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To: russwinter who wrote (61350)	5/18/2006 3:22:56 PM
From: David Semoreson	Read Replies (1) \| Respond to of 110194

russ, are you still holding GBU.TO? Canada's Gabriel submits Romanian gold mine study Thu May 18, 2006 8:36 AM ET BUCHAREST, May 18 (Reuters) - Canada's Gabriel Resources (GBU.TO: Quote, Profile, Research), which plans to set up Europe's biggest open-cast gold mine in Romania, said on Thursday it submitted an environmental study required for the government to approve the project. The controversial mining project in the Carpathian town of Rosia Montana has been repeatedly delayed due to reluctance on the part of authorities and protests from environmental groups. Hungary, Romania's neighbour to the west, has also opposed the gold mine development, arguing that the use of cyanide to extract gold from the mine is too risky. "The submission of this study is a decisive moment for the Rosia Montana project," Alan R. Hill, Gabriel's president and chief executive, said in a statement issued in Romanian. The company said its study observes European Union's latest directive on waste management in the mining sector. The Environment Ministry said an evaluation of the study needed to take a decision on whether to issue a construction permit or not could take up to six months. The Romanian arm of Gabriel, Rosia Montana Gold Corporation, has repeatedly postponed dates for submitting the study. Gabriel has said the first gold was expected to be produced from the Romanian mine in late 2008 or early 2009. Romania's former government of ex-communists, which lost the 2004 elections, had opposed the scheme, which has an output target of almost 500,000 ounces of gold annually. Cultural groups have attacked what they say is the planned destruction of ancient Roman gold mines in the area, as well as harm to the environment and to nearby villages, as thousands of people must relocate to make way for drilling sites.