Gabriel Resources Ltd. Corporate Update - Seite 2

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.

Following issuance of the exploitation license in June 1999, the Group focused substantially all of its management and financial resources on the exploration, feasibility and subsequent development of the Roşia Montană Project. Gabriel invested over US$760 million to develop the Roşia Montană Project and to define two promising gold, silver and porphyry copper-gold mineral deposits in the Bucium concession area located in the vicinity of Roșia Montană ("Bucium Projects" and together with the Roşia Montană Project, the "Projects").

The Roşia Montană Project had the potential to be a flagship development project in Romania presenting opportunities to:

• boost the Romanian economy through direct and indirect contributions to GDP;
• create several thousand of much-needed direct and indirect jobs in an area that has record unemployment, thus ensuring Roşia Montană's sustainable economic development;
• make Romania the leading producer of gold and silver in the European Union;
• remediate, through significant investment in infrastructure and environmental rehabilitation, the severe environmental degradation that besieges Roşia Montană's landscape today as a consequence of unregulated historical State mining operations; and
• add further significant investments to the preservation and restoration of Roşia Montană's important cultural heritage (beyond the significant investments already made by Gabriel).

Forward-looking Statements