July 14, 2011 / 3:13 PM / in 7 years

Gabriel Resources gets key document for Romania property, shares up

July 14 (Reuters) - Shares of Gabriel Resources jumped 18 percent to a near 5-month high on Thursday after the Canadian miner said it had received a key document, taking it one step closer to constructing Europe’s largest open-pit gold mine.

Gabriel Resources said it was granted an archaeological discharge certificate for the Carnic open-pit mine at the Rosia Montana gold and silver project in Romania.

An archaeological discharge certificate is issued when a particular area or region is deemed as having historical significance. The Rosia Montana valley is one of the oldest settlements in Romania.

Gabriel owns about 80 percent of the Rosia Montana project, with the Romanian government holding the rest.

Shares of the company rose 18 percent to C$8.65, before paring some gains, to trade up 12 percent at C$8.20 on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Sriraj Kalluvila)

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