Arbitration Update – Publication of Counter-Memorial
Arbitration Update – Publication of Counter-Memorial
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PRESS RELEASE
FOR IMMEDIATE RELEASE TSXV Trading Symbol: GBU
October 2, 2018
Arbitration Update – Publication of Counter-Memorial
Gabriel Resources Ltd. (“Gabriel” or the “Company”) previously reported on July 11, 2018 the publication
of the redacted memorial on the merits and quantum of its claim against Romania (“Memorial”) under the
rules of the International Centre for Settlement of Investment Disputes (“ICSID”) part of the World Bank
(“ICSID Arbitration”).
That publication followed a process prescribed by certain procedural orders (“Procedural Orders”) of the
tribunal appointed to adjudicate the ICSID Arbitration (“Tribunal”) , and t ook into account the Tribunal’s
rulings on confidentiality issues.
Gabriel an nounces that , following a further redaction process and in accordance with the directions
prescribed by certain additional Procedural Orders , a redacted version of the counter-memorial filed by
Romania on February 22, 2018 (“Counter -Memorial”) has now been published on the ICSID website, in
addition to recently released Procedural Orders.
Gabriel, together with its counsel, is currently preparing its reply to the Counter-Memorial and its response
to Romania’s supplemental jurisdictional challenge, which are scheduled to be filed on October 26, 2018.
For information on this press release, please contact:
Dragos Tanase
President & CEO
Mobile: +44 77 99 469 694
Richard Brown
Chief Commercial 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.
About Gabriel
Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company’s principal focus has been the exploration and
development of the Roșia Montană gold and silver pr oject in Romania (“Roşia Montană Project”). 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 (“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. It is anticipated that the Roşia Montană
Project would bring over US$24 billion (at US$1,200/oz gold) to Romania as potential direct and indirect contribution to GDP and generate
thousands of employment opportunities.
Upon obtaining the License in June 1999, the Group (as defined below) 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 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.
Arbitration Update – Publication of Counter-Memorial
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Forward-looking Statements
This press release contains “forward-looking information” (also referred to as “forward-looking statements”) within the meaning of applicable
Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management’s current
expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment . All
statements, other than statements of historical fact, are forward-looking statements.
In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertaintie s and
contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those
expressed or implied herein. Some of the material factors or assumptions used to develop forward -looking statements include, without
limitation, the uncertainties associated with: the ICSID Arbitration, actions by the Romanian Government, conditions or events i mpacting the
Company’s ability to fund its operations or service its debt, exploration, development and operation of mining properties and the overall impact
of misjudgments made in good faith in the course of preparing forward-looking information.
Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may never
materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company’s results to diff er materially
from those expressed or implied by such forward -looking statements. Any statements that express or involve discussion s with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified
by words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”,
“goals”, “objectives”, “potential”, “possible” or variations thereof or stating that certain actions, events, conditions or r esults “may”, “could”,
“would”, “should”, “might” or “will” be taken, occ ur or be achieved, or the negative of any of these terms and similar expressions) are not
statements of fact and may be forward-looking statements.
Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation:
• delay or extension to the duration of the ICSID Arbitration;
• required disclosure, costs, process and outcome of the ICSID Arbitration against Romania;
• changes in the liquidity and capital resources of Gabriel, and the group of companies of which it is directly or indirectly parent (“Group”);
• access to funding to support the Group’s continued ICSID Arbitration and/or operating activities in the future;
• equity dilution resulting from the conversion or exercise of new or existing securities in part or in whole to Common Shares;
• the ability of the Company to maintain a continued listing on the TSX Venture Exchange or any regulated public market for trading
securities;
• the impact on business strategy and its implementation in Romania of: unforeseen historic acts of corruption, uncertain fiscal
investigations; uncertain legal enforcement both for and against the Group and political and social instability;
• regulatory, political and economic risks associated with operating in a fo reign jurisdiction including changes in laws, governments and
legal regimes and interpretation of existing and future fiscal and other legislation;
• volatility of currency exchange rates, metal prices and metal production;
• the availability and continued par ticipation in operational or other matters pertaining to the Group of certain key employees and
consultants; and
• risks normally incident to the exploration, development and operation of mining properties.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements.
Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change
in the Company’s affairs since the date of this press release that would warrant any modification of any forward-looking statement made in this
document, other documents periodically filed with or furnished to the relevant securities regulators or documents presented on the Company’s
website. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by this notice. The Company disclaims any intent or obligation to update publicly or otherwise re vise any forward-
looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject
to the Company’s disclosure obligations under applicable Canadian securities regulations. Investors are urged to read the Company’s filings
with Canadian securities regulatory agencies which can be viewed online at www.sedar.com.
ENDS