Gabriel Resources Ltd.

Gabriel Resources Ltd.

March 23, 2009 07:00 ET

Gabriel Resources Ltd.: Alan R. Hill Retires-Keith Hulley Appointed Interim CEO

Alan R. Hill Remains on Board of Directors

TORONTO, ONTARIO--(Marketwire - March 23, 2009) - The Board of Directors of Gabriel Resources Ltd. ("Gabriel") (TSX:GBU) announced today that Alan R. Hill will retire from his current position as President and CEO effective immediately. The Board has appointed Keith Hulley, a member of the Board since 2006, as CEO on an interim basis. Mr. Hill will remain a Director and continue to provide consulting services to the Company through the permitting, financing and construction periods. The Board will initiate a search to fill the CEO position on a permanent basis.

Mr. Hill's retirement happens as the Company transitions from engineering and permitting to financing and construction of the Rosia Montana Project in Romania (subject to EIA approval). This new phase requires a commitment of at least three years. Key decisions made through this period should be made by the CEO that will see these decisions through. Mr. Hill could not make this commitment at this time.

"Rosia Montana is a wonderful Project, and it will become a model mine, not just for the region and Romania but for Europe at large" said Alan R. Hill. "I am confident that my successor together with the wonderful team we have in place will make this Project a reality."

"On behalf of the shareholders and the Board, I would like to thank Alan for his tremendous efforts not only on the technical front, but also in the terrific team he has put in place both in Romania and Canada, all a result of his focus, determination and leadership" said Mike Parrett, Chairman of Gabriel's Board of Directors.

"As interim CEO, Keith Hulley provides strong continuity during this transition period having served on the Board and as Chairman of the Technical Committee for the past three years" added Mr. Parrett. "Mr. Hulley managed and oversaw the evaluation, engineering, construction and recent start-up of an open-pit silver mine in Bolivia which is similar in size and scope to the Rosia Montana Project." Mr. Hulley is able to spend the necessary time in Romania to oversee the completion of the permitting process and at the same time provide the time required to conduct an orderly and thorough search for a new CEO.

"This is a new project, which has been redesigned and further strengthened as a direct result of the public consultation process with stakeholders," said Keith Hulley. "We appreciate Alan's tremendous contribution, designing a project to the highest technical and environmental standards."

Gabriel will hold a conference call today at 10:00am EST to introduce Keith Hulley as the new CEO to the investment community.

North American callers dial: 1-866-730-5771
International callers dial: 1-857-350-1595
Participant passcode: 45923419

The conference call will be available for replay until March 30, 2009 by calling 1-888-286-8010 for North American callers and 617-801-6888 for International callers, passcode: 20204954.

About Gabriel Resources Ltd. / Rosia Montana Gold Corporation

Gabriel Resources Ltd. 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 gold project. For more information please visit the Company's website at

To date, Gabriel Resources has invested over USD 350 million, through RMGC, and plans to spend more than USD 2.5 billion in Romania over the 16 year mine life to develop and operate the Rosia Montana Project. For more information, please visit the Rosia Montana Gold Corporation website,

Contact Information