Gabriel Resources Ltd.: Annual Results and Fourth Quarter Report

TORONTO, CANADA -- (Marketwire) -- 03/15/13 -- Gabriel Resources Ltd. (TSX: GBU) ("Gabriel" or the "Company") announces the publication of its Annual Results and Fourth Quarter Management's Discussion and Analysis Report for the period ended December 31, 2012.

Summary

--  After political uncertainty throughout 2012, the parliamentary elections
    in December 2012 saw a new coalition Government ("USL") take a two
    thirds majority of parliamentary seats, a position enabling the USL to
    fully control both 'houses' (the Senate and the Chamber of Deputies) and
    to adopt important laws without the need for cross-party consensus.

--  62.5 percent of the voters participating in a regional referendum, also
    held in December 2012 ("Referendum"), voted in favor of the resolution
    to resume mining in the Apuseni Mountain region and specifically at the
    Rosia Montana Project ("Project"). Furthermore, over 78 percent of the
    eligible voters registered in the community of Rosia Montana reportedly
    voted in favor of the resolution. The Referendum was initiated by 35
    local mayors as an independent, regulated and legal method to gauge the
    level of local public and community support for the restart of mining in
    the Apuseni Mountains.

--  The first half of 2013 will be an important barometer to determine where
    projects, such as that at Rosia Montana, which are significant to the
    economic progression of Romania sit in the list of priorities for the
    new USL Government. The strong electoral mandate and parliamentary
    majority position that the USL Government now enjoys marks a departure
    from the past where coalitions have had to accommodate multiple
    political agendas. The Company views this apparent stability and
    strength of Government at the start of a four-year term, along with the
    establishment of a new Ministry for Infrastructure and Foreign
    Investments, as a positive basis for engagement on the Project.

--  Permitting for the Project remains the core focus of the Company. While
    the Minister of Environment has reportedly noted that the Technical
    Analysis Committee ("TAC") review of the Environmental Impact Assessment
    ("EIA") will be re-initiated when matters such as environmental
    financial guarantees and relevant EU legislation have been adopted into
    law by Romania, the Company awaits formal clarification from the USL
    Government and the TAC. Gabriel remains unable to provide guidance on
    the time that it might take the TAC to vote on the EIA or to release its
    recommendation to the Government.

--  The 18th positive court decision for the progress of the Project was
    achieved against 19 legal challenges to permitting, licensing and other
    Project matters since early 2010. However opponents to the Project have
    continued to register new legal challenges in the quarter against local,
    county and federal Romanian authorities that grant licenses, permits,
    authorizations and approvals for many aspects of the Project. The
    Company's 80.69 percent owned Romanian subsidiary, Rosia Montana Gold
    Corporation S.A. ("RMGC") will continue to work with those authorities
    to ensure the Project receives a fair and timely evaluation in
    accordance with Romanian and EU laws.

--  On November 7, 2012 the Company filed a new National Instrument 43-101
    compliant "Technical Report on the Rosia Montana Gold and Silver
    Project, Transylvania, Romania", authored by SRK Consulting (UK) Ltd.
    ("SRK") and effective as at October 1, 2012 ("Technical Report"), which
    presents updated capital and operating costs and revenue projections
    from those last published in March 2009.

--  With the uncertainty created by ongoing political change in 2012, and
    only very recent re-engagement with the Government on the Project, the
    Company continues to scale back expenditure in most areas. Monthly net
    cash usage of $6.1 million in H1 2012 was reduced to $3.7 million in H2
    2012 and $79.0 million of cash and cash equivalents was held at December
    31, 2012.

Jonathan Henry, Gabriel's President and Chief Executive Officer, stated:

"Following the parliamentary elections and the positive result to the Referendum, both held in December 2012, we will continue the dialogue with the new Romanian Government regarding the economic, social, cultural and environmental benefits that the Project will bring to Romania. We look forward tofinalising the environmental permitting process for the Project to allow Gabriel to build Romania's first modern mine for the benefit of the country and all stakeholders."

Further information and commentary on the operations and results in the fourth quarter of 2012 and full financial year is given below. The Company has filed its Annual Consolidated Financial Statements and Management's Discussion & Analysis on SEDAR at www.sedar.com and each is available for review on the Company's website at www.gabrielresources.com.

