanian government to any action.
Still, it appears that most of Rosia Montana’s residents believe the project will bring back the muchneeded jobs the area lost when a state-owned gold mine closed in 2006.
The result is also a step forward for Gabriel. As well, the European Union has stated that the project complies with its environmental regulations.
Gabriel Resources is still a hold, but only for aggressive investors.
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