Appointment of New Chief Executive Officer
Management Changes
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PRESS RELEASE
FOR IMMEDIATE RELEASE TSXV Trading Symbol: GBU
August 8, 2018
Appointment of New Chief Executive Officer
Gabriel Resources Ltd. (“Gabriel” or “Company”) announces the appointment of Dragos Tanase as President and
Chief Executive Officer of the Company effective August 8, 2018. Mr Tanase has been the Managing Director of
Gabriel subsidiary Rosia Montana Gold Corporation SA (“RMGC”) for 10 years, a position in which he will continue
to serve. Prior to RMGC, Mr Tanase was the Chief Financial Officer of a large telecommunications company, UPC
Romania, for 7 years, and management consultant and auditor for Arthur Andersen for 3 years , after starting his
career within the Ministry of Finance of Romania.
"On behalf of the Board, I congratulate Dragos for being appointed CEO of Gabriel” said Keith Hulley, Chairman
of the Company’s Board of Directors. “ Dragos has shown strong leadership skills in managing RMGC during the
past ten years. His ability to lead in this expanded role will serve Gabriel well.”
For information on this press release, please contact:
Keith R. Hulley
Chairman
Mobile: +1 949 637 9333
Richard Brown
Chief Commercial Officer
Mobile: +44 7748 760276
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Gabriel
Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company’s principal focus has been the exploration and development
of the Roșia Montană gold and silver project in Romania (“Roşia Montană Project”). The Roşia Montană Project, one of the largest undeveloped gold
deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining dist rict that since pre-Roman
times has been mined intermittently for over 2,000 years. The exploitation license (“License”) for the Roşia Montană Project is held by Roșia Montană
Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană
S.A., a Romanian state-owned mining company. It is anticipated that the Roşia Montană Project would bring over US$24 billion (at US$1,200/oz gold)
to Romania as potential direct and indirect contribution to GDP and generate thousands of employment opportunities.
Upon obtaining the License in June 1999, the Group (as defined below) focused substantially all of their management and financial resources on the
exploration, feasibility and subsequent development of the Roşia Montană Project. Despite the Company’s fulfilment of its legal obligations and its
development of the Roşia Montană Project as a high -quality, sustainable and environmentally -responsible mining project, using best available
techniques, Romania has blocked and prevented implementation of the Roşia Montană Project without due process and without compensation .
Accordingly, the Company’s curr ent core focus is the ICSID Arbitration. For more information please visit the Company’s website at
www.gabrielresources.com.
Management Changes
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Forward-looking Statements
This press release contains “forward-looking information” (also referred to as “forward-looking statements”) within the meaning of applicable Canadian
securities legislation. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and
plans and allowing investors and others to get a better understanding of the Company’s operating environment. All statements, other than statements
of historical fact, are forward-looking statements.
In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable
by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause
the Company’s actual financial results, performance, or achievements to be materially different from those expressed or impli ed herein. Some of the
material factors or assumptions used to develop forward -looking statements include, without lim itation, the uncertainties associated with: the ICSID
Arbitration, actions by the Romanian Government, conditions or events impacting the Company’s ability to fund its operations or service its debt,
exploration, development and operation of mining propert ies and the overall impact of misjudgments made in good faith in the course of preparing
forward-looking information.
Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may never materialize, prove
incorrect or materialize other than as currently contemplated which could cause the Company’s results to differ materially fr om those expressed or
implied by such forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases s uch as “expects”, “is
expected”, “anticipates”, “believes”, “plans”, “ projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible” or
variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occ ur or be
achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.
Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation:
• delay or extension to the duration of the Company’s arbitration claim against Romania (“ICSID Arbitration”);
• required disclosure, costs, process and outcome of the ICSID Arbitration;
• changes in the liquidity and capital resources of Gabriel, and the group of companies of which it is directly or indirectly parent (“Group”);
• access to funding to support the Group’s continued ICSID Arbitration and/or operating activities in the future;
• equity dilution resulting from the conversion or exercise of new or existing securities in part or in whole to Common Shares;
• the ability of the Company to maintain a continued listing on the TSX Venture Exchange or any regulated public market for trading securities;
• the impact on business stra tegy and its implementation in Romania of: unforeseen historic acts of corruption, uncertain fiscal investigations;
uncertain legal enforcement both for and against the Group and political and social instability;
• regulatory, political and economic risks as sociated with operating in a foreign jurisdiction including changes in laws, governments and legal
regimes and interpretation of existing and future fiscal and other legislation;
• volatility of currency exchange rates, metal prices and metal production;
• the availability and continued participation in operational or other matters pertaining to the Group of certain key employees and consultants; and
• risks normally incident to the exploration, development and operation of mining properties.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements.
Investors are cautioned not to put undue reliance on forward -looking statements, and investors should not infer that there has been no change in t he
Company’s affairs since the date of this press release that would warrant any modification of any forward -looking statement made in this document,
other documents periodically filed with or furnished to the relevant securities regulators or documents pr esented on the Company’s website. All
subsequent written and oral forward -looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their
entirety by this notice. The Company disclaims any intent or obligatio n to update publicly or otherwise revise any forward -looking statements or the
foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to the Company’s disclosure
obligations under applicable Ca nadian securities regulations. Investors are urged to read the Company’s filings with Canadian securities regulatory
agencies which can be viewed online at www.sedar.com.