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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: I_C_Deadpeople who wrote (12746)	6/19/2003 2:36:15 PM
From: russwinter	Respond to of 39344

The story (in somewhat garbled English) came out of Romania on GBU. This is the company's release: biz.yahoo.com Mediafax story: Romania would benefit from the project Rosia Montana Bucharest, June 18th (Mediafax) Romania is to obtain important benefits from the development of the Rosia Montana project, stated on Wednesday to the Madiafax Agency, Alexadru Sassu, the president of the Parliamentarian Committee that elaborated a report regarding this mining development project. The value of the estimated benefits as the result of developing the project is approximately 583 million dollars, added the SDP representative. The Parliamentarian Committee finished the debates regarding the project Rosia Montana and adopted with 10 votes for and 3 votes against, the votes of the representatives of Greater Romania Party, its report on the issue. Sassu stated that accordingly to the report the committee requested the state institutions to supervise that these benefits are obtained by the local administration and the state budget. Another conclusion of the Committees report is that accordingly to the representatives of the state institutions there were no breaches of the law so far in Rosia Montana as regarding the development of the project. Sassu said that in Romania there is a clear legal framework in which is stipulated that the investments in the mining sector, disregarding the nature of the invested capital, Romanian or foreign, private or state, are accepted and expected. According to Sassu the members of the Committee came to the conclusion that Romania has also the necessary legislation regarding the environmental protection and the protection of the national patrimony. He stated that the development of the project from Rosia Montana has to be monitored by the state institutions in order for the existent laws to be complied with exigently and without any derogation. The Committee requested all involved parties to permanently consult with the European specialized organisms, considering the fact that Romania is facing for the first time such project in the mining sector, added Sassu. The report of the Parliamentarian Committee will be submitted to the leadership of the two Chambers of the Parliament in order to be debated in a reunited session. The parliament approved in March, in a reunited session, the formation of a special committee to analyze the project from Rosia Montana. According to the Parliaments decision, the purpose of the Committee was to formulate a common point of view regarding the economical, social, cultural and environmental aspects from Rosia Montana. The Romanian state represented by Minvest Deva joint with the Canadian company Gabriel Resources five years ago and formed the joint company Rosia Montana Gold Corporation SA, which purpose is to exploit the gold and silver reserves from Rosia Montana area in Apuseni Mountais. Gabriel Resources concessioned in 1997 the land on which the future mining exploitation is to be located for 3 million dollars. The major shareholder is Gabriel Resources that owns 75% of the capital, the rest of 25% of the shares representing the Minvest Deva participation. According to a definitive feasibility study presented by Gabriel Resources at the middle of 2001, the initial investments of this project are approximately 295 million dollars. The mines from Rosia Montana have certain and probable reserves of over 300 tones of gold and 1.600 tones of silver. The project raised protests from the environmental NGOs, as well as from the scientists that claimed that the mining activities will destroy the archaeological legacy of the area.