About Gabriel

Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Rosia Montana gold and silver project. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held exclusively by Rosia Montana Gold Corporation, a Romanian company in which Gabriel owns an 80.69 percent equity interest, with the 19.31 percent balance held by CNCAF Minvest S.A., a Romanian state-owned mining enterprise. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate. The Project is anticipated to bring over US$31 billion (at current gold prices) to Romania as potential direct and indirect contribution to GDP. The Project will generate thousands of employment opportunities. Gabriel intends to build a state-of-the-art mine using best available techniques and implementing the highest environmental standards whilst preserving local and national cultural heritage in Romania.

For more information please visit the Company's website at www.gabrielresources.com.

Further Information

Financial Performance

--  The net loss for the fourth quarter of 2012 was $2.5 million, and for
    the year ended December 31, 2012 was $11.4 million, or $0.03 per share.

Liquidity and Capital Resources

--  Cash and cash equivalents at December 31, 2012 totaled $79.0 million.

--  The Company has been implementing its plans, initiated in May 2012, to
    reduce monthly costs until such time as the Government moves ahead with
    Project permitting. As a result, average monthly net cash usage of $6.1
    million in H1 2012 was reduced to $3.7 million in H2 2012. Excluding
    Referendum activities the H2 2012 monthly average net cash usage was
    $3.3 million.

NI 43-101 Technical Report

--  On November 7, 2012 the Company filed a new National Instrument 43-101
    compliant Technical Report, which presents updated capital and operating
    costs and revenue projections from those previously published in March
    2009 ("2009 Report") within the context of the current environment for
    commodity, capital equipment and consumable prices.

--  Overall the initial capital cost has increased from US$876 million in
    the 2009 Report to US$1.4 billion and the sustaining capital costs
    increased from US$366 million in the 2009 Report to US$571 million.
    Operating cash costs, estimated in accordance with standard industry
    practices and valid as at the third quarter of 2012, equate to some
    US$16.97 per tonne of ore processed, equivalent to US$399 per ounce of
    gold produced over the life-of-mine ("LoM"), including refining,
    transport, treatment, a four percent state royalty and net of silver
    credits.

--  The economic analysis presented by SRK in the Technical Report, which
    considers the Proven and Probable Mineral Reserves planned to be mined
    and processed over a 16 year period at the Project, derived the
    following key post-tax, pre-finance LoM results at a gold price of
    US$1,200/oz and silver price of US$20/oz:

    --  Undiscounted cash flow US$3.6 billion;
    --  NPV at a 10% discount rate of US$865 million;
    --  IRR of 19.6%; and
    --  Payback of initial capital outlay in Year 4 of production.

--  Including estimated interest, financing and corporate costs the Company
    estimates the capital required to bring the Project into production and
    to a position of positive cashflow is approximately US$1.54 billion.

Political Environment

--  2012 saw Romania with four different governments under three different
    prime ministers. Intense domestic political infighting limited
    significantly the level of Government engagement on the Project. In May
    2012 a parliamentary 'no confidence' vote opened the way for the USL, as
    the then political opposition, to form a new government. There were two
    national elections organized during the year; being local party
    elections in June and parliamentary elections in December. In addition,
    a national referendum was held in July to vote on the initiation of the
    process to remove the President from office, which fell short of the 50
    percent turnout threshold required for the result to be legally binding,
    despite a significant majority voting for the President's dismissal.

--  The local elections held on June 10, 2012 marked a significant victory
    for the USL, who not only gained control at most of the important city
    halls in Romania but also secured 36 out of 41 county council
    presidencies.

--  On December 9, 2012, the parliamentary elections brought an overwhelming
    victory for USL, who gained two thirds of the parliamentary seats - a
    position enabling the USL to fully control both 'houses' (the Senate and
    the Chamber of Deputies) and to adopt important laws without the need
    for cross-party consensus. The new Parliament was invested on December
    21, 2012. Victor Ponta retains his position as Prime Minister, albeit
    his cabinet has a slightly different structure with some of the former
    Ministries (including some relevant for the Project) being split and
    given different functional roles. This includes a new Ministry of
    Infrastructure Projects of National Interest and Foreign Investments to
    which, it has been reported by the Romanian national media, overall
    responsibility for approving the Project may be transferred.

