rosia montana - prospect aga gabriel resources ltd. canada din 20.06.2013 - gbu_agm_pres_june2013
TRANSCRIPT
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The Rosia Montana Gold & Silver Project:
A Project for Romania
Annual General Meeting June 20, 2013
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Legal Notice
The summary information contained herein has been provided by Gabriel Resources Limited (the Company) in respect of its interest in the Rosia Montana Gold and SilverProject (the Rosia Montana Project or Project). The Project is wholly owned by the Companys subsidiary Rosia Montana Gold Corporation S.A. (RMGC) in which theCompany owns an 80.69% equity interest.
No representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information or opinions contained herein is made or given by theCompany, its subsidiary companies, including RMGC or their respective officers, directors or employees and no responsibility or liability is accepted by any person for suchinformation or opinions. In all cases, recipients should conduct their own investigation and analysis of the Company and its interest in the Project. The contents of this
presentation are not to be construed as investment, legal, financial or tax advice.
In furnishing this presentation, the Company does not undertake or agree to any obligation to provide you with access to any additional information or to update you or thispresentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. Except as otherwise indicated, the information contained hereinis as of June 2013.
The information is neither an offer to sell nor a solicitation of an offer to buy any securities nor shall it or any part of it form the basis of or be relied on in connection with, or actas an inducement to enter into, any contract or commitment whatsoever. The contents of this presentation are being provided to you solely for your information and must not becopied, published, reproduced, distributed in whole or in part to others at any time by recipients. Any failure to comply with this restriction may constitute a violation of securitieslaws.
The information contained herein contains forward-looking statements relating to the Company and/or the Project that are based on managements current expectations,estimates and projections. Such statements may reference timelines, economic impact, job creation, costs estimates, future ability to finance the Project, patrimony plans,technical specification and Project delivery and other statements that express management's expectations or estimates regarding the timing of completion of various aspects of
the Projects development or of future performance.
The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", projects, "may", "will", "schedule", potential, and similarexpressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while consideredreasonable by management, are inherently subject to significant procedural, legal, business, economic and competitive uncertainties and contingencies.
This presentation includes many such forward-looking statements which are subject to known and unknown risks, uncertainties and other factors which are difficult to predictand that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, which are not guarantees of future performance.
These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, politicalor economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and theeffects of, the government policies affecting the Company's and/orRMGCs operations; uncertainties related to timelines for awaited approvals; changes in general economicconditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing
quantities or grades of reserves; and the Companys requirements for substantial additional funding.
Certain scientific and technical information contained in this presentation is extracted or derived from the CompanysTechnical Report on the Rosia Montana Gold and SilverProject Transylvania, Romania with an effective date of October 1, 2012 (the 2012 Technical Report), which is filed under the Companys SEDAR profile. SRK Consulting(UK) Ltd (SRK), the author of the 2012 Technical Report, considers the Mineral Reserve and Mineral Resource statements made in the 2012 Technical Report to be inaccordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIMStandards).
All forward-looking and other statements made in respect of this presentation are expressly qualified in their entirety by this cautionary statement.
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Contents
Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Project Impact in Romania
Summary
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Investment Highlights
World class asset:
One of the most significant gold deposits outside theownership of a major mining company;
Measured & Indicated Resource 17.1M oz Au (+1.4MInferred), 81.1M oz Ag1 (Using cut off grade of 0.4g/t Au)
Proven & Probable Reserve - 10.1M oz Au, 47.6M oz Ag1
(Using US$400/oz Au pit shells)
Will be one of Europes largest gold mines; permittingprocess to be completedLowest quartile cash cost anticipated
Potential for Growth:
No resource definition drilling since 2005Additional exploration properties at Bucium Rodu Frasin(Au-Ag) and Bucium Tarnita (Cu-Au)Potential to expand a major mining district
No debt, cash in bank:
$67.1 million in cash as at March 31, 2013Monthly cash burn $2-4 million per month
(1) Taken from the 2012 Technical Report
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Corporate Structure1,2
Gabriel Resources Romanian Government
Rosia Montana Gold Corporation (RMGC)
Rosia Montana Project
(1) Corporate structure shown excludes intermediate companies(2) The shareholding structure of RMGC has been under discussion with Romanian Government together with the 4% state royalty
