Gabriel Resources Ltd. Anticipates ICSID Arbitration Award Announcement

Gabriel Resources Ltd. (TSXV:GBU), a Canadian resource company, has updated stakeholders on the status of its International Centre for Settlement of Investment Disputes (ICSID) arbitration claim against Romania. The company, which has been embroiled in a legal dispute over the Roșia Montană Project, reported that the arbitral tribunal is expected to issue its final decision on March 8, 2024. This announcement follows previous information that the decision was due to be delivered by March 12, 2024. Gabriel Resources has indicated it will inform the market as soon as the award is received.

The Roșia Montană Project, known for being one of Europe's largest undeveloped gold deposits, has faced significant opposition and legal hurdles in Romania, preventing the company from proceeding with the project. Gabriel Resources holds an 80.69% equity interest in Roșia Montană Gold Corporation S.A., with the remaining shares held by Minvest Roșia Montană S.A., a state-owned mining company. The company's pursuit through ICSID arbitration seeks to address what it perceives as unlawful blocking and lack of compensation regarding the project's development in Romania.