Thursday, June 05, 2008

The Daily Press: Newmont ups Gabriel stake to 19.9%

Newmont ups Gabriel stake to 19.9%

Newmont Canada Ltd. has purchased 3.9 million more shares in Gabriel Resources Ltd., raising its total to 50.7 million shares representing 19.9 per cent of the company.
The move by the Canadian division of the major U. S.- based gold producer comes as Gabriel's Rosia Montana open-pit project in the Transylvania region of Romania remains entangled in political and legal challenges.
Newmont said late Monday it paid an average of $2.86 per share in its recent purchase of 1.5 per cent of Gabriel's equity, an acquisition which it said "was made for investment purposes only."