Gabriel Resources Ltd.
TSX : GBU

Gabriel Resources Ltd.

June 23, 2011 09:04 ET

Gabriel Resources Ltd.: Annual & Special Meeting Voting Results and Update on Cash Resources

TORONTO, ONTARIO--(Marketwire - June 23, 2011) - Gabriel Resources Ltd. (TSX:GBU) ("Gabriel" or "the Company") announces the results of voting on the matters submitted to the annual and special meeting (the "Meeting") of the its shareholders (the "Shareholders") held on June 16, 2011. In addition, following completion of the exercise of all outstanding warrants in the Company, as described below, the Company's current cash balance is now approximately C$177 million.

Report on Voting Results

National Instrument 51-102 – Continuous Disclosure Obligations Section 11.3

Total Common Shares Issued and Outstanding at the Record Date - 348,526,338

At the Meeting, Shareholders were asked to consider the following matters:

General BusinessOutcome of Vote
1.Election of directorsCarried by a show of
hands
2.Re-appointment ofCarried by a show of
PriceWaterhouseCoopershands
LLP as auditors and to
authorize the directors to
fix their remuneration
Ballot Results
General BusinessOutcome of VoteVotes ForVotes Against% in
(Withheld)Favour
3An Ordinary resolutionCarried by ballot228,763,94735,134,36486.69%
.approving the Restricted
Share Unit Plan

Richard Brown, Corporate Secretary

Warrant exercise

During 2009, the Company closed a private placement with BSG Capital Markets PCC Limited ("BSG") pursuant to which BSG subscribed for 30 million units at a subscription price of C$2.25 per unit. Each unit consisted of one common share of the Company and one warrant entitling BSG to purchase one additional common share of the Company at C$2.50 per share until June 18, 2011, rising to C$3.00 per share for the final six month warrant period through to December 18, 2011. BSG has now exercised all of these warrants and the Company has arranged the issue of the underlying 30,000,000 common shares. As consideration for the exercise, the Company has received C$75 million which will be used for general working capital purposes.

About Gabriel

Gabriel is a Canadian-listed resource company engaged in the exploration and development of mineral properties in Romania and is presently in the permitting stage and preparing to develop its 80.46%-owned Rosia Montana Project ("Project"). Gabriel is committed to responsible mining and sustainable development in the communities in which it operates. The Project is anticipated to bring US$19 billion to Romania as potential direct and indirect investment according to 2010 estimates from British-based Oxford Policy Management. The Project will generate thousands of jobs while observing all Romanian and European environmental laws and also helping preserve important historic buildings as well as local cultural heritage. For more information please visit the Company's websites at www.gabrielresources.com and www.rmgc.ro.

Contact Information