Gabriel Resources Ltd.
TSX : GBU

Gabriel Resources Ltd.

November 27, 2009 07:30 ET

Gabriel Announces Changes to Its Board and Management

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2009) - Gabriel Resources Ltd. (TSX:GBU) reports that Messrs. Alan R. Hill, Britt Banks and Randy Engel are stepping down from the Board of Directors effective immediately. Mr. Hill retired in March 2009, having served Gabriel as CEO. Messrs. Banks and Engel originally joined the Board as nominees of Newmont Mining Corporation, one of the largest shareholders of Gabriel. As they depart, Newmont emphasizes that it remains supportive of Gabriel and its development of the 80% - owned Rosia Montana Project, one of the largest undeveloped gold projects in the world.

"On behalf of the Board, I would like to thank Alan for his continued service as a director after his retirement earlier this year. We also thank Randy and Britt for their valuable contribution towards the advancement of the Rosia Montana Project," said Michael Parrett, Chairman of the Board of Gabriel. "We are gratified by the fact that Newmont remains a strong supporter." 

Separately, the Company announced that Messrs. Richard Young and Frank Wheatley, Gabriel's Chief Financial Officer and General Counsel respectively, will be leaving within the next four months to pursue other interests. "We thank both Richard and Frank for their important contribution over the years, which materially advanced the Project, and wish them success in their future endeavors," said Keith Hulley, Gabriel's President and Chief Executive Officer. "The Company is well positioned to assemble a new management team that will develop Rosia Montana into one of the most efficient and environmentally sound mines in the world." 

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% - 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 this press release, please contact Richard Young, Vice President and Chief Financial Officer at (416) 682-6080.

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