Gabriel Resources Ltd.

TSX : GBU


Gabriel Resources Ltd.

December 10, 2012 09:46 ET

Gabriel Resources Ltd.: Positive Result of the Local Referendum in Alba County, Romania

TORONTO, CANADA--(Marketwire - Dec. 10, 2012) - Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) announces that, in the regional referendum ("Referendum") held on December 9, 2012, constituents voted in favour of the proposed resolution for the resumption of mining in the Apuseni Mountains and, specifically, mining at the Rosia Montana Project ("Project").

The Referendum result, which is subject to final confirmation by the authorities in Alba County, shows approximately 63% of voters in favour of the resolution and provides a clear indication of the local and regional support for the creation of thousands of jobs, long-term sustainable development and environmental remediation that can be delivered by the modern, safe and responsible mining proposed by Gabriel in Rosia Montana. Despite heavy snowfall in the mountain region, turnout in the Referendum of approximately 43% of eligible voters was in line with reports of voting levels across Romania in the general parliamentary elections also held on December 9.

Jonathan Henry, President and CEO of Gabriel Resources, stated:

"We believe that this result demonstrates the wishes of the population directly affected by the Project, many of whom could not reach the polling stations due to bad weather. The majority of those who did were able to register their vote in favour of mining and in favour of the Project. Following the general parliamentary elections, we look forward to working with the newly elected government of Romania to advance the Project, given the potential for job creation and significant economic and environmental benefits it can deliver for the people of Romania."

About Gabriel

Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Rosia Montana gold and silver project. The Project, the largest undeveloped gold deposit in Europe, is owned through RMGC, a Romanian company in which Gabriel holds an 80.69% stake with the 19.31% balance held by CNCAF Minvest S.A., a Romanian state-owned mining enterprise. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate. The Project is anticipated to bring US$19 billion to Romania as potential direct and indirect contribution to GDP according to 2010 estimates from UK-based Oxford Policy Management (using a gold price of US$900/oz). This contribution increases to over US$30 billion at today's gold price. The Project will generate thousands of employment opportunities. Gabriel intends to build a state-of-the-art mine using best available techniques and implementing the highest environmental standards whilst preserving local and national cultural heritage in Romania. For more information please visit the Company's website at www.gabrielresources.com.

Forward-looking statements

This press release contains forward-looking information as defined in applicable securities laws relating to the Company and/or the Project (referred to herein as "forward-looking statements") that are based on management's current expectations, estimates and projections. Specifically, this press release contains forward-looking statements regarding the returns to Romania from the Project and future permitting processes. All statements other than statements of historical facts included herein, including without limitation, those incorporated by reference, those which may refer to the Company's financial position, business strategy, plans, objectives of management for future operations (including development plans and objectives relating to the Company's business) the economic impact, job creation, costs estimates, patrimony plans, future ability of the Company to finance the Project, Project delivery and estimates regarding the timing of completion of various aspects of the Projects' development or of future performance are forward-looking statements.

The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "projects", "may", "will", "schedule", "potential", "proposed" and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which are difficult, or may be beyond Gabriel's ability, to predict or control and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, These risks, uncertainties and other factors include, without limitation, changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company's operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Company's requirements for substantial additional funding.

Accordingly, readers should not place undue reliance on forward-looking statements. Gabriel undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

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