Gabriel Resources Ltd (GBU) Quote

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c

2.70 look good with GBU em

anybody know whats happening with GBU. It has failed its recent support levels

GBU speak... http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=20408547

RT ... don't blame you ... I'd be back into this one, though, on either a flush down or a convincing move back up above $2.75/$2.80 where all that trade action was after the first version of the "placement" was announced .... many better spots to park money now, I think .... maybe I'll find some.

MI

I joined you on the sidelines.

RT

I had re-entered a couple of days ago (for just a bit), but the news today is enough to send me back to the sidelines; can't even believe announced plans to finance anymore.

----------------------------------

Gabriel woes deepen as company pulls share offering
Gabriel Resources Ltd (2) GBU
Shares issued 113,552,669 Jul 16 2003 close $ 2.42
Thursday July 17 2003 News Release

Mr. Oyvind Hushovd reports
Gabriel Resources has elected not to proceed with the previously announced proposed offering of common shares on a marketed basis and will withdraw the short form preliminary prospectus filed with regulatory authorities in Canada last week.

GABRIEL RESOURCES (GBU : TSX : C$2.42) - BUY - 12-MONTH TARGET PRICE:
C$4.00
Brian Christie
Comment: Political uncertainty decreases Gabriel valuation
Recent disparaging remarks from the Romanian Prime Minister regarding the Rosia Montana project leads Gabriel to cancel a C$28 million bought deal equity financing. Gabriel will now complete a fully marketed equity deal, which will see the issuance of at least ten million shares. In the short-term, we believe that the shares will be under pressure. We have
further reduced our equity pricing in our model, which results in a decrease in our NAV to C$4.18 from C$4.36 per share. Until we see further clarity on the political front, we have reduced our NAV multiple from 1.3 to approximately 1.0 times. Our target price has subsequently been reduced to C$4.00 from C$5.50. We continue to like the longer-term fundamentals of the Rosia Montana project and the shares therefore remain a BUY.

__________________________
FWIW, have sold 85% of my Gabriel, looking to reenter upon next private placement, Gabriel will have to raise at least another US$20M, IMO, this year...

And now that the "managed deal" has bought the farm, trading seems to have gone on auto-pilot:

T 20030717 12:09:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:08:03 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:07:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:06:03 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:05:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:04:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:03:03 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:02:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:01:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 12:00:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 11:58:20 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 11:58:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K
T 20030717 11:57:02 2.35 -0.07 100 74 Griffiths 1 Anonymous K

Must be some sort of Romanian water torture.

Gabriel's bought deal buys the farm

By: Tim Wood


Posted: 2003/07/11 Fri 17:40 EDT / © Mineweb 1997-2003


NEW YORK -- Fresh government opposition to Gabriel Resources [GBU] Rosia Montana project in Romania has scuppered a two day old $20 million bought deal priced at C$2.80 per share. Gabriel today (Friday) announced that the arrangement with RBC Capital Markets has been converted into a “managed deal.”
The proposed offering was dead in the water as soon as Romanian Prime Minister, Adrian Nastase, reiterated personal objections to the project despite favourable findings by a parliamentary committee. The committee released a positive ad hoc report on Monday at which time Gabriel confirmed that it was proceeding with construction of the mine.

Gabriel’s stock price was immediately bid up, facilitating the offer. However, Nastase early on Thursday declared his dissatisfaction with the report, putting the stock into a dive before trade was halted at C$2.52, a loss of nearly one fifth on the day. Trade resumed on Friday at 12h30 priced at a mere C$2.11 before rebounding to C$2.30.

Nastase made the comments during a biannual luncheon with foreign journalists, during which he was asked his opinion of the report. He responded that he had read the report and did not “like it”. It is curious that the prime minister would be so intent on micromanaging the project and it may suggest that other factors are in play.

Romania has two great sensitivities since the overthrow of the Ceaucescu regime – orphans and the environment, both of which require delicate politics. Consequently, Nastase may be employing a public strategy of passing the ultimate decision for Rosia Montana into a bureaucratic channel where compliance and legality will be the sole determinants.

RBC was due to buy the entire allotment of 10 million shares for resale to other investors. Now it will merely offer to sell the units for Gabriel at the best price it can receive.