Gabriel owns the Rosia Montana Project through its subsidiary, Rosia Montana Gold Corporation S.A. (RMGC),a Romanian Company in which Gabriel holds an 80.69% stake. The balance is held by CNCAF Minvest S.A., aRomanian state-owned mining enterprise
Gabriel is working with the Romanian Government to permit and build one of the most modern mines in Europe
80.69% 19.31%
100%
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Capitalization1
Key information
Share Price $1.36
52 Week High/Low $2.94 / $1.21
Average Daily Trading Vol. (3 months) ~840,000 shares
Ticker GBU.TO
Market TSX
Market Cap $524 million
Shares Outstanding 384 million
Options (incl. DSUs & RSUs) 27 million
Filly Diluted Shares Outstanding 411 million
Cash (as at March 31, 2013) $67.1 millionDebt $0
Paulson & Co 16%
Electrum Global Holdings 16%
BSG Capital 16%
Newmont 13%
Baupost Group 13%
Free-float 26%
Major shareholders
Share price evolution 12 months
(1) Information provided as at June 14, 2013 unless stated otherwise, and provided in Canadian Dollars
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Consolidated Statement of Financial Position
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2011/2012 Financial Statements Summary Cash Flow
0
20
40
60
80
100
120
140
160
Cash-Jan1,
2011
Opera
tingactivities
Explore
anddevelop
O
therinvesting
Warrantproceeds
Stockop
tionproceeds
Fore
ignexchange
Cash-
Dec31,
2011
Opera
tingactivities
Explore
anddevelop
O
therinvesting
Stockop
tionproceeds
Cash-
Dec31,
2012
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Contents
Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Project Impact in Romania
Summary
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Rosia Montana Project Resources and Reserves1
ResourcesTonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Contained Au
M oz
Contained Ag
M oz
Measured 171.5 1.32 8 7.26 43.16
Indicated 341.2 0.90 3 9.89 37.96
Measured & Indicated 512.7 1.04 5 17.14 81.12
Inferred 44.8 0.98 3 1.42 4.10
Resources at 0.4g/t Au cut-offReserves at US$735/oz Au
US$10.5/oz Ag
Reserves Tonnes(Mt)
Au(g/t)
Ag(g/t)
Contained AuM oz
Contained AgM oz
Proven 112.5 1.63 9.01 5.9 32.6
Probable 102.5 1.27 4.55 4.2 15.0
TOTAL 214.9 1.46 6.88 10.1 47.6
(1) Taken from the 2012 Technical Report, Reserves contained within Resources
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Carnic Cetate
Orlea
Jig
Rosia Montana Project Reserve Model
Average content ofreserves block (g/t)
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Rosia Montana Project Perspective
Carnic Pit
Cetate Pit
Jig Pit
Orlea Pit
Plant Site
Carnic Waste Dump
Rosia MontanaProtected Area
LGS
Tailings Dam
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Rosia Montana Project Mine Layout
The Project consists of 4
open pits, one TMF, twowaste stockpile areas, aprocessing plant andother associated facilities
Compact and efficientdesign to minimizeenvironmental impact
Total surface area 1,257ha, approximately 7km inlength
P j K F
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Project Key Facts
Open pit truck and shovel mining process 1.2:1 waste:ore strip ratio
Conventional CIL processing (closed circuit) 14Mtpa design
16 year operating mine life
Old mining district; good infrastructure and access to educated mining talent
Access to grid power supplied fromexisting 110kV transmission line
currently passing through the Projectsite
Readily available water supply fromlocal river
Direct road and nearby rail access
Royalty currently 4%
Corporate tax rate 16%
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Commissioned to reflect current CapEx and OpEx status of the Project
Undertaken by SRK Consulting (UK) Limited
Mineral Resource updated using a cut off grade of 0.4g/t; 2009 Resource was stated
using 0.6g/t cut off grade
No changes to the scope or scale of Project: no change to Mineral Reserve, still using
US$400/oz Au pit shell
Conservative input price assumptions for key consumables
Base case metal price assumptions:
US$1,200/oz Au US$20/oz Ag
2012 NI 43-101 Highlights of the Update
E ti t d P d ti P fil 1
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Estimated Production Profile1
Cetate 25%
Carnic 52%
Jig 3%
Orlea 20%
Production by Pit
Productionozs
(in
000s)
Year Pit Mined
1-4 Cetate, Carnic
5-6 Carnic
7-8 Carnic, Orlea
9 Cetate, Carnic, Orlea, Jig
10-11 Cetate, Orlea, Jig
12 Cetate, Orlea
13+ Cetate
Year of Mine Life
Annual Gold Production
Annual Silver Production
Product
ionozs(in
000s)
Year of Mine Life
(1) Taken from the 2012 Technical Report
0
100
200
300
400
500
600
700
Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16
C t St t E ti t 1
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Cost Structure Estimates1
Initial Capital + Sustaining Capital = Total Capital
US$1.40billion US$571 million US$1.97 billion
(1) Taken from the 2012 Technical Report. Operating costs have been estimated in accordance with standard industry practices and are valid as at the third quarter of 2012(2) All figures in US Dollars and royalty based on 4%
Capital Costs:
Mining $102
Processing $263
G&A $52
Freight/Refining $3
Royalty $51Silver Credit ($72)
LOM Cash
Costs2 ofUS$399/oz
Mining$3.67
Processing$9.48
G&A$1.87
Other$1.95
Total Cost2 per Tonne ofUS$16.97
Operating Costs:
Project Economics
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Project Economics
Description Units 2012 2009
Gold price (US$/oz) 1,200 750
Silver price (US$/oz) 20 10.5
Life of Mine Cash cost (US$/oz) 399 335
Pre-production capital (US$m) 1,400 876
Sustaining capital (US$m) 571 366
Closure cost (US$m) 146 128
Undiscounted cashflow after tax (US$m) 3,606 1,662
NPV after tax (5% discount rate1) (US$m) 1,836 997
IRR after tax % 19.6 20.4
Payback Years 3.3 3.5
(1)A 5% discount rate was used in the March 2009 43-101 Technical Report. The Base Case discount rate used in the 2012 Technical Report is 10%.
