Gabriel Resources Ltd.
TSX : GBU

Gabriel Resources Ltd.

March 05, 2009 15:59 ET

Gabriel Resources Ltd.: Amendment to Shareholder Rights Plan Approved by Shareholders

TORONTO, ONTARIO--(Marketwire - March 5, 2009) - Gabriel Resources Ltd. (TSX:GBU) ("Gabriel" or the "Company") announce that the previously announced amendment to the Company's Shareholder Rights Plan (the "Plan") has been approved by its shareholders at today's special shareholders meeting. As previously disclosed in the Company's press release dated January 26, 2009, the amendment to the Rights Plan provides Gabriel with greater flexibility with respect to future equity offerings during this period of global financial and economic crisis.

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 www.gabrielresources.com.

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, www.rmgc.ro.

Forward-Looking Statements: This press release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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