--  The permitting progress of the Project relies heavily on Government
    approval of the environmental permit ("EP") and the issuance, in
    accordance with due process and Romanian law, of various permits and
    approvals at local, county and federal levels of government. The USL
    Government has stated that it will analyze the Project in a transparent
    manner and based on an open and democratic dialogue, so that the
    decisions are in accordance with the national interest, environmental
    protection and European legislation. In particular, recent comments from
    both the Prime Minister and Minister for Environment reported in the
    Romanian media in 2013 on the status of permitting of the Project, have
    specifically focused on compliance with European Directives as key to
    its progression. The Company is confident that it can, and will, comply
    with its environmental obligations and looks forward to furthering
    discussions with the relevant Ministries on this topic.

--  The Company's view is that the first half of 2013 will be an important
    barometer to determine where projects, such as that at Rosia Montana,
    which are significant to the economic progression of Romania, sit in the
    list of priorities for the new USL Government. The strong electoral
    mandate and parliamentary majority position that the Government now
    enjoys marks a departure from the past where coalitions have had to
    accommodate multiple political agendas. The Company views this apparent
    stability and strength of Government at the start of a four-year term,
    along with the establishment of a Ministry for Infrastructure and
    Foreign Investments, as a positive basis for engagement on the Project.

--  On March 1, 2013, the United States Department of Commerce notified
    Gabriel of its decision to formally support the Company through the
    Commerce Department's Advocacy Center for International Trade, which
    coordinates US government resources and authority in support of
    international business opportunities that involve foreign government
    decision-makers. As part of such Advocacy assistance, Gabriel
    anticipates that the US government will assist the Company by
    communicating to the Romanian Government on behalf of Gabriel's
    commercial interest in Romania.

--  The Company will continue to pursue a strategy of engagement with all
    stakeholders, to explain the critical importance of the Project as part
    of the sustained economic development for Romania, and its commitment to
    adhere to the highest standards on engineering, environmental, cultural
    and social matters.

Local Referendum

--  During October 2012, a proposal was put before the Alba County Council
    for the organization of an advisory referendum in respect of the
    recommencement of mining in the Apuseni region and specifically at Rosia
    Montana, the location of the Project. The Referendum was organized for
    December 9, 2012, to coincide with the date for the parliamentary
    elections.

--  The Referendum, which was conducted in adverse weather conditions, saw
    62.5 percent of the participants vote in favor of the resolution to
    resume mining in the Apuseni Mountains and, specifically, mining at the
    Project. Furthermore, over 78 percent of the eligible voters registered
    in the community of Rosia Montana voted in favor of the resolution.
    While the Referendum turn-out was below the threshold of 50 percent of
    eligible voters required to validate the result, the overwhelming
    conclusion is a clear demonstration of the groundswell of public support
    for the Project and job creation, economic regeneration as well as
    responsible mining in the Apuseni Mountain region.

Project Ownership and Royalty Rates

--  The Company has held discussions with a number of ministries of previous
    Governments on the potential for a revised ownership interest in the
    Project, royalty rates for gold and silver production and the route to
    successful permitting of the Project.

--  Since the USL Government came to power in 2012, the Company has had
    limited discussions with it in respect of Project ownership or royalty
    rates. However, in 2013 the Prime Minister has reportedly reiterated his
    view that progress on the permitting status of the Project needs to be
    aligned with an increase in the State's participation in the Project,
    through both ownership interest and royalty.

Environmental/Permitting

--  As a consequence of the recent political changes, the Company awaits
    further clarification from the USL Government and the TAC as to the next
    steps in its environmental review process. While the Minister of
    Environment has reportedly noted that the TAC review will be re-
    initiated when matters such as technical guidelines for the
    implementation of environmental financial guarantees and environmental
    liabilities enforcement consistent with EU legislation have been adopted
    into law by Romania, the Company awaits formal clarification from the
    USL Government and the TAC as to the next steps in its review process.
    Gabriel remains unable to provide guidance on the time that it might
    take the TAC to vote on the EIA or to release its recommendation to the
    Government. Ultimately, the EP must be approved by a Cabinet decision of
    the Government prior to its issuance.