G b i l B h ki
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Gabriel Benchmarking
3.9 3.4 2.8 1.6
80.1
28.720.6 19.8 16.4
13.19.0 8.9 8.4 8.2 7.2 7.1 6.6 5.4 5.4 5.1 4.8 4.6
0
15.0
30.0
45.0
60.0
75.0
90.0
Seabridg
e
Novago
ld
Int.Tower
Hill
Chesapeak
e
Gabriel
Pretium
Carpathia
n
Guyan
a
RainyRiv
er
Premier
BeloSu
n
Mida
s
Sabin
a
Torex
Continental
Orezon
e
Romarc
o
Asank
o
Lydia
n
Papillo
n
Rubico
n
Aureu
s
Moz
3.5 2.8 2.6 2.2 2.0 0.8 0.84.04.1
7.3
8.118.519.7
44.7
0
10.0
20.0
30.0
40.0
50.0
Seabridge
Novagold
Chesapeake
Gabriel
Pretium
Torex
RainyRiver
Guyana
BeloSun
Asanko
Lydian
Romarco
Carpathian
Aureus
Moz
(1) Reserves include total Proven and Probable inventory of Au(2) Resources are inclusive of Reserves(3) Represents Brucejack High Grade Resources only
Developers Attributable Total Resources(2)
Developers Attributable Reserves(1)
g/t Au 0.62 1.18 0.50 1.46 12.01 2.61 1.08 2.74 1.48 1.13 0.75 2.06 1.24 3.27
g/t Au 0.59 0.96 0.54 0.49 1.05 13.40 0.61 2.94 1.04 2.67 1.76 1.65 6.42 2.62 9.84 1.08 1.65 1.73 1.00 2.37 0.59 0.96
(3)
Source: Company filings and RBC Capital Markets, June 14, 2013
(3)
10 Y I d t A C h C t G ld P i 1
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10 Year Industry Average Cash Costs vs Gold Price1
180 224253 271 317
395467 478
557643 738
5553
60 6884
99118 139
166
166190
235277
313 339401
494
585617
723
809
928
-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
US$/oz
Operating Cash Cost Depreciation and Amortization Avg. Annual Gold Price
Average 2012Production Margin$740/oz
Rosia MontanaLOM Cash Cost:$399/oz
(1) Source RBC Capital Markets
4 Year Ind str A erage All In S staining Costs s Gold Price1
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4 Year Industry Average All-In Sustaining Costs vs Gold Price1
462537
611699
1620
32
39
239
300
400
473
717
857
1,043
1,211
-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2009 2010 2011 2012
US$/oz
Mine Site Cash Cost Smelting, Refining, Royalties
D&A, Corp. G&A, Int. Exp., Sust. Capex Avg. Annual Gold Price
Average 2012All-In Margin:$457/oz
Rosia Montana LOMAverage All-In Cash Cost$653/oz
Rosia MontanaLOM Cash Cost:$399/oz
(1) Source RBC Capital Markets
Contents
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Contents
Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Project Impact in Romania
Summary
Rosia Montana A Mining District
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Rosia Montana A Mining District
Rosia Poieni: A state owned working mineRosia Montana: Historical workings atthe Cetate pit
Organic Growth Opportunities Additional Properties
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Organic Growth Opportunities Additional Properties
Rosia Montana
Rosia Poieni
Bucium Rodu-Frasin
Bucium Tarnita
Bucium Rodu Frasin Resource Estimate
CategoryTonnage
(Mt)
GradeAu
(g/t)
GradeAg
(g/t)
ContainedAu (oz)
ContainedAg (oz)
Indicated 7.9 1.92 5 491,000 1,385,000
Inferred 35.4 1.16 3 1,320,000 3,271,000
Bucium Rodu-Frasin1:
Gold and silver low sulphidation epithermal system
Dominantly disseminated with associated stockworks andbreccias, veins
Block size 40mE x 40mN x 10mRL Ordinary Kriging 0.6 g/t Au cut off
Bucium Tarnita:A copper/gold porphyry deposit covering a surface areaof 700m x 700m
Potential to host large tonnage deposit - Untested at
depth
Resource estimate not yet published by the Company
(1) Certain scientific and technical information contained in this slide is extracted or derived from the RSG Global report dated November 2004 (Bucium Technical Report), which is ffiled under the Companys SEDAR profile. The Mineral Resource Estimates reported therein have been estimated by Julian Verbeek, MAusIMM, of RSG Global in accordance withthe Canadian Institute of Mining, Metallurgy and Petroleums standards and definitions and are dated as of November 2004.
Contents
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Contents
Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Project Impact in Romania
Summary
Romania Rosia Montana
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Romania Rosia Montana
2,000 years of mining history with reports of upto 50 million ounces of gold produced, togetherwith significant silver and copper
In the 5 years leading to EU accession in 2007,in excess of 500 mines were closed, with over200,000 jobs lost
Romania is in the European Union;governed by EU rules and regulations
Coalition Government(PSD/PNL) returned to power in
December 2012 GeneralElection
With the current GDP percapita among the lowest inthe EU, the Romaniangovernment may look toharness the potential of itsnatural resources
Educated and skilledworkforce
Located in a highly prospective mining district
Rosia Montana has been mined for 2,000 yearsand most recently by the state until 2006
Unemployment in the Rosia Montana region isapproximately 65% - RMGC employment hasbrought this number down from over 90%
The Project will assist in the clean-up of pollutionfrom years of unregulated mining in the RosiaMontana region
Designed to comply with
Romanian laws and EUdirectives
Key infrastructure already inplace
Long-lead time equipmentalready purchased andstored in warehouses
SAG mill
2 x Ball mills
Crusher
Romanian Parliament structure 412 deputies 176 senators
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Romanian Parliament structure 412 deputies, 176 senators
PSD leading Parliamentary party has a total of 223 seats. The USL coalition, plus Minorities have 417 seats.
The Opposition has 153 seats.
