According to the definitive feasibility study drawn up by Rosia Montana Gold Corporation at the request of Canadian company Gabriel Resources Limited, Rosia Montana mines hold certain and probable reserves of more than 300 tonnes of gold, while silver reserves amount to 1,600 tonnes.
Rosia Montana Gold Corporation is a joint venture between Gabriel Resources Limited, with a 75% stake, and the National Company Mininvest. The Canadian company, whose chairman is Romanian-born Frank Timis, in 1997 leased the land where the future exploitation will be located, paying 3 million dollars.
Daniel Andronache, deputy chairman of Rosia Montana Gold Corporation and general manager of Mininvest, on Wednesday said that the works would begin at the end of this winter provided the over 300 authorisations needed to run the project are received by that moment.
Total ore reserves from Rosia Montana are estimated to stand at 225 million tonnes, which, according to the study, provide certain deposits of 6.3 million ounces of gold (about 190 tonnes) and 34.5 million ounces of silver (more than 1,000 tonnes) and probable deposits of 4.2 million ounces of gold (more than 125 tonnes) and 20.1 million ounces of silver (more than 600 tonnes). Some 600 houses and eight churches from this region will be relocated for the project to be launched.
Under such circumstances, the situation of every inhabitant to be relocated will be solved through direct negotiations. The inhabitants to relocate will receive houses and compensations in cash estimated at 57.9 million dollars to be paid by the company.
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