TSX Trading Symbol: GBU
TORONTO, Sept. 29 /CNW/ - Michael Parrett, Chairman of the Board of
Directors of Gabriel Resources Ltd. ("Gabriel") (TSX - "GBU"), is pleased to
announce the appointment of Mr. Simon Prior-Palmer to the Board of Directors
effective as of October 1, 2006.
Mr. Prior-Palmer has more than 30 years experience in international
financial markets. For more than 20 years he worked with Credit Suisse First
Boston in Europe and Canada in various capacities including Managing Director
of UK Investment Banking from 1987 to 1998. Mr. Parrett, Chairman of the Board
of Gabriel, remarked that "The Board of Directors is pleased that Mr.
Prior-Palmer has agreed to join the Board and bring his extensive European
business experience. His financial expertise and European experience will
assist Gabriel in advancing the development of its 80% owned Rosia Montana
project in Romania". Mr Prior-Palmer is also on the Board of Postcomm, the UK
regulatory Commission overseeing the Royal Mail, and Macmillan Cancer Support,
one of the United Kingdom's largest charities.
Gabriel also announces the resignation of Mr. James McClements from the
Board of Directors, also effective as of October 1, 2006. Mr. McClements, the
Senior Partner of the Resource Capital Funds (RCF), a group of private equity
funds, is Gabriel's longest serving Director having been appointed to the
Board of Directors in 1998. Due to ever expanding commitments from RCF, Mr.
McClements has requested that the Board of Directors accept his resignation in
order to allow others with more time to devote to the business and affairs of
Gabriel to be appointed.
On Mr. McClements' resignation, Mr. Parrett commented that "The Board of
Directors is extremely grateful and indebted to James for the guidance and
support he provided to Gabriel over the past 8 years".
Gabriel Resources
Gabriel 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.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and the
information contained herein.
