Gabriel Resources increased the capital for Rosia Montana Gold Corporation by 597.6 million lei

Publish date: 19-02-2010
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The Canadian mining company Gabriel Resources finalised the increase by 597.6 million lei at 612.6 million lei of the social capital of Rosia Montana Gold Corporation (RMGC), the procedure of registering of the operation being underway at the Commerce Registrar in the Alba county.

Previously to the operation, Gabriel Resources the majority shareholder of RMGC took over the shares owned in the company by two minority shareholders, Comat Trading and Cartel Bau, each with 0.23% of th capital. Thus, the Gabriel Resources participation increased by 0.46% at 80.46%. The state company Minvest Deva owns 19.31% of the RMGC capital and the Foricon compnay has a participation of 0.23%.

« Nothing changed in the economic interest of Minvest in the mining project and the increase of the capital does not involve such changes in the future" the RMGC press release shows. The Rosia Montana project is evaluated at 7.5 billion dollars ( the market value of the ores of gold and silver to be extracted) by RMGC which appreciates the positive impact of the investment on the Romanian economy to be four billion dollars. The net gain obtained by the investors is estimated to be 1.3 billion dollars.

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