64
50
8
23 20
9
1 1
0
10
20
30
40
50
60
70
PSD PNL PC PD-L PP-DD UDMR Independents Vacancy
Senators mandates
PSD PNL PC PD-L PP-DD UDMR Independents Vacancy
159
101
17 18
4934
18 13
10
20
40
60
80
100
120
140
160
PSD PNL PC Ethnic
Minorities
PD-L PP-DD UDMR Independents Vacancy
Deputies mandates
PSD PNL PC Ethnic Minorities PD-L PP-DD UDMR Independents Vacancy
Romanian Government structure and Ministries
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Permitting Process
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e tt g ocessThe Rosia Montana Project with annual production of >5M tonnes is deemed a project of national interest and as such has
to be permitted at the National level
Progress:
Q3 2010 resumption of the Technical Analysis Committee (TAC) review of the Environmental Impact Assessment (EIA)
2011 received Environmental Approval of the PUZ for the Industrial Project and Archaeological Discharge Certificate forCarnic (ADC #4)
2011 TAC visits Project, TAC concludes all technical matters completed; await process confirmation
X 2012 austerity protests; changes to Government; local council elections; presidential impeachment; general elections
Q4 2012 Local referendum held: Do you agree with the resumption of mining in the Apuseni Mountain region andspecifically at the Rosia Montana Project? - 62.5% voted in favour
Q4 2012 National elections held; landslide victory for USL providing a stable platform for government not seen in years
Engagement with USL government to finalize permitting process; further TAC Meetings May 10th and 31st, 2013
Next Steps:
Completion of TAC cabinet approval of EIA issuance of Environmental Permit ratification by Parliament
Completion of PUZ for the Industrial Project Area and Historical Area
Once the Environmental Permit is obtained from the Romanian Government, and the PUZ are approved, in the absenceof any other extraordinary events (legal or otherwise) it would take approximately one year to:
Complete the majority of outstanding surface rights acquisitions Receive the majority of other permits and approvals, including initial construction permits Finalise the project build details and advance financing for the project
Following this, construction is estimated to take approximately 30 months
Romanian Political Overview
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2007 - 2009 2010 2011 2012 2013 2014 2015 2016
Electoral years Non-electoral years
May 07Presidential
impeachment
Jun 08
Local Elections
Nov 08
National ElectionsRomanian Parliament
Dec 09Presidential
Elections
Dec 12National Elections
Romanian Parliament
End 16National Elections
Romanian Parliame
End 14Presidential
Elections
Jun 12Local Elections
Mid 16Local Election
USL Government Recent Media Statements
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Minister Delegate of Large Projects, Dan Sova:All what I can say now is that a political decision will be taken within the next two or three months, if it (the Project) would be
implemented, or not1
Prime Minister, Victor Ponta:If all environmental standards are complied with, if the Romanian state gets a much higher interest and if we collect royalties at
European level, if the Romanian Parliament will decide, not only about that case, but also in the case of all mining exploitations,reopening of mines, creation of jobs, investments in the environment and so on, revenues to the budget, I think I will keep my promise
to the people we create jobs, we preserve the environment and we obtain more moneythis is what I want to do.2
Minister of Environment, Rovana Plumb:Anyauthorization of an investment requires an integrated environmental approval from the environment authorities. An integrated
environmental approval cannot be approved, cannot be adopted without political debates. The Government will work transparently, but I
repeat, in the form I took it over last year, the Project cannot be sustained. If the additional guarantees related to the environmental
risks are observed, if the requirements regarding the benefits for Romania are met and if a new sustainable project is proposed, then
we will discuss. Until then, the Government has made no decision.3
Minister of Culture, Daniel Barbu:Lookingat the whole political-technical debate on cyanides, jobs, and I look at the monuments... What do I see? That, in a locality of
300 houses, half have been restored on the money paid by the company...The underground; I have seen restored Roman galleries,
including wooden devices recovered from the times of the Romans. The Romanian State has never had the necessary money to
restore these. I say that from what I read on paper, I repeat; in addition I also read the opinions of both sides. I have seen a team of
archaeologists led by a French woman who I understand is an authority in the field who preserved these galleries, some can be
even visited, there is a museum with mining equipment used throughout time. What I see on paper does not seem discouraging in
terms of heritage valorization.4
Government of Romania:The Official Gazette Reported: The establishment of the new company is motivated by the Government by claiming that the projectoperating in Rosia Montana can generate operating revenues and direct contributions for the state budget estimated at several billion
dollars, and can also be a major contributor to the recovery of the mining industry Romania and the creation of a significant number of
jobs in an area, an area concerned by major unemployment.5
(1)Antena 3, March 16, 2013 (2)Antena 3, May 7, 2013 (3)Antena 3, May 18, 2013 (4) Interview, May 13, 2013 (5) Official Gazette, May 29, 2013
Surface Rights Status
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60% of totalsurfacealreadysecured
To date RMGC has secured 757ha ofland, amounting to 60% the totalsurface area required for Projectconstruction this includes 78% of thenumber of homes in the Project footprint
g
61%belongs toresidentialowners
39% areinstitutionalproperties
Of the total remaining surface to beacquired, 39% (196ha) are institutionalproperties
The remaining 304ha (61%) of the totalsurface to be acquired belongs toprivate owners
A total of 155 households located
under the Project footprint are still to berelocated
Once the Environmental Permit is granted the Company will resume the surface rights acquisition process; the acquisitionprogramme ceased soon after the 2007 permitting process was put on hold
ProjectObjective:
Secure 100% of
the surface rightsand hand over tothe constructionteam
40% of totalsurface stillto be secured
Resettlement to Date:
125 families opted for resettlement in the Recea neighbourhood at Alba Iulia alocation chosen by the community and built by RMGC
Construction began in 2006 and was completed in 2010
Resettlement and community support is an ongoing commitment of theCompany
Land is available and in possession for expansion of up to 80 additional housesfor those opting for resettlement
Contents
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Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Project Impact in Romania
Summary
Rosia Montana Project Benefits: Summary
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Today The vision
EconomyHigh unemployment / poverty rateLack of opportunities for businessesHarsh macroeconomic conditions
>3,000 in direct jobs over the Projects lifetimeOpportunities for local businesses>$24 billion(1) in total contribution to Romanias GDP
Environment
Current pollutionAcid waters; heavy metalcontamination in local water system
Abandoned open pitsSoil contamination
Acid waters are cleaned by operationPits are closed and planted or transformed into lakesPilot water treatment plant currently operatingEstablishment of a $146 million financial guarantee forclosure, environmental restoration and post-closuremonitoring
Patrimony
Most Roman galleries not accessibleLimited historical monuments exhibitedCultural heritage houses inadvanced degradation, no governmentmoney to preserve
Allocation of significant expenditure for the
conservation of heritageMany Roman galleries restored and open for visitorsRestoration of historical town center; most historicalhouses renovated and used for sustainabledevelopment programs
CommunityYoung leaving the area in search of abetter life
Poverty affects social cohesion
Community life and traditions are restoredSustainable development strategies ( professionalreconversions, business plans for post mining
activities)
OVERALLImpoverished community with no real
alternative
SOLUTION - Prosperity, growth, clean environment,tourist destination, cultural heritage rehabilitated.
