Proceedings In ICSID Arbitration Case with Romania Closed By Tribunal

LONDON, UK / ACCESSWIRE/ September 15, 2023 / Gabriel Resources Ltd. (TSXV:GBU - "Gabriel" or the "Company") announces that the arbitral tribunal (the "Tribunal") in the World Bank's International Centre for Settlement of Investment Disputes ("ICSID") declared the proceedings closed in accordance with Rule 38(1) of the ICSID Arbitration Rules on September 14, 2023.

The Company initiated the arbitration before ICSID in July 2015 under the Canada-Romania and UK-Romania bilateral investment treaties following Romania's unlawful refusal to permit the Roșia Montană mining project in Romania.

According to Rule 46 of the ICSID Arbitration Rules, the Tribunal must issue its final decision to the parties within 120 days of the closure of the proceedings. However, the Tribunal is permitted to take a further 60 days if it is otherwise unable to draw up the Award in such timeframe.

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated, "The closure of the proceedings by the ICSID tribunal is a welcome development and signals the end of the parties' presentation of their case and the tribunal's determination that it does not require any further information from the parties. Gabriel now awaits receipt of the tribunal's decision."

For information on this press release, please contact:

Dragos Tanase President & CEO Phone: [phone] [e-mail]

Richard Brown Chief Financial Officer Mobile: [phone] [e-mail]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Roșia Montană gold and silver project in Romania. The Roşia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Roşia Montană Project is held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company.