Rosia Montana is a community of sixteen villages located in a district known as the Golden Quadrilateral, in the South Apuseni Mountains of Transylvania. The Golden Quadrilateral has been one of Europes most prolific mining districts for over 2000 years. The Rosia Montana concession area, which affects four of these villages, was subject to open pit mining by the state mining company, Minvest, until 2006. Following the closure of the mine with the loss of thousands of jobs, unemployment is reported to be 80% in the region. As a result of historical mining activities, abandoned waste dumps and tailings ponds exist in the Rosia Montana area. In addition, approximately 140km of historical underground workings, some dating from Roman times, have been identified within the mineralized zones, creating a lasting cultural heritage together with an environmental legacy with high levels of metals including zinc, iron, arsenic, lead and cadmium currently discharged, untreated, into local streams, soils and water. Gabriel proposes to preserve the areas cultural heritage where possible whilst also treating the harmful effluents as part of its normal operating procedures. Key Facts of Rosia Montana Project Target Gold and silver Location West-central Romania within the historic Golden Quadrilateral area of Romania, in the South Apuseni and Metaliferi Mountains of Transylvania Licence Area Exploitation concession licence covering approximately 2,388 hectares Gabriels Interest 80.69% (through RMGC, the beneficial owner of the project - Minvest Roşia Montană S.A., a Romanian state-owned mining company, owns the remaining 19.31%) Mineralization Mid- to shallow-level, low to intermediate sulphidation epithermal system Reserves & Resources Measured and Indicated Resources of 17.1Moz of gold and 81.1Moz of silver (513Mt @ 1.04g/t Au and 5g/t Ag), including Proven and Probable Reserves of 10.1Moz of gold and 47.6Moz of silver (215Mt @ 1.46g/t Au and 6.88 g/t Ag) - see Mineral Reserves & Resources for Rosia Montana Mining Large-scale, bulk tonnage, conventional open-pit mine comprising four principal deposits, namely Cetate, Carnic, Orlea and Jig Status Fully scoped and currently in the permitting phase
Posted on: Sun, 24 Nov 2013 10:36:38 +0000
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