A long term future for Rosia Montana
(1) At a gold price of USD $1,200/oz
Rosia Montana 80 years ago A Mining District
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A booming economy fuelled by 2000 years of mining
Rosia Montana - Environment
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Abandoned pits from previous unregulated mining remain open generating acid rock drainage discharging over 3m litres oftoxic effluent into the local water system every day
The area is highly polluted due to lack of investment and soil contamination is a concern
The estimated cost of cleaning up the legacy of over 2000 years of mining at Rosia Montana and regionally is multiplebillions of dollars
If the Project is not developed the Romanian Government will be left responsible for cleaning up the environmental pollutionlegacies at a substantial cost to the state
The Project Impact Environment
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The Company has already begun investing in environmental reclamation in the local area through the implementation of a pilotwater treatment plant, that began operations in October 2011, as well as community clean-up efforts. The Project will bringmany additional environmental benefits to the area including:
An ecological reclamation project to restore water systems and remediate the damage done to the landscape by priormining practices
The open abandoned pits will be closed and planted or transformed into lakes; acid rock drainage will no longer occurProtection of biodiversity through the planting of four trees for every one to be cut down and all before cutting down the firsttree; the construction of ecological corridors to facilitate natural migration of animals due to industrial work; and the plantingof a tree line between the industrial and residential areas to mitigate the impact
Establishment of a $146 million financial guarantee for closure, environmental restoration and post-closure monitoring
Rosia Montana Culture
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Roman Galleries (Catalina Monulesti):
Most Roman galleries not accessibleHistoric Roman workings backfilled withold mine tailings
Acid drainage destroying ancient relics
Community Houses:
Derelict houses occupy the town centerLocals and government have limitedfunds to rehabilitate
Historical Center:
The iconic town center known for itsunique architecture is mostly in ruinsLimited historical monuments preservedor exhibited
Iconic Houses:Cultural heritage houses in advanceddegradation; no government money topreserve
Former Town Hall
Former School House
There is limited hope forrehabilitation and
preservation of the
ancient remnants ofheritage and miningculture
The Project Impact Culture
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Roman Galleries (Catalina Monulesti):
Restoration work in the Catalina RomanGalleries under the historic town center hasbeen ongoing to allow for public viewing
Iconic Houses:Former Town Hall; restoration began in 2010 andfinished in 2012 - proposed to be used as a hotel tosupport future tourism
Former School House/Library; a proposal topartner with the Local Council for conversion into afacility to support local tourism
Community Houses:Over 110 houses in the historic towncenter's Protected Area have been or areplanned to be restored/rehabilitatedThe Company has already invested inrestoring 20 of houses in the historicalcenter
Historical Center:
RMGC owns 233 out of 327 houses in thecentre of Rosia Montana. 35 of them arehistorical monuments which will be restored.The first building restored by the Companyin 2010 was the new Mining Museum
The Companyhas already spent $17million to undertake
rescue archaeology thathas saved and preservedmany artifacts and relics
and has committedan additional$100 million
Rosia Montana Today Community
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The Project Impact Community
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The State and RMGC will put a strong focus on fostering the sustainable economic, environmental and culturaldevelopment of the Rosia Montana community; community life and traditions are restoredRMGC has already demonstrated its commitment to continually help restore this mining community by hosting andsupporting social activities and awareness programs
Sustainable development strategies (professional reconversions, business plans for post mining activities)
An undertaking by RMGC to create an average number of 2,300 direct jobs (in RMGC and direct sub-contractors)during the Project construction stage and an average of 900 jobs during its operational stage out of which we expectthat the vast majority will be offered to the local workforce, who will benefit from skills training and education
An undertaking by RMGC for sustainable development initiatives that will include the creation of new businesses forthe local communities while funding the restoration of infrastructure in Rosia Montana including roads, bridges,sewerage, water, electricity, communication networks, to ensure significantly enhanced benefits to the local community
The Company is also committed to responsible community development in the resettlement site it built, Recea, thatwas inaugurated in May 2009 - Offering to the affected community modern living conditions and ongoing community
support and employment in the resettlement site is one ofthe Companys key principles
Contents
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Gabriel Resources Overview
The Rosia Montana Project Deposit and Mine Plan
Additional Properties Organic Growth Opportunities
Political & Permitting Overview
The Rosia Montana Project Impact in Romania
Summary
Summary
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Bringing one of the worlds largest
undeveloped gold projects to production
Rosia Montana will become one ofEuropes largest gold mines
Production profile of c.500,0001 oz Au perannum at lowest quartile cash costs
Project economics robust at currentgold/silver prices - >US$0.5 billion free
cash flow generated per annum with asubstantial reinvestment into theRomanian economy
>US$24 billion2 direct and indirectpotential impact from the Project on theRomanian economy at current gold prices
Continual efforts to rehabilitate the
historical center of Rosia Montana