Gabriel’s stock price has been deteriorating after it became apparent earlier this year that it would require more money that expected even as capital requirements rose; delays aggravated by activist opposition to the project.

The firm has $17 million in cash, down from $35 million at the start of the year. It cannot postpone this fund raising without delaying mine construction with a critical phase about to start. Two further fund raisings are expected this year with total funding requirements of $50 million for 2003.

Face value

At face value, Nastase appears to be have already decided in favour of environmental and social activists who say the impact of the proposed mine would be too negative irrespective of compliance and economic contribution. The mine site is hardly pristine after decades of state mining mismanagement capped by the Baia Mare disaster that spilled toxic effluent into the Tisza and Danube rivers.

Romania’s parliament is due to ponder the committee report this September and it will become clearer then whether Nastase’s populism is opportunist or genuine.

An indicator may be his pre-emption of the committee report in early June when he called the project "environmentally risky" – a phrase that played well in Romania’s media. It seems improbable that Nastase could have developed an informed opinion so early, and his subsequent deference to the ministry of the environment – at the very time that Gabriel is about to launch its own environmental impact assessment – which would allow him to wave the project through whilst confirming to supporters that he demonstrated the necessary concern and vigilance.

That would be positive for Gabriel; however, the ad hoc processes heighten risk. Pressure is mounting for a public referendum to poll the views of local residents. Activists have taken note of the successful obstruction of Meridian Gold’s [MDG] Esquel gold project in Argentina that was opposed by four fifths of the residents of the nearby town, and that eventually led the provincial governor to halt development.

Sources say Gabriel would easily win a local referendum since the majority of residents do support mine development although several are holding out for more money. That contrasts with statements by the leading opposition group, Alburnus Major, which claims to represent most of the families in the village.

It has been an incredibly turbulent year for Gabriel with high profile management shuffles including the resignation of founding shareholder Frank Timis who has been a lightning rod for criticism, not least because of youthful drug convictions and suspicion about his Romanian power broking after its anti-Communist revolution.

Gabriel remains resolute, if disconsolate. "Gabriel believes the development of the Project is good for Romania and its economy and Gabriel's development plans for the Project are environmentally sound," said Oyvind Hushovd, chairman and chief executive, in a statement.

Interesting observation ...

http://www.stockhouse.ca/bullboards/viewmessage.asp?no=6474353&t=0&all=0&TableID=0

Normally when the supreme honcho pp's on your project it's the end of it. Picture that in the US or Canada. "Cabinet says it does not like oil sands project". Investors would sell like the house was on fire. The US president (Clinton) killed a mining project for votes because it was proximal to Yellowstone National Park. Canadian politicians in BC, Manitoba, Saskatchewan, Ontario, and Federally have just about killed the entire mining industry here. In 1967 you could peruse in mining trade journals (CMM) of about 31 pages of fine print 4 columns wide, one line per entry of companies that supplied equipment to the mining industry, located in Canada. Today that figure might run to 3 or 5 pages. If you were lucky.

The moral of the story is don't vote for lawyers. They are anti industry knee jerks. In England they used to have a law stating that no lawyer could occupy a seat in the house of commons. It was good law.

EC<:-}

Paradigm has an informative report. It is posted on Gabriel's website under "Related Information", "Commentary". (I couldn't post the direct link.)

http://www.gabrielresources.com/

RT

Romanian PM casts doubt on mining project

http://search.ft.com/search/article.html?id=030710004712&query=gold&vsc_appId=totalSearch&am...
--------------------------------------------------------------------------------


Gabriel Resources Ltd.
11:58 EDT Friday, July 11, 2003

http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...

My understanding is that the group that is in favour of the mine is larger than the group against and the latter group mostly from outside the area, but it seems to me that they are effective with their PR to such an extent that it puts downward pressure on the stock price.

Perhaps you will have an opportunity to re-purchase some shares?

RT

Those stories are enough to create another cheap low-risk chance to accumulate some, I guess.

Personally, I was out a while back in the 2.90's on the bounce back from the first dump to 1.65 .... but I still follow the story .... there's some good swings in this one if your timing's right .... and it's not like the gold has disappeared.

