Gabriel Resources Announces Changes to Its Board of Directors
TORONTO, ONTARIO -- (Marketwire) -- 06/18/10 -- Gabriel Resources Ltd. (TSX: GBU) ('Gabriel') announced yesterday a change in the composition of its Board of Directors (the 'Board') at its Annual and Special Meeting of Shareholders (the 'Shareholders Meeting').
Directors Stepping Down from the Board
Messrs Michael S. Parrett (outgoing Non-Executive Chairman of the Board), Alan R. Thomas, Raphael Girard, Ronald S. Simkus and Marcel F. DeGuire did not stand for re-election and have stepped down as Directors of Gabriel effective immediately. 'On behalf of Gabriel, I would like to thank all these individuals for their exceptional contribution to the Company and to the advancement of the Rosia Montana project', said Keith Hulley, former Interim Chief Executive Officer. With the departure of Mr. Parrett, Mr. Hulley, who recently stepped down as Interim Chief Executive Officer, was appointed Non-Executive Chairman of the Board.
Nominees Elected to the Board of Directors
The nominees elected at Gabriel's Shareholders Meeting included the remaining six Directors, namely Jonathan Henry (as of June 1, 2010), Keith R. Hulley, Wayne Kirk, Igor Levental, Simon Prior-Palmer and A. Murray Sinclair. Two additional nominees elected as Directors at the Shareholders Meeting were Raymond E. Flood and Walter T. Segsworth.
Additional Appointees
Two additional Directors, Dr. Alfred Gusenbauer and Mr. David Peat, were appointed to the Board at the Board meeting following the Shareholders Meeting. The Board determined that these two additional appointees will further compliment the expertise already represented on the Board. 'The newly-reconstituted Board has the depth and the breadth of knowledge commensurate with the objective of turning our Rosia Montana project into a world class mine', said Jonathan Henry, President and Chief Executive Officer.
Background
Raymond E. Flood is a geologist and the founder and Chairman of Western Lithium and Western Uranium Corporation. Mr. Flood also serves as a Director on the Boards of Ivanhoe Mines, South Gobi Energy Resources and Baker Steel Royalty Trust. Mr. Flood has worked with Haywood Securities in differing capacities, most recently as the Managing Director of Investment Banking in London, with a focus on natural resource development.
Walter T. Segsworth is a mining engineer and a member of the Boards of Explorator Resources, Great Basin Gold, Pan American Silver, Plutonic Power and Telus World of Science. He has held key positions with major mining companies including President and Chief Operating Officer of Homestake Mining Company and Chief Executive Officer of Westmin Resources.
Dr. Alfred Gusenbauer is the former Federal Chancellor of Austria and a former member of the European Council. In addition to a long and distinguished career in politics, he also works in academia as a Professor-at-Large at Brown University and is a Fellow for Global Affairs at Columbia University. Dr. Alfred Gusenbauer is currently the CEO of Gusenbauer Projektentwicklung und Beteiligung GmbH.
Mr. David Peat is a Chartered Accountant and a Director and Chairman of the Audit Committee of Apollo Gold Corporation. Mr. Peat has held senior corporate positions with major international mining companies including Chief Financial Officer of Homestake Mining Company and Vice President and Global Controller of Newmont Mining.
About Gabriel / Rosia Montana Gold Corporation
Gabriel Resources Ltd. is a resource company committed to responsible mining and sustainable development. Gabriel is currently engaged in the development of its 80.46%-owned Rosia Montana gold project in Romania. Rosia Montana is Europe's largest and one of the world's most significant undeveloped gold deposits.
Contacts:
Gabriel Resources Ltd.
416-955-9200
416-955-4661 (FAX)
info@gabrielresources.com
www.gabrielresources.com