Junior Mining Network | 20 December 2023
Gabriel Resources update on ICSID arbitration
by Gabriel Resources
Mr. Dragos Tanase reports:
Gabriel Resources Ltd. (TSXV: GBU - "Gabriel" or the "Company") previously announced that the proceedings in its World Bank International Centre for Settlement of Investment Disputes ("ICSID") claim against Romania had been declared closed by the arbitral tribunal (the "Tribunal") on September 14, 2023.
According to Rule 46 of the ICSID Arbitration Rules, the Tribunal must issue its final decision ("Award") to the parties within 120 days of the closure of the proceedings, provided however that the Tribunal may take a further 60 days if it is otherwise unable to draw up the Award in such timeframe.
The Tribunal has today notified the parties that, in accordance with Arbitration Rule 46, it has extended the period to draw up and sign the Award for a further 60 days. Accordingly, the Tribunal must issue the Award on or before March 12, 2024.
Dragos Tanase, Gabriel’s President and Chief Executive Officer, stated, "This further potential delay to the issuance of a decision by the Tribunal is frustrating to all stakeholders, however we hope the decision is made earlier than the final deadline date."
For information on this press release, please contact:
President & CEO
Phone: +40 730 399 019
Chief Financial Officer
Mobile: +44 7748 760276
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company’s principal business had been the exploration and development of the Roșia Montană gold and silver project in Romania. The Roşia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Roşia Montană Project is held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company.
Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Roşia Montană Project. Despite the Company’s fulfilment of its legal obligations and its development of the Roşia Montană Project as a high-quality, sustainable and environmentally-responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Roşia Montană Project without due process and without compensation. Accordingly, the Company’s current core focus is the ICSID Arbitration. For more information please visit the Company’s website at www.gabrielresources.com.