| Gabriel Resources may cut jobs in Romania due to mine permit woes | |
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March 13 (Reuters) - Gabriel Resources Ltd may lay off about 80 percent of the workers at its Romanian subsidiary, or nearly 400 people, unless prospects for its Rosia Montana gold mine improve, the Canadian company said on Thursday. Gabriel said on Thursday it did not know when the government could approve its environmental permits. Rosia Montana is an old mining district, and an abandoned mine sits in the middle of Gabriel's site. But the company has proposed something much bigger, with four open pits. Some villagers would need to move, and others already have. Some Romanians want cyanide, the toxic chemical Gabriel would need to process ore, banned outright. The company has vowed to abide by tough environmental standards and safely store waste that would contain small amounts of cyanide. Thursday's news came as Gabriel reported its fourth-quarter financial results. Its cash balance fell to C$42.1 million ($37.82 million) as of Dec. 31 from C$79.0 million a year earlier. The company's loss for the quarter narrowed to C$527,000, or nil Canadian cents per share, from C$2.5 million, or 1 Canadian cent a share, a year earlier. Shares of Gabriel were down 2.5 percent at C$1.16 in early trading in Toronto.
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Gabriel Resources Ltd.
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DEVELOPMENT STAGE |
CODE : GBU.TO |
ISIN : CA3619701061 |
CUSIP : C12459120 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gabriel Resources is a gold development stage company based in Canada. Gabriel Resources develops gold and silver in Romania, and holds various exploration projects in Romania. Its main asset in development is ROSIA MONTANA in Romania and its main exploration properties are BUCIUM - RODU-FRASIN and BUCIUM in Romania. Gabriel Resources is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 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. |