--  The permitting progress of the Project relies heavily on Government
    approval of the EP and the issuance, in accordance with due process and
    Romanian law, of various permits and approvals at local, county and
    federal levels of government. The USL Government has stated it will re-
    analyze the Project in a transparent manner, based on an open and
    democratic dialogue, so that the decisions are in accordance with the
    national interest, environmental protection and European legislation.
    The Company is looking forward to having an open dialogue with the
    Government to understand and discuss any and all issues and concerns in
    relation to the Project.

--  As result of the ongoing delays to the permitting process, two of the 19
    endorsements to the Company's amended industrial zonal urbanism plan
    ("Industrial Area PUZ"), which designates an industrial zone under the
    footprint of the proposed new mine at Rosia Montana, expired during
    2012. For one, the Company has obtained a new valid endorsement and, for
    the second, the Company is in dialogue with the relevant authority on
    the renewal process. Moreover, as a result of recent modifications to
    the law governing urbanism plans an additional endorsement has to be
    obtained, increasing the total number of required endorsements to 23.
    One equivalent endorsement for the zonal urbanism plan for the Rosia
    Montana historical protected area ("Historical Area PUZ") which expired
    in 2012 has now been replaced and consequently 10 out of the total of 13
    endorsements necessary for its final approval have been obtained.

--  In February 2013, the Romanian Parliament approved certain amendments,
    originally proposed in 2011, to the legislation concerning the approval
    of zonal urbanism plans, such as the Industrial Area PUZ. These
    amendments will come into effect after promulgation by the President of
    Romania and subsequent publication in the official gazette, the timing
    for which is unknown. These legislative amendments include the
    introduction of a new approach concerning the previous approval timeline
    for certain PUZs and set out a new basis for the construction of
    industrial facilities based on a General Urbanism Plan ("PUG")
    containing appropriate urbanism provisions. However, some uncertainties
    remain regarding the application of the new law in respect of the PUZ
    approval process. Pending clarification, the process for the approval of
    the Industrial Area PUZ may be amended and/or delayed further.

--  The validity of the existing PUGs for Rosia Montana and Abrud has been
    extended, pursuant to local council decisions, through to July 2014.
    Furthermore, RMGC has obtained an extension to the validity of its
    urbanism certificate, UC-87, through to April 2013. On February 1, 2013,
    RMGC submitted documentation to Alba County Council for a new urbanism
    certificate.

Archaeology and Preservation of Cultural Heritage

--  The Company has continued maintenance work on 160 houses located in the
    historical center of the village of Rosia Montana ("Protected Area"),
    with the aim of preventing their deterioration. During 2012, the
    restoration of sixteen of these houses was completed and these are now
    in use. While these village houses are not designated as historic, the
    restoration will contribute to maintaining the character of the village.

--  RMGC, in partnership with the local council of Rosia Montana, initiated
    the restoration of two iconic houses (the old school house and former
    town hall) in the Protected Area, along with the rehabilitation of a
    number of houses, which will be used for tourism initiatives. Subject to
    internal fit out, which has been placed on hold, the primary restoration
    of the former town hall was completed during 2012. Work on the old
    school house advanced to the stage of the building being secure and
    weather tight. Further restoration work has been put on hold until such
    time as the Government moves ahead with Project permitting.

--  RMGC is continuing further archaeological work in the old underground
    mining galleries that lie under the Protected Area. This work has
    focused on opening up previously unexplored Roman galleries for public
    interest and will serve as a permanent museum, a visible testimony to
    the 2,000 year mining history at Rosia Montana. One such example is the
    Catalina Monulesti underground mining gallery which is in the process of
    being successfully restored and has been opened to the public. The
    Company has already hosted over one thousand visitors to the gallery,
    representing various stakeholder groups.

Corporate and Social Responsibility (CSR)

--  Gabriel takes pride in its commitment to achieving the highest levels of
    sustainability from workplace safety to community and environmental
    responsibility. It has a clear goal of attaining business performance
    through a dynamic process of continuous improvement in all aspects of
    its business and respecting all stakeholders. The Company invests
    significant resources into its CSR programs, which in Romania is a
    multi-dimensional commitment managed by RMGC covering employee training
    and safety, local communities, living traditions, direct and indirect
    social impacts, educational programs, environmental protection,
    community sponsorship and heritage aspects.

