Gabriel Resources Ltd. , a Toronto company that's trying to develop a major gold project in Romania, said it will be bringing in a new management team as several directors and senior executives leave their positions.
Gabriel said former chief executive officer Alan Hill is one of three directors that have stepped down from the company's board.
The other two directors, Britt Banks and Randy Engel, originally joined the board as nominees of Newmont Mining Corp., one of the largest shareholders of Gabriel Newmont has said it still remains supportive of Gabriel and its Romanian project.
In addition, the company's chief financial officer and general counsel will also be leaving within the next four months to pursue other interests, the company announced Friday.
Gabriel has been striving for years to build the Rosia Montana gold project in Romania into a world-class mine, but has faced environmental reviews and other delays over the project's impact on local communities.
It announced on Nov. 11 that it would sell 30 million share and warrant units to BSG Capital Markets PCC Ltd., which is part of the Beny Steinmetz Group, a global resources investment company.
The financing will raise $67.5-million and give BSG about 9 per cent of Gabriel, and up to 16 per cent if the investment company exercises all its warrants.
"The company is well positioned to assemble a new management team that will develop Rosia Montana into one of the most efficient and environmentally sound mines in the world," said Keith Hulley, Gabriel's president and chief executive officer.