Gabriel Resources Ltd. is a Canadian-based precious metals exploration and development company with an impressive portfolio of exploration and development properties in Europe's most prolific gold region, the Golden Quadrilateral of Romania.
Gabriel, through a joint venture with the Romanian government, holds an 80% interest in the Rosia Montana project, which contains reserves of 10.6 million ounces of gold and 52.3 million ounces of silver. A recently competed Basic Engineering Study by SNC Lavalin Engineers & Contactors forecast average production of 559,000 ounces of gold per annum at a total cost of US$128 per ounce over the first 10 years.
During 2003, exploration at Rosia Montana increased the measured and indicated resource to 14.6 million ounces of gold and 67.3 million ounces of silver. The deposit remains open in several directions and an exploration program is planned for 2004.