--  One of RMGC's core commitments is to develop local employment, local
    supply and a strategy for local economy diversification during the life
    of the Project and beyond, evidenced through:

    --  Local employment - RMGC currently employs approximately 500 people
        directly and numerous others indirectly, with some 85 percent hired
        from the local community. The Company is investing in training and
        skills assessments for the construction phase of the Project; and
    --  Local supply - more than 600 local firms are suppliers / contractors
        to RMGC.

Litigation

--  In November 2007 RMGC commenced an action to compel the Ministry of
    Environment ("MoE") to resume the EIA review, previously suspended. On
    June 19, 2012 the High Court of Cassation and Justice ordered that the
    file in respect of RMGC's original legal claim against the MoE should be
    returned to the Bucharest Court of Appeal to be reheard on its merits.
    At a hearing on January 14, 2013, the Bucharest Court of Appeal itself
    raised the question of whether the claim should be discontinued as a
    whole due to a lack of interest, based on the fact that the EIA review
    process had reconvened in September 2010. RMGC and the MoE informed the
    Court that they considered the action should be discontinued on such
    grounds and the Court admitted a motion of lack of interest.
    Accordingly, the actions against the MoE and its former officials have
    been discontinued.

--  A case brought by RMGC to recover approximately 12.7 million RON
    (approximately $3.9m) in taxes, penalties and interest over the period
    January 2005 to June 2007 was resolved in RMGC's favor by the Bucharest
    Court of Appeal on May 10, 2011. The Romanian fiscal authorities
    submitted an appeal against this decision to the High Court of Cassation
    and Justice, an appeal which was irrevocably rejected by the High Court
    on March 13, 2013.

--  Over the years certain foreign and domestically-funded non-governmental
    organizations ("NGOs") have initiated a multitude of legal challenges
    against licenses, permits, authorizations and approvals obtained for the
    exploration and development of the Project.

--  The publicly stated objective of the NGOs in initiating and maintaining
    these legal challenges is to use the Romanian court system not only to
    delay as much as possible, but to ultimately stop the development of the
    Project. Often an action will be taken by the NGOs on a particular issue
    in several different regional court jurisdictions, and such legal
    objection may be raised in separate cases seeking a suspension or
    cancellation of a particular license, permit or approval, as is the
    situation with upcoming hearings for the first quarter 2013 summarized
    below. While a small number of these actions over many years have been
    successful, most have been, and continue to be proved to be, frivolous
    in the Romanian courts. Since early 2010 18 court decisions (from 19
    legal challenges to permitting, licensing and other Project matters)
    have been positive for the progress of the Project.

--  Cases concluded during the fourth quarter of 2012 included:

    --  A claim initiated by the Archaeological Restoration Association
        ("ARA") in the Alba Iulia Tribunal which sought to commence the
        procedure of classifying certain buildings from Rosia Montana as
        historical monuments was rejected at a hearing on February 3, 2012.
        This decision was appealed by the ARA, but such appeal was
        irrevocably rejected by the Alba Iulia Court of Appeal on October 3,
        2012.

    --  An action commenced by two NGOs which sought the cancellation and
        suspension of UC-87 was dismissed by the Bucharest Tribunal on
        December 21, 2011. The NGOs appealed this decision, an appeal which
        was irrevocably rejected by the Bucharest Court of Appeal on October
        15, 2012.

    --  An action initiated by two NGOs, which sought to compel the Alba
        County Authority for Culture and Patrimony and Minister of Culture
        and Patrimony to disclose the entire documentation submitted by RMGC
        in respect of the application for the Archaeological Discharge
        Certificate ("ADC") issued in July 2011 for the Carnic open-pit, was
        dismissed by the Bucharest Tribunal at a hearing on December 20,
        2012.

--  Upcoming hearings in the first quarter of 2013 include:

    --  A claim seeking the cancellation of the Strategic Environmental
        Assessment endorsement ("SEA") to the Industrial Area PUZ, which was
        issued by the Regional Agency for Environmental Protection of Sibiu
        in March 2011, is scheduled to be heard by the Cluj Tribunal on
        March 15, 2013.

    --  A request filed by three NGOs in the Cluj Tribunal seeking the
        cancellation of the ADC, issued in July 2011 for the Carnic open-
        pit, is scheduled to be heard on March 18, 2013.