Local community support remains strong
Romanian public support through
December 9, 2012 positive referendumvote
Working with new RomanianGovernment to bring the first modernmine to the Romanian people
Environmental permitting process to be
completedTSX listing with strong supportive globalshareholder base
Permitting Europes largest gold mineGabriel Resources, Romania and Rosia Montana
(1) Taken from the 2012 Technical Report(2) At a gold price of USD $1,200/oz
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ANNEXES
Analyst Coverage1
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Institution Analyst Contact Information
BMO Capital Markets John Hayes (416) [email protected]
CIBC World Markets Cosmos Chiu(416) 594-7106
Cormark Securities Inc. Mike Kozak(416) 943-6749
Cowen Securities Adam Graf (646) [email protected]
RBC Capital Markets Stephen Walker(416) 842-4120
Scotia Capital Inc. Trevor Turnbull(416) 863-7427
(1) Gabriel is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Gabriel's performance made by these (or any other) analysts are theirsalone and do not represent the opinions, forecasts or predictions of Gabriel or its directors or officers. Gabriel does not b y its reference above or distribution imply its endorsement of, orconcurrence with, such information, conclusions or recommendations
Largest Shareholder Ownership History
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Source: Bloomberg, as of June 2013
CurrentShareholders >10%
31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 Latest
millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total
Paulson & Co. - - - - - - - - 46.0 18.0% 61.4 18.1% 61.4 17.6% 61.4 16.2% 61.4 16.0%
Electrum StrategicHoldings - - - - - - - - 50.8 19.9% 61.4 18.1% 61.4 17.6% 61.4 16.2% 60.4 15.7%
BSG Capital Markets - - - - - - - - - - 30.0 8.8% 30.0 8.6% 60.0 15.8% 60.0 15.6%
Newmont Canada 15.0 10.2% 33.4 18.9% 33.4 15.9% 46.8 18.4% 50.3 19.7% 50.3 14.8% 50.3 14.4% 50.3 13.2% 50.3 13.1%
The Baupost Group - - - - - - - - - - - - - - 48.6 12.8% 48.6 12.7%
Total 15.0 10.2% 33.4 18.9% 33.4 15.9% 46.8 18.4% 147.1 57.6% 203.1 59.9% 203.1 58.3% 281.7 74.2% 281.7 73.1%
Romania's Golden Quadrilateral
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Copper +/- gold deposits
Gold and silver deposits
Exploitation licenses
Exploration licenses
Exploitation license pending
Gabriel Resources license
Border of Golden Quadrilateral
There are around 64 ore deposits andprospects, some of them having beenmined in the past
3 active exploitation licenses:Rosia PoieniRosia MontanaCertej
5 exploration licensesVoiaCainelRovinaMagura Tebii
Caraci-Birtin
Within the Golden Quadrilateral:
Project Geology
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Project Geology Cetate and Carnic Cross Section
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Marine SedimentsDacite
Tuffaceous
Vent Breccia
Andesite
Black
Breccia
WE
CirnicCetate
Polymictic breccia
Project Geology Bucium Properties
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Immediately SE of Rosia Montana
NNW structural corridor
Andesite and dacitic intrusions and lavas
Volcanic centres aligned NNW
Epithermal deposits: Rodu Frasin Contu Arama Argint Vipere Valcoi Corabia Izbicioara - Botes
Porphyry Copper - Gold: Bucium Tarnita
Rosia Montana and Bucium Rodu-Frasinsimilar
2 proposed exploitation licensesBucium Rodu-FrasinBucium Tarnita
Legend
Dacite
Andesite lava flow
Andesite lava flow
Mixed Brecia
Vent Breccia reworked
Sediment
Alterations
Structural trend
Porphyry Copper
The Proposed Mining Process An illustration of the most modern mining project in Romania
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g p j
Process tailings
Processing
Pit
Pit setup BlastingOre loading
and transportCrushing
Grinding
Leaching
Gold recoverywith active
carbon Electrolysis
MeltingCN
neutralisation
Clear water Settled tailings Final dam
Secondary dam
Primary damRunoff recirculated
ProposedRosia Montana Project
CONCRETE PLATFORM lined with high density polyethylene
The ore is extracted in pits and crushed before entering the grinding circuit
The Technological Process in the Pits
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2. Blasting
3. Loading and transport
4. Crushing
1. Pit setup
Zone I distances over 300mZone II distances below 300mSpecial technology for each sub-zone
Trucks with a capacity of 146 t will be used70,000 tons of rock will be transported every day (waste and ore)The travel distance is maximum 6km. The maximum driving speed 30 km/hThe travel duration is 20 minutes, including the rock loading and unloading timeThe minimum number of trucks necessary is 8-9, the average no. of trucks 14
The extracted ore is crushed before entering the grinding circuit
4 pits will be set up: Carnic, Cetate, Jig and OrleaThe 4 pits will be exploited in 2 phases: Cetate and Carnic in the first 9 years, while Orleaand Jig will be opened as of year 9, with the continuation of the mining operations in CetateThe closing of the pits and of the stockpiles will be done progressively, the stockpile of
Cetate starting with year 5, the stockpile and pit of Carnic as of year 9, and the pits of Orleaand Jig in the years 12-14
5 Grinding
The Technological Flow in the Processing Plant
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Wet grinding of the crushed ore in 2 ball crushers and one semi-autogenous mill;
Leaching of the ore in a CN solution, in closed tanks; the CN solution dissolves the gold
and silver from the ore.
Gold and silver recovery from the pores of the activated charcoal, by acid washing: CNbound to silver and gold settles in the pores of the activated charcoal, which floats in thesolution from the leaching tanks. The coal is recovered by backwash pumping, and thegold and silver sludge is washed out from the pores with a HCl solution.
Gold and silver recovery from the gold-bearing sludge by electrolysis; the gold-bearingsludge is purified/enriched through electrolysis.
Gold/silver melting/casting in ingots the gold alloy is cast in ingots in an electric furnace.
CN neutralization from the process tail ings before leaving the plant, using the INCOprocedure slurry oxidation in the presence of sodium metabisulfite and copper sulfate.The CN concentration is reduced as a result of the oxidation process.
