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Gabriel Resources doesn't expect environmental permit anytime soon
Gabriel Resources Ltd. (GBU/TSX) shares were down 15% on Wednesday afternoon after the company said
during its third quarter conference call on Tuesday that it is unlikely an environmental permit for its Rosia
Montana gold mine in Romania will be issued under the country's
current minority government.
An
environmental review of Rosia Montana was suspended by Romania's Ministry of
Environment two months ago following a court challenge from two
nongovernmental organizations. Gabriel reported a net loss of $6.8-million, or 3¢ per share, in the third quarter, compared with a
net loss of $2.2 million, or 1¢, this time last year.
RBC Capital analyst downgraded his rating on the stock from "outperform" to "sector perform" and decreased his price target from $4.50 to $2.50. "Although we forecast Gabriel to ultimately receive EIA approval, we highlight that the Rosia Montana development timeframe is squarely in the political arena, making it much more difficult to predict." He added that he now assumes environmental permitting will occur not until the second half of 2008 with gold production expected in early 2011. David Pett
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