    --  The next hearing of a claim by the same three NGOs in the Cluj
        Tribunal seeking the suspension of the ADC for the Carnic open-pit,
        is scheduled to be heard on April 5, 2013.

    --  An action before the Bucharest Tribunal, pursuant to which an NGO is
        seeking disclosure of certain documents pertaining to the Rosia
        Montana exploitation license, is scheduled to be heard on March 22,
        2013.

    --  Two NGOs have also initiated proceedings before the Bucharest
        Tribunal seeking the cancellation and suspension of the ADC for the
        Carnic open-pit, the first hearing of which is scheduled for April
        1, 2013.


--  Due to the inherent uncertainties of the judicial process, the Company
    is unable to predict the ultimate outcome or impact, if any, with
    respect to matters challenged in the Romanian courts. In all
    circumstances, the Company and/or RMGC will vigorously maintain its
    legal rights and will continue to work with local, county and federal
    authorities to ensure the Project receives a fair and timely evaluation
    in accordance with Romanian and EU laws. However, there can be no
    assurance that the Company and/or RMGC will prevail in these matters. If
    any claims are not resolved in the Company's or RMGC's favor, then such
    a negative ruling may have a material adverse effect on the timing
    and/or outcome of the permitting process for the Project and the
    Company's financial condition. The implications of a negative court
    ruling will only be known once such a decision is issued and the
    position of the Government is assessed.

Outlook

--  The Company's key objectives in the short term include to:

    --  Operate on a reduced cost basis until such time as the Government
        moves ahead with Project permitting;

    --  Continue efforts to increase the Romanian public and Government
        awareness of the Project benefits, both economic and otherwise, and
        the widespread support for the permitting of the Project (as
        demonstrated by the recent Referendum);

    --  Obtain approval of the EP and all other required permits that will
        allow construction activities to commence;

    --  Maximize shareholder value, while optimizing benefits of the Project
        to those in the community and the surrounding area.

Qualified Person

The Technical Report was authored by Dr. Mike Armitage, FGS, C.Geol, MIMMM, CEng of independent consultants, SRK. Dr. Armitage is a Qualified Person for the purposes of the Technical Report, under the standards set forth by National Instrument 43-101 "Standards of Disclosure for Mineral Projects", of the Canadian Securities Administrators. The Mineral Resources and Mineral Reserve statements in the Technical Report are reported in accordance with CIM Standards. Dr. Armitage has consented to the public filing of the Technical Report and has reviewed and approved the extracts of, or summary from, the Technical Report within this news release, as applicable.

Forward-looking Statements

This press release contains forward-looking information as defined in applicable securities laws relating to the Company and/or the Project (referred to herein as "forward-looking statements") that are based on management's current expectations, estimates and projections. Specifically, this press release contains forward-looking statements regarding the returns to Romania from the Project and in respect of future permitting processes. All statements other than statements of historical facts included herein, including without limitation, those incorporated by reference, those which may refer to the Company's financial position, business strategy, plans, objectives of management for future operations (including development plans and objectives relating to the Company's business) the economic impact, job creation, costs estimates, patrimony plans, future ability of the Company to finance the Project, Project delivery and estimates regarding the timing of completion of various aspects of the Project's development or of future performance are forward-looking statements.

The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "projects", "may", "will", "schedule", "potential", "proposed" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic, legislative, political and competitive uncertainties and contingencies.

Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which are difficult, or may be beyond Gabriel's ability, to predict or control and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, without limitation, changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company's operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Company's requirements for substantial additional funding.

Accordingly, readers should not place undue reliance on forward-looking statements. Gabriel undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Contacts:

Gabriel Resources Ltd.

Jonathan Henry

President and Chief Executive Officer

Mobile: +44 7798 801783
jh@gabrielresources.com


Gabriel Resources Ltd.

Max Vaughan

Chief Financial Officer

Mobile: +44 7823 885503
max.vaughan@gabrielresources.com


Buchanan

Bobby Morse

Mobile: +44 7802 875227
bobbym@buchanan.uk.com


Gabriel Resources Ltd.

Katie Fedorowicz

Investor Relations

Mobile: +44 7810 437059
katherine.fedorowicz@gabrielresources.com
www.gabrielresources.com