Mr. Dragos Tanase reports

EXPIRY OF WARRANTS

A total of 80,702,475 outstanding warrants to purchase common shares of Gabriel Resources Ltd. at a price of 49 cents per share have expired. The company has received no consideration in respect of those 2018 warrants which lapsed unexercised.

Gabriel has the following securities outstanding:

• 1,035,105,440 common shares;
• 871,400 warrants which are exercisable at a price of 39 cents and expire on Dec. 23, 2023;
• 25,723,372 warrants which are exercisable at a price of 49 cents and expire on Jan. 15, 2024;
• 76,504,263 warrants which are exercisable at a price of 64.5 cents and expire on Aug. 23, 2024;
• 5,225,970 warrants which are exercisable at a price of 64.5 cents and expire on Sept. 13, 2024.

About Gabriel Resources Ltd.

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 Rosia Montana gold and silver project in Romania. The Rosia Montana project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, a historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation licence for the Rosia Montana project is held by Rosia Montana Gold Corp. SA, a Romanian company in which Gabriel owns an 80.69-per-cent equity interest, with the 19.31-per-cent balance held by Minvest Rosia Montana SA, a Romanian state-owned mining company.

Upon obtaining the licence in June, 1999, the group focused substantially all of its management and financial resources on the exploration, feasibility and subsequent development of the Rosia Montana project. Despite the company's fulfilment of its legal obligations and its development of the Rosia Montana project as a high-quality, sustainable and environmentally responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Rosia Montana project without due process and without compensation. Accordingly, the company's current core focus is the International Centre for Settlement of Investment Disputes arbitration.

We seek Safe Harbor.