RMGC Requests 5-Year Extension for Roşia Montană Concession

Roşia Montană Gold Corporation (RMGC), the developer of the blocked gold mining project in Roşia Montană, requested the National Agency for Mineral Resources to extend for another 5 years the concession license for the exploitation of the Roşia Montană gold-silver perimeter, which is due to expire on 20 June.

In addition, those from RMGC have renewed their requests addressed to ANRM for the issuance of exploitation licenses for the Rodu-Frasin and Tarniţa perimeters within the Bucium prospectus, to which they maintain that they have the right since 2007, according to Profit.ro.

“ANRM did not rule on the license requests for Bucium for 16 years, although it was legally obliged to do so. RMGC recently insisted to ANRM to issue exploitation licenses for the 2 Bucium projects, in accordance with the requests. Throughout the ICSID arbitration procedure, the Romanian state constantly maintained its position according to which the license requests for the Bucium projects are still in the process of being approved by ANRM, a position on which the majority arbitration decision was also based”, said Gabriel Resources, which controls RMGC.

Moreover, Gabriel Resources has secured up to $5.575 million in gross firm financing commitments from multiple investors, who will purchase new shares issued by the company at a price of 2 cents per share, equal to that on the Toronto Stock Exchange from now on, through transactions whose completion is expected around May 23.

Shareholders subscribed 88,049,000 shares in the placement, representing gross commitments of 1.3 million dollars.

“The net funds obtained from the private placement will be used to finance the ongoing strategic plans of the company, including (i) the possibility of taking steps to annul the ICSID decision of March 8, 2024 (which gave victory to Romania in the Roşia Montană arbitration – n.r.), (ii) maintaining the rights and participations of Gabriel Resources in relation to the Roşia Montană mining concession and the Bucium projects and (iii) financing the working capital needs”, announced Gabriel Resources.