Here are a couple of articles from Reuters.

http://biz.yahoo.com/rm/030710/romania_gold_1.html

http://biz.yahoo.com/rc/030710/minerals_gabriel_stock_1.html

Halted .... perhaps the pending news will explain the trading pattern .... thx for the link to the report.

Thanks for your comments. I was surprised yesterday at the volume but also that the shares were trading at a higher price than the offering. (BWDIK.)

I found this analyst report issued on July 1st on Gabriel's website.

http://www.gabrielresources.com/i/pdf/GBU_CIBCWM-01-Jul-03.pdf

You must be perplexed again today.

RBC has soaked up more than 3M shares in two days trying to support the bought deal at $2.80 .... this morning's line in the sand seems to be $2.60.

I am perplexed at the way Gabriel traded today. Does anyone have any comments?

Thx,
RT

Speak of the Devil:

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GABRIEL RESOURCES LTD.

TSX SYMBOL: GBU

JULY 8, 2003 - 17:08 ET

Gabriel Resources Ltd. Announces $28.0 Million Offering
Of Common Shares

TORONTO, ONTARIO--Gabriel Resources Ltd. (TSX: GBU) ("Gabriel")
announced today that it has entered into an agreement with RBC
Capital Markets under which they have agreed to purchase from
Gabriel and sell to the public 10.0 million Common Shares of
Gabriel at a price of $2.80 per Common Share for gross proceeds
of $28.0 million.

A preliminary short-form prospectus will be filed with securities
regulatory authorities in all provinces of Canada by July 10,
2003. The offering is expected to close on or about July 25,
2003.

Net proceeds of the offering will be used to fund the continued
development of the Rosia Montana gold deposit in Romania and for
general corporate purposes.

The offering is being made in all provinces of Canada by means of
a short-form prospectus, and is subject to the approval of
securities regulatory authorities. The securities to be offered
have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the
United States absent registration or applicable exemption from
registration requirement. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy
securities in any jurisdiction.

Gabriel's common shares are traded on the Toronto Stock Exchange
under the symbol "GBU".

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Simon Lawrence
Vice President, Corporate Development
(416) 955-9200
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW.

Yeah, there's no doubt that the idea of financing is stifling the stock performance ... and there's still the issue of resettlement which is only about a quarter of the way completed ... and it's too bad the enviropaths had to destroy this companies ability to raise cash.

I really do feel that a larger firm will be welcomed into the fold because of the potential this property has. Oh, I dunno-- time will tell and I'm being patent ... for now.

The way will not be clear until Gabriel has consummated their next private placement... Gabriel needs to raise at least US$40M, IMO, within the next 5 months...

Happy to step aside until after this financing...

Yup ... it's nice to see the management finally put together a press release to dispel all the nonsense that seems to follow this stock. Now I'm hoping someone big will step up and buy this thing now that the way is cleared.

Rosia Montana Project - Positive Romanian Parliamentary Commission Report

--------------------------------------------------------------------------------

7-03

Toronto, Ontario, July 7, 2003 -- Gabriel Resources Ltd. ("Gabriel") provides the following update on the development of Gabriel's 80% owned Rosia Montana gold project in Romania (the "Project").


Positive Parliamentary Commission Report

According to an interview with Mr. Alexandru Sassu, the President of the Special Joint Committee (the "Committee") of the Romanian Parliament, published by the Romanian newspaper "Independent", a number of the more important findings and conclusions of the final report (the "Report") of the Committee are as follows:

- The Project will provide significant benefits to Romania and its economy

- Romania has established a legislative framework, consistent with European Union standards, to:

- regulate all aspects of the development and operation of such a Project
- attract direct foreign investment on a non discriminatory basis; and
- revitalize the Romanian mining industry

- Gabriel's plans for developing the Project are in accordance with all applicable Romanian and European Union rules and regulations regarding the environment

- Gabriel's activities to date are in compliance with all applicable rules and regulations

- Gabriel's archaeological discharge program, being funded entirely by Gabriel, is of national importance to both Romania and Europe

Mr. Sassu has confirmed to Gabriel the accuracy of the interview with the Independent newspaper. This article also indicates that the Report has been delivered to the Permanent Bureau of the Parliament.

Gabriel understands that the Report will be considered by both the Chamber of Deputies and the Senate upon Parliament's return from its summer recess in September and that the full Report will be made public at that time.