5. Grinding
6. Leaching
7. Gold and silverrecovery on activatedcharcoal
8. Electrolysis
9. Melting
10. CN neutralization
Tailings Management FacilityItinerar
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13 sites were reviewed initially
Corna Valley is the only site which fulfils all requirements:
Storage capacity;
Favorable geology;
Easy to exploit;
Low environmental impact almost non-existentphreatic layer
Designed capacity 250 million tonnes
Necessary storage capacity 215 million tonnes
Designed to resist earthquakes of 8 degrees Richter
Designed to resist two consecutive rainfall events, whichcan occur once every 10,000 years
Slopes generally 1.75H:1V to 2H:1V (RMGC 3H:1V)
Final height 185 m + 20 m under the valley floor
Length 1,182 m
Secondary catchment dam 22 m
NGI Report: The Norwegian Geotechnical Instituteconducted a risk assessment in order to assess the safetyof the tailings dam of the Rosia Montana Project. Theassessments took into account critical scenarios,including all possible ways in which the Corna dam couldfail in extreme situations, such as an unusually largeearthquake, which appears extremely rarely, and anextreme 24-hour rainfall. The conclusion formulated bythe report published in April 2009 was clear: as it wasdesigned, the dam will be among the safest in the world.
Rosia Montana Post Closure
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Referendum December 2012- Positive
Referendum Highlights:
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Referendum Highlights:
Local referendum requested October 1, 2012by 35 Mayors representing the ApuseniMountains region of Alba County, location of
Rosia MontanaVoting ballot question: Do you agree with the
resumption of mining in the Apuseni Mountain
region and specifically at the Rosia Montana
Project?
Voting to took place on December 9, 2012 thesame day as the Romanian General Elections
Eligible voters- approximately 80,000
Positive Outcome:
62.5% voted in favour of mining
Voting participation for the referendum wasgreater than the General Election turnout
Although not legally binding, this positiveoutcome of the referendum can provide theCompany with a catalyst for further permittingof the Project
Alba County
Apuseni Mountains
Bucharest
Key People at Gabriel Resources
Keith R Hulley Jonathan Henry Dr. Alfred Gusenbauer
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Non-Executive Chairman
Keith Hulley is the current Chairman of the Board ofGabriel, is the former Interim CEO of Gabriel and hasbeen a member of the Gabriel Board since 2006.Previously, Mr Hulley served seven years successively
as President, Chief Executive Officer and ExecutiveChairman of Apex Silver Mines before retiring in 2009.Mr. Hulley has more than 48 years experience in themining business which, in addition to the above,includes Board and senior executive experience atWestern Mining Holdings Ltd. and independentdirectorships with Red Tiger Inc. and Ecometals Ltd.,and is Chairman of the Board of Luna Gold Corp. Mr.Hulley is not independent within the meaning of NI 58-101. Mr. Hulley is the Chairman of the Board ofDirectors and a member of the Technical Committee.
y
President and Chief Executive Officer
Jonathan Henry has been the President and ChiefExecutive Officer of Gabriel since June 2010. Mr.Henry has 18 years experience in the mining industrysuccessfully executing on exploration, development,
operational and M&A activities. Formerly, Mr. Henrywas the CEO of Avocet Mining, a London listed goldmining company with assets in West Africa from 2006until he joined Gabriel. Prior to that he was AvocetsFinance Director for four years. Mr. Henry is notindependent within the meaning of NI 58-101.
Non-Executive Director
Alfred Gusenbauer is the former Federal Chancellor ofAustria and was a member of the European Council.Dr. Gusenbauer holds a PhD in political science fromthe University of Vienna. In addition to a long career in
politics in Austria and Europe, he also works inacademia as a Professor-at-Large at Brown Universityand is a Visiting Professor at the Institute for GlobalLaw and Policy at Harvard University. Dr. Gusenbaueris currently the CEO of Gusenbauer Projektentwicklungand Beteiligung GmbH and Chairman of STRABAGSE, Signa Prime Selection AG and Cudos Capital AG.Dr. Gusenbauer is independent within the meaning ofNI 58-101. Dr. Gusenbauer is a member of theCorporate Governance Committee.
Non-Executive Director
Wayne Kirk has over 35 years of experience as acorporate attorney, including nine years experience asVice President, General Counsel and CorporateSecretary of Homestake Mining Company. Mr. Kirkcurrently holds directorships and is the Chairman ofNominating and Corporate Governance committees atNorthern Dynasty Minerals Ltd. and Taseko MinesLimited. He is also a director of Luna Gold Corp., adirector and Chairman of the Corporate Governance
and Nominating Committee and CompensationCommittee of Electrum Ltd., and a director andChairman of the Compensation and NominatingCommittee of Sunshine Silver Mines Corporation. Mr.Kirk is independent within the meaning of NI 58-101.Mr. Kirk is the Chairman of the Corporate GovernanceCommittee and a member of the Audit Committee.
Wayne KirkNon-Executive Director
Igor Levental is President of the Electrum Group, aprivately-owned company involved in identifying andnegotiating opportunities in exploration and miningventures. With more than 30 years of experience in themining industry internationally, Mr. Levental has heldsenior positions with mining companies includingHomestake Mining Company and International CoronaCorp. Mr. Levental holds a BSc in ChemicalEngineering and an MBA from the University of
Alberta, Canada. Mr. Levental is a director ofNovaGold Resources Inc., NovaCopper Inc., SunwardResources Inc. and Taung Gold Limited. Mr. Leventalis independent within the meaning of NI 58-101. Mr.Levental is a member of the Corporate Governanceand Finance Committees.
Igor Levental
Key People at Gabriel Resources
David Peat Dag Cramer Walter Segsworth
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Non-Executive Director
David Peat has over 25 years of experience in financialleadership in support of mining companies. He is adirector and Chairman of the Audit Committee of BrigusGold and a director and Chairman of the AuditCommittee of Sunshine Silver Mines Corporation. Mr.
Peat was Vice President and Chief Financial Officer ofFontera Copper Corporation from 2006 to 2009, VicePresident and Global Controller of Newmont MiningCorporation from 2002 to 2004, and Vice President ofFinance and CFI of Homestake Mining Company from1999 to 2002. Mr. Peat received a Bachelor ofCommerce, Honors in Business Administration from theUniversity of Windsor in 1976 and a Bachelor of Arts,Economics from the University of Western Ontario in1975. Mr. Peat is independent within the meaning of NI58-101. Mr. Peat is the Chairman of the Audit Committeeand a member of the Compensation Committee.
