Gabriel Completes Private Placement for Proceeds of $67.5 Million

NOT FOR RELEASE IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES

Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) is pleased to
announce the closing of its previously announced private placement (the "Private
Placement") with BSG Capital Markets PCC Limited, which is part of the Beny
Steinmetz Group ("BSG"). Pursuant to the Private Placement, BSG subscribed for
30 million Units at a subscription price of $2.25 per Unit for proceeds to the
Company of $67.5 million. Each Unit consists of one common share of Gabriel and
one common share purchase warrant entitling BSG to purchase one additional
common share of Gabriel at $2.50 per share for 18 months rising to $3.00 per
share for the final six months of the two year warrant. 


The Company plans to use the net proceeds of the Private Placement towards
developing the Company's 80.23% owned Rosia Montana gold project. 


BSG has advised Gabriel that it has subscribed for the Units for investment
purposes but it reserves the right to increase or decrease its interest in
Gabriel as market circumstances may dictate. 


About Gabriel

Gabriel is a Canadian-based resource company committed to responsible mining and
sustainable development in the communities in which it operates. Gabriel is
currently engaged in the exploration and development of mineral properties in
Romania and is presently engaged in the development of its 80.23% owned Rosia
Montana Project, one of the largest undeveloped gold projects in the world. For
more information please visit the Company's website at www.gabrielresources.com.


For further information regarding the private placement, please contact Richard
Young, Vice President and Chief Financial Officer at (416) 682-6080. 


Forward-Looking Statements: Certain statements included in this press release,
including the anticipated use of the net proceeds of the financing constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities legislation.
The words "believe", "expect", "anticipate", "contemplate", "target", "plan",
"intends", "continue", "budget", "estimate", "may", "will", "schedule", and
similar expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and contingencies.
In particular, the press release includes many such forward-looking statements
and such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of Gabriel to be materially different from its
estimated future results, performance or achievements expressed or implied by
those forward-looking statements and its forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other factors
include, but are not limited to: general business, economic, competitive,
political and social uncertainties, fluctuations in the value of the United
States dollar and the Canadian dollar relative to the Romanian RON, changes to
the costs of inputs (including but not limited to labour, cement, steel and
fuel), and delays in obtaining or the inability to obtain governmental approvals
or financing;. While Gabriel may elect to, Gabriel is under no obligation to and
does not undertake to update this information at any particular time, except as
required by law.

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