Romania hit by $4.4-billion damage claim over stalled gold mine project

Section:

By Neil Buckley
Financial Times, London
Thursday, June 29, 2017

A Toronto-listed mining company is claiming $4.4 billion in damages from Romania at the World Bank's arbitration tribunal, accusing Bucharest of unfairly blocking its $2 billion project to create one of Europe's biggest gold mines and expropriating its assets.

Gabriel Resources won a licence in 1999 to exploit the Rosia Montana gold and silver deposits in Transylvania, but was never granted the necessary permits. The company says it has complied with all necessary Romanian and European Union legal requirements.

Environmental groups and local campaign groups have fought a bitter battle against the mining plan, saying it would destroy a region of natural beauty and damage historic mine workings dating from Roman times.

Some of the biggest street protests since the Communist era broke out in Romania in 2013 after the then socialist-liberal coalition sent a draft law to parliament giving the go-ahead to the project. An incoming socialist government in January this year asked Unesco to grant world heritage status to Rosia Montana -- which would end any chance of developing the mine. ...

... For the remainder of the report:

https://www.ft.com/content/52f5c202-5c99-11e7-9bc8-8055f264aa8b



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Newrange Gold Stakes 111 Additional Claims at Its Pamlico Gold Project in Nevada


Company Announcement
Monday, June 26, 2017

VANCOUVER, British Columbia, Canada -- Newrange Gold Corp. (TSX-V: NRG, US: CMBPF) is pleased to report that the company has staked 111 new claims at the company's Pamlico Project in Nevada. The new claims:

-- Add 928 hectares to property.

-- Increase property by 75 percent to 2,165 hectares.

-- Better encompass the dominant gold trends in the area.

-- Cover areas of prospects and mine workings with historic surface samples ranging from 0.5 to 3.0 grams of gold per metric tonne in highly deformed and altered carbonate sediments.

-- Add multiple prospective targets in favorable volcanic rocks known to host high-grade gold mineralization as currently being explored in the Merritt Zone.

-- Provide a significant exploration and operational "buffer" around previous holdings. ...

... For the remainder of the announcement:

http://www.newrangegold.com/i/pdf/NRG_NR_20170626-Final.pdf



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