Continued Government and Community Support for the Project
Gabriel is very pleased with the summary of the findings and conclusions of the Report as outlined by the Independent article, which further reinforces the previous and ongoing support for the Project demonstrated by the local, county and federal levels of the Romanian Government, as well as by the local community of Rosia Montana.

Gabriel's development plans for the Project continue to provide that it will be developed in accordance with all relevant Romanian laws and regulations, European Union directives and World Bank guidelines.


Background to the Parliamentary Commission

On March 27, 2003, at the request of the Romanian Prime Minister, the Romanian Government established a Special Joint Committee (the "Committee") to assess the Project in order to formulate a singe point of view regarding the economic, social, cultural and environmental aspects of the Project. The Committee consisted of 13 members and included representatives from all political parties represented in the Romanian Parliament. In addition, Government Ministers, members of the Romanian Academy, stakeholders, NGO's and other interested parties were all invited to make presentations to the Committee.

Members of the Committee conducted a site visit to the Project and held a series of meetings and consultations in both Rosia Montana and Bucharest with all interested parties. Gabriel made two separate presentations to the Committee, one in Rosia Montana and one in Bucharest. Gabriel's presentations demonstrated to the Committee that the development of the Project would provide significant economic benefits to Romania, while being developed in a manner that meets or exceeds all international best practices, guidelines, policies and laws relating to the environmental, social and cultural aspects of the Project.


Final Approvals for Piatra Alba Community Site

The Alba County Council has approved the zonal urbanistic plan (the "PUZ") for the new community site located in Piatra Alba, Rosia Montana. The PUZ provides details of the development plan for the new resettlement site, including all community infrastructure and public facilities, such as the hospital, school, community centre, library, churches and government offices, as well as the residential neighborhoods.

Having now received all necessary approvals, Gabriel will shortly begin construction of the access road and basic infrastructure for the 186 hectare site.


Appointment of Vice-President - Operations

Richard Hill has been appointed Vice President -- Operations of Gabriel and Managing Director of Rosia Montana Gold Corporation S.A., Gabriel's 80% owned Romanian subsidiary. Mr. Hill will assist in the development, start-up and commissioning of the Rosia Montana project and will assemble the requisite operating personnel in order to assume responsibility for the ongoing commercial operation of the project once commission is complete.

Mr. Hill was the General Manger of Australian Magnesium Corporation Pty. Ltd. from 1997 to 2001 and prior to that was the manager of International Projects for Normandy Mining Limited from 1992 to 1997.

Mr. Hill earned his BSc in Mechanical Engineering from Nottingham University in the UK and his MSc in Agricultural Engineering from Reading University in the UK.

Gabriel is a Canadian based resource company engaged in the exploration and development of mineral properties in Romania and is presently continuing the development of its 80% owned world scale Rosia Montana gold silver project in Romania.

On Behalf of the Board:
Signed by "Oyvind Hushovd"
OYVIND HUSHOVD
CHAIRMAN AND CHIEF EXECUTIVE OFFICER

CONTACT: Gabriel Resources Ltd. at (416) 955-9200 or info@gabrielresources.com

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.

Canadian firm's Romanian gold mine plan stumbles
Thursday June 12, 12:44 pm ET
By Radu Marinas


(Adds company comment on referendum at bottom)
BUCHAREST, June 12 (Reuters) - A plan by a Canadian company to establish Europe's biggest open-cast mine in the Carpathian mountains has hit a stumbling block following objections by Romanian lawmakers, parliamentary officials said on Thursday.

The plan, which requires thousands of people to move to make way for drilling sites that could churn out over 500,000 ounces of gold a year, has angered ecologists, human rights groups and historians who fear damage to local archaeological sites.

A parliamentary committee weighing up the economic benefits and environmental drawbacks of Toronto-based Gabriel Resources Ltd's (Toronto:GBU.TO - News) $500 million project is expected to complete its report next week.

Its approval, essential for the project to go ahead, appears to be in the balance following objections by some members.

"There will be objections," senator Gheorghe Flutur, secretary of the 13-member body, told Reuters, adding that the absence of a local referendum was one of the main problems.

