Canadian company Gabriel Resources, which owns almost 80 percent inRosia Montana Gold Corporation, expects the Rosia Montana mining project in Romania to produce gold in three years from now. After the Romanian Government will approve the environmental authorization and the new certificate for archaeological discharge for the Carnic massif, it will take almost a year to finish acquiring most of the land and obtain most of the other licenses and approvals, according to the Gabriel Resources managers.

Works on the mine project, in which the company invested almost 70 million Canadian dollars, might last up to two years and a half. If no unplanned delays occur, the Rosia Montana project might produce gold by the end of 2014.

The Rosia Montana project continues to have the support of local and central politicians in Romania, according to Gabriel Resources, as the Government is trying to stimulate the economy. So far, the company received 10 out of the needed 12 approvals needed for the final agreement from the Rosia Montana local council. The mining project has been met with the dissaproval of non-governmental organizations in Romania, which have argued the mining project would cause ecological damages.

The Romanian state owns 19.3 percent of the Rosia Montana Gold Corporation shares.

Alexandru Camburu