Romania's gold reserves reach about 700 tonnes, while silver resources are estimated at 2,000 tonnes, according to the president of the National Agency for Mineral Resources (ANMR), Alexandru Patruti. “Romania's total gold reserves are classified. But according to companies’ estimates, the gold reserves are of 700 tonnes and silver reserves are of 2,000 tonnes,” he said.

One of the biggest gold and silver reserves is at Rosia Montana, valued at approximately 300 tonnes of gold and 1,600 tonnes of silver. The gold and silver exploitation from Rosia Montana will be conducted by Rosia Montana Gold Coorporation (RMGC), controlled by Canadian company Gabriel Resources. Romanian state, through the company Minvest Deva, has a stake of 19.31 percent of RMGC.

Romanian media has been filled with news and rumors about gold exploitation in Romania, after Romanian president Traian Basescu has publicly express his support for the Rosia Montana Gold Corporation project, while ministers in the Romanian government still delay a final ok on the project, which still needs the environmental approval.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Sxc.hu)