Gabriel, which owns 80 percent of the Rosia Montana Gold Corporation (RMGC) set up to build and operate the mine in Alba Iulia, 400 kilometres (250 miles) north of the capital, aims to extract about 300 tonnes of gold over 14 years.

Prime Minister Adrian Nastase dealt Gabriel a heavy blow last week when he said the plan was "environmentally risky".

His comments were welcomed by critics of the plan.

"It's very positive that (he) acknowledged the project's real cost in terms of the social, environmental, archaeological and economic impact," Eugen David, president of the Alburnus Maior, a group of local landowners, told Reuters.

Environmental pressure group Greenpeace has also asked Romania to pull the plug on the project, saying a pond needed to store water and cyanide nearby would damage the environment.

RMGC says its project will use the latest environmentally safe technology and would benefit Romania, bringing the state $880 million in profits and tax revenue, in addition to fuel and power representing a further $795 million.

Gabriel has invested $50 million so far in Rosia Montana, mainly to resettle residents. It said construction of the mine would create 2,000 jobs and, once it is up and running, a further 540. Rosia's jobless rate is 60 percent.

"The project is fundamentally sound from an ecological and economic point of view," Adrian Dascalu, a spokesman of RMGC told Reuters. "We anticipate that all this will be acknowledged by the committee and we will have a positive report."

But Flutur said the report, which might need to be debated in parliament after the summer recess in September, was expected to criticise the absence of a referendum for Rosia Montana's villagers and deem the financial benefits of the deal too poor.

RMGC said it was not legally required to conduct a referendum but only public debates.

"Romanian law does not require or foresee a referendum for an investment project but only for nationwide strategies," RMGC's lawyer Anca Dragoman said.
http://biz.yahoo.com/rm/030612/gold_romania_gabriel_2.html

Conflicting news reports

The Globe and Mail reports in its Friday, June 6, edition that Gabriel Resources shed 30 cents to finish trading Thursday on the Toronto Stock Exchange at $2.35. The Globe's Market Movers column reports that Romanian Prime Minister Adrian Nastase has asked the country's top environmental officials to review Gabriel Resources' plan to dig Europe's biggest open-pit gold mine. Mr. Nastase's statement, broadcast by Romanian state radio, follows criticism of the Rosia Montana mine project by members of the Romanian Academy, the country's top academic institution, who said cyanide used to extract gold would harm the environment. Environment Minister Petru Lificiu last week said he would assign a special commission to study the projects' costs...

If the environment minister is about to assign a special commission doesn't that suggest the project is not about to be killed on June 12 by the other commission (the one mentioned below which was set up on March 24, or maybe this is just faulty reporting by the Globe.

On 24th March 2003 the Romanian Parliament set up a Parliamentary Commission to analyze the social, environmental, patrimonial and economic problems associated with Rosia Montana Gold Corporation’s (RMGC) Rosia Montana open cast gold/silver mining project.

I will wait before buying...

Seems best to wait for the terms and conditions of Gabriel's next financing..., IMO.

I looks like we've got support at two bucks...we'll see what the distribution is like this afternoon...I might even buy if the market depth firms up.

Nastase: Rosia Montana project involves high risks

Prime Minister Adrian Nastase stated on Thursday, during the National Forum of PSD ecologists, that the Rosia Montana project is not a priority and its enforcement would involve high risks.
“We keep avoiding saying what we think of this project, we send it to the Academy, to the Parliament, we should say this is not one of our priorities and that it involves high risks. Those who started the operations there, and not in our ruling period, might be unpleased, but we must have a viewpoint. We do not want to have an economic colony status”, said Nastase.
Nastase considered the National Forum of PSD ecologists should get more involved in solving this matter. (Mediafax)


http://www.zmag.org/sustainers/content/2003-02/21grubacic.cfm

GBU to the moon! There is no way that the project will not go ahead. Romania needs foreign investment and the commission knows that. Its too bad that the project's opposition is better at getting their stories accross then Gabriel is.

