Update on ICSID Arbitration - Tribunal Decision - Seite 3

The Company, together with its wholly-owned subsidiary, Gabriel Resources (Jersey) Ltd., initiated arbitration proceedings in July 2015 before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID") against the Romanian State seeking compensation for the violation by Romania of the terms of the bilateral investment protection treaties which it has entered into with each of the Government of Canada and the Government of the United Kingdom of Great Britain and Northern Ireland for the Promotion and Reciprocal Protection of Investments ("Treaties") (ICSID Case No. ARB/15/31)) ("Arbitration").

The original arbitral tribunal ("Tribunal") was constituted on June 21, 2016. The current members of the Tribunal are Prof. Pierre Tercier (Switzerland), Mr. Horacio Grigera Naón (Argentina) and Prof. Zachary Douglas (Australia and Switzerland).

Following over 8 years of procedural steps and legal argument, including the submission of extensive written submissions and evidence, hearings of witnesses and experts, observations from non-disputing parties' and questions from the Tribunal, the Tribunal rendered its final award today ("Award").

In its Award, the Tribunal by majority rejected Gabriel's claims that Romania breached its obligations under the Treaties. Mr. Grigera Naon disagreed with the decision and rationale, and issued a dissenting opinion.

A summary of the procedural steps in the Arbitration, together with copies of the parties' principal submissions and orders of the Tribunal, are available on the ICSID website at https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB .... A copy of the Award will be published on the ICSID website following the completion of redaction process in accordance with a procedure and timeframe agreed by the parties and the Tribunal.

The ICSID Convention includes a review process through which an award can be annulled in part or in its entirety. Such review must be conducted by a new panel of ICSID arbitrators.

Forward-Looking Statements

This press release contains "forward-looking information" (also referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment.