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News on Gabriel Resources (TSX:GBU): A detailed study realized by professors of the Academy for Economic Studies on Rosia Monatana 

On 17 February 2005 the news agency ROMPRES issued a communiqu� 
regarding a study realized by the Bucharest-based Academy for Economic 
Studies (ASE) that signals irregularities and corruption in the case of 
the Rosia Montana gold mining project. The original can be accessed on 
http://stiri.rol.ro/stiri/2005/02/175841.htm


Given the importance of its. content particularly in light of the 
international interest that the Rosia Montana project has provoked, 
Alburnus Maior has taken the liberty to translate the communiqu� into 
English. Alburnus Maior has translated the information as accurate as 
possible with the sole intention to inform the wider public about the 
particular issues raised by the ASE study.


******************Communiqu�*********************

A detailed study realized by professors of the Academy for Economic 
Studies signals irregularities and corruption in the case of the Rosia 
Montana project


17 February 2005
A commission composed by professors of the Bucharest-based .Academy for 
Economic Studies. (ASE) recently made a detailed account of the Rosia 
Montana project. According to an open letter released on Wednesday by 
ASE.s .Save Rosia Montana. working group, the study identified four 
weak spots pointing towards irregularities and corruption inherent to 
the mining project. 

The aspects raised in the above-mentioned study refer to the launch of 
exploitation activity in the so-called Carnic Massif, modifications 
made regarding the license perimeter, sponsorships made by Rosia 
Montana Gold Corporation (RMGC) to the Ministry for Culture and the 
Cults (MCC), archaeological discharge certificates granted by MCC to 
RMGC, the modification of the General Urbanistic Plan (PUG) of the 
Rosia Montana Commune in 2001 and the inception of the relocation of 
the affected population in 2002. 

The 10 page study and annexes will be submitted to the Presidential 
Administration, the Prime Minister, the National Agency for Mineral 
Resources, the MCC, the Ministry for the Environment and Water 
Management, the Prosecutor of the Supreme Court and the press. 

In the open letter released on Wednesday, ASE.s .Save Rosia Montana. 
working group also detailed its position as to how to put an end to 
this project; this given that for Romania there exist no arguments 
regarding the project.s economic, social, environmental, etc. viability.
"We estimated that direct foreign investment into Romania is only of 55 
million dollars, or 12% of the initial capital investment of 437 
million dollars; as estimated by the company. Our estimate for 
Romania.s direct benefit is at 263 million dollars, compared to 583 
million dollars estimated by the company. According to a study made 
by .Independent Mining Consultants Inc.., published on 
www.gabrielresources.com, the number of jobs is at an average of 216 
over the 17 year mine life; compared to 560 jobs estimated by the 
company. Our estimate for Rosia Montana.s true environmental costs is 
at 600 million dollars; compared to approximately 65 million dollars 
estimated by the company., argues the open letter. 

According to ASE.s .Save Rosia Montana. working group, RMGC.s project 
is gigantic: 26 times larger that the Rio Narcea mining project in 
Spain and approximately 10 times larger than the Martha mine in New 
Zealand; to name but .two active mines RMGC likes to compare itself 
with..

"We consider that there exist two legal ways to put an end to this 
project: one is not to grant the environmental agreement (this implies 
the transferal of the responsibility to the Ministry for the 
Environment and Water Management) or to annul RMGC.s license. The first 
solution solves the problem, but one would not learn anything about the 
irregularities inherent to this project and those guilty. The second 
solution however would expose the culpable., concludes the letter. 
ROMPRES
ENDS.