Gabriel Resources Completes $135.9 Million Public Offering

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Gabriel Resources Ltd. is pleased to announce the closing of the sale of 31,250,000 common shares at Cdn$4.35 per Share to a syndicate of underwriters led by RBC Capital Markets and Sprott Securities Inc. as joint bookrunners, and including BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Merrill Lynch Canada Inc., Orion Securities Inc., Paradigm Capital Inc. and Raymond James Ltd., for aggregate gross proceeds of Cdn $135,937,500.

"We are very pleased with the results of this offering which will enable us to continue to pursue the development of the Rosia Montana gold deposit in Romania" said Alan R. Hill, President and CEO, "and we anticipate that this will be our last equity offering related to the development of the project."

The Shares have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction. Any public offering of securities to be made in the United States would, if made, be made by means of a prospectus that could be obtained from the Company that would contain detailed information about the Company and management as well as financial statements. -- www.cnxmarketlink.com

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