Non-Executive Director
Dag Cramer is the CEO of Onyx Financial Advisors UK.Prior to joining Onyx in 2003, he worked for Anglo
American PLC as a management trainee in 1989followed by three years as executive assistant to theDeputy Chairman and CFO. His subsequent senior roles
within that group included responsibility for the groupstreasury operations as well as its investment activitiesand the groups risk management activities after itslisting in London. Mr. Cramer is currently a director of anumber of private and unlisted public companiesincluding Onyx, Vale BSGR Guinea, BSG CapitalMarkets, BSG Resources, DB Petroleum, Siboney PLC,Lubel Coal, BSG Med and Koidu Holdings. He is aSwedish citizen. Mr. Cramer is not independent withinthe meaning of NI 58-101. Mr. Cramer is a member ofthe Finance Committee.
Non-Executive Director
Walter Segsworth is a director of HeatherdaleResources, Pan American Silver, NovaCopper Inc.,
Alterra Power Corp., and Roxgold Inc. Mr. Segsworthhas 40 years of experience in mining in Canada andoverseas and has served as a senior officer of several
mining companies including Westmin Resources, wherehe was President and CEO, and Homestake MiningCompany, where he was President and COO. Mr.Segsworth is currently lead independent director of
Alterra Power Corp. and Pan American Silver. Mr.Segsworth is past Chairman of both the Mining
Associations of British Columbia (BC) and Canada andwas named BCs Mining Person of the year in 1996. Mr.Segsworth is independent within the meaning of NI 58-101. Mr. Segsworth is the Chairman of theCompensation Committee and a member of theTechnical Committee.
Chief Commercial Officer
Richard Brown is the Chief Commercial Officer andCorporate Secretary of Gabriel with responsibility forthe commercial operations and business compliance.Mr. Brown joined Gabriel in March 2011 and bringsbusiness, regulatory and equity markets expertisegained over 18 years in corporate advisory positions,notably at the London Stock Exchange, KPMG andmore recently the mining focused investment bank,Ambrian Partners Limited, where he was Head of
Corporate Finance for four years and latterly the ChiefOperating Officer.
Richard BrownChief Financial Officer
Max Vaughan joined Gabriel as Chief Financial Officerin March 2011. Mr. Vaughan has spent 13 years infinancial advisory and investment banking focusedexclusively on the mining and metals sector. Prior tojoining Gabriel, Mr. Vaughan was Managing Director ofOgmore Capital from 2009, a mining and metalsfinancial advisory business, and prior to this wasManaging Director at RBS Global Banking & Marketsspecialising in structured finance for several years. Mr.
Vaughan is a member of the Institute of CharteredAccountants in England and Wales and holds an MBAfrom London Business School.
Max Vaughan
Key People at RMGC
Dragos Tanase Nicolae Suciu Horea Avram
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General Manager RMGC
Mr. Tnase joined RMGC in February 2008, comingfrom the largest cable communications operator in
Romania, UPC. Within UPC, Mr. Tnase coordinatedthe merger of two large cable operators, UPC andAstral, which combined employed a workforce of3,600 people and held the position of CFO for 7years. Previously, Mr. Tnase - an expert in financialmanagement - worked in financial and businessconsultancy, first at the Ministry of Finance and thenwith Arthur Andersen.
Senior Vice-President Governmental Affairsand Community Relations
Mr. Suciu began working for RMGC in 2006, initiallyas a Legal Manager, then as a Legal Director, and
subsequently as a Legal Vice-President. In June2009, Mr. Suciu became Senior Vice-President incharge of coordinating the Legal and CommunityRelations Departments, as well as the team managingthe dialogue with the governmental institutionsresponsible for assessing the mining project.
Vice-President Environment
Mr. Avram has been Vice-President of Environment atRMGC since January 2007, and was previouslyEnvironmental Monitoring Officer (2003-2006) andthen Environment Director (2006-2007) of RMGC. Hismain responsibilities include coordinating the projectpermitting process in terms of environmentalprotection and drafting RMGC's environmentalstrategy and policy. Between 1996 and 2003, Mr.
Avram occupied various positions in the governmentalsector, being responsible for environmental matters.
Vice-President Patrimony and SustainableDevelopment
Mr. Gligor has been working for RMGC since 2002 inthe Patrimony department, which he has been runningsince 2005. He has also been in charge of thesustainability strategy since 2008. Mr. Gligor isresponsible for identifying the best solutions for thepreservation and valorisation of the cultural heritagefrom Rosia Montana, within the context of the miningproject. Mr. Gligor graduated from "1 decembrie 1918"
University of Alba Iulia, specialising in history-archaeology. Mr. Gligor is now completing his PhDwithin the same University.
Adrian GligorVice-President Communication
Mrs. Plesa joined RMGC in June 2008 to develop andcoordinate RMGC's internal and externalcommunication strategy, and transform RMGC into acommunicative company, open for dialogue with allrelevant stakeholders. Mrs. Plesa has 15 years ofexperience in marketing, communication andlobbying, and her professional achievements includethe creation and consolidation of UPC Romania's
reputation, from the third position of the cablecommunication market to market leadership.
Andreea PlesaVice-President Human Resources
Mr. Mtuan joined RMGC in September 2010 andcoordinates RMGC's HR and Social Responsibility(CSR) activities. With 20 years of experience inhuman resources management, Mr. Mtuan held forthe last ten years the position of Human Resourcesand Public Relations Director of Lafarge Romania, aworld leader in building materials industry. Mr.Mtuan is a graduate of the Commerce Faculty
within the Academy of Economic Studies in Bucharestand holds a PhD degree in sociology from theUniversity of Bucharest.
Gabriel Muan