How could you find Insiders trades on the TSE with the big mess they have there?The way it was set up before Insiders didn't have to show there trades via public

According to a six-minute check of stockwatch insiders, no .... looks like of the recently resigned only Timis is listed as an insider, and he hasn't made a trade since february of 2000 ..... but i'm not clear on whether maybe gbu insiders now report to the OSC, who now have their insider reports permanently dodgey with that SEDI abortion

The rosiamontana.org site that Michael posted upthread has been around for a long time .... or maybe it was another i saw a few times, cross-referenced from pages on Tambogrande and Bulyanhulu et al

<all blew off there paper >

Can this be confirmed by insider trading reports?

Management all left te company a few months back as I suspect they all blew off there paper and new what was going on in the first place

R...I suspect "down the toilet" might not happen immediately. I seriously doubt the TSX will let this thing trade Monday without clarification from management.

I'll be surprised if it's not halted.

GBU down the toilet

http://www.rosiamontana.org/

lol! Bang on!

Well believe it or not, that is what they did in Egypt when the Aswan dam went in. They moved the statues that would have been buried. Artifacts can be moved. It ain't cheap, but it can be done.

The same thing happens all over Italy when there is any sort of excavation going on, if you hit artifacts generally you cover it up, if a workman doesn't rat you out, otherwise the whole project gets shut down.

GBU $ound$ like it ha$ been $ierra Clubbed. On the other hand it i$ great publicity, and if they do iron the problem$ out with the normal mean$ of doing that $ort of thing, then it will probably command a much higher $hare price than it did before. We $aw this $ort of thing going on with the Bulyanhulu with $utton. Never find too much gold in a poor corrupt country; you will get majored. Never find too much gold in too rich a country either. $orry, my key$ tend to get $tuck on certain i$$ue$.

EC<:-}

My best guess...lies withing Newmont and what they've been able to do in Turkey. They've been successful at permitting where others haven't in a country that hasn't been very friendly towards mining. Anyway, I'm not so sure if the cyanide destruction system used at the Ovacik mine would work at the grand scale of what Gabriel wants to build, but this would be a great property at a much smaller scale for a large well capitalised firm with would have essentially unlimited feed stock ... history shows they'd get it permitted and they could work around the other issues over time.


http://www.newmont.com/en/pdf/infohandbook/Hbk2002-OpsOther.pdf

Thanks for the links. It sure looks like the project has some hurdles going forward and maybe it's too big for Gabriel. A major would likely have more political influence...

Russet got it right: #reply-18840026

tf, from what I can see GBU will not be the operator of this mine...they need too much capital, too soon and going to the markets now absolutely out of the question.

A take-over target? Check out this story...what a morass of problems.

Opposition politicians, archeologists and historians have urged authorities to stop the mine, claiming it would damage a Roman temple and other monuments. Gabriel Resources says the artifacts could be moved.

Moved? Y e a h, r i g h t. . .

http://www.canada.com/news/story.asp?id=673307BF-0FB1-4807-B41A-94C4857E6D44

The presidente said he didn't like the sounds of using cyanide - #msg-1083096

But it really is pretty innocuous in this use, as EC points out there .... politics is politics though, can't push the river .... the cheaper gbu gets, the higher it gets raised on my watchlist

Any idea what caused the tumble in the last two days? Closed at $2.00.

couple of new analyst reports...

http://www.gabrielresources.com/i/pdf/052303Gabriel-TurningtheCorner.pdf

http://www.gabrielresources.com/i/pdf/GBU052803.pdf

Frank Timis has resigned

view this as a positive given Timis past...

______________
Toronto, Ontario, May 20, 2003 -- Mr. Oyvind Hushovd, Chairman of the Board of Gabriel Resources Ltd. ("Gabriel"), announces that Frank Timis has resigned as a director of Gabriel, effective May 16, 2003, in order to devote more time to his other business interests. Mr. Timis will continue
to assist Gabriel, as an independent consultant, in connection with the development of the Rosia Montana project.

The Board of Directors of Gabriel expresses its appreciation to Mr. Timis for his vision, determination and dedication in establishing Gabriel and in bringing it to its present stage of development.

Gabriel is a Canadian based resource company engaged in the exploration and development of mineral properties in Romania and is presently continuing the development of its 80% owned world class Rosia Montana gold silver project in Romania.


On Behalf of the Board:



Signed by "Oyvind Hushovd"


OYVIND HUSHOVD
CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Parliamentary Commission Recommendations due out any day. A positive vue on the project should lift the stock back to the $4 to $5 level.