Our management team is committed and capable President and ceo


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Our management team is committed and capable

  • President and CEO

  • Vice President and CFO

  • Vice President, Projects

  • Vice President, Exploration

  • Vice President and General Counsel



Our management team is committed and capable

  • Our management team has deep, world class experience in the mining business supported by a strong new team in Romania

  • Alan Hill: President and CEO

  • 20 years at Barrick

  • Responsible for every major mine Barrick ever built

  • Managed permitting process and/or built 7 mines on 4 continents

  • Hands on manager of the Rosia Montana project

  • Committed to creating a world class operation



Our management team is committed and capable

  • Our management team has deep, world class experience in the mining business supported by a strong new team in Romania

  • Richard Young: Vice President and CFO

  • 13 years at Barrick

  • Finance, project construction and IR expertise

  • VP of Investor Relations

  • Committed to creating a world class operation



Our management team is committed and capable

  • Our management team has deep, world class experience in the mining business supported by a strong new team in Romania

  • Yani Roditis: Vice President - Projects

  • 11 years at Barrick

  • Extensive engineering, environmental permitting and mine development experience in the U.S., Peru, Chile and Argentina

  • Committed to creating a world class operation



Gabriel Resources is a unique opportunity

  • Canadian-based resource exploration and development company with major assets in Romania

  • Currently advancing the development of 80% - Canadian owned gold/silver project at Rosia Montana

  • Former Canadian Ambassador to Romania, Raph Girard on Gabriel’s Board of Directors



Gabriel Resources is a unique opportunity

  • Reserves of: 10.6M oz. gold; 52.3M oz. silver with market cap of Cdn$550M

  • Resources of: Rosia Montana 14.6 million oz. gold; 67.3 million oz. silver

  • Bucium 1.3 million oz. gold; 3 million oz. silver

  • 177.1M common shares outstanding

  • Trade on the TSX: GBU



“We’ve taken the FOR SALE sign off”



Rosia Montana is a world-class asset in a world-class setting

  • Opportunity to create value from responsible mining

  • Can deliver a robust IRR/ ROE

  • Technically straight forward

  • Politically stable environment

  • Strong culture of mining and mining laws in Romania

  • Trained and highly motivated workforce

  • One of the 10 largest undeveloped gold deposits in the world



Rosia Montana is a world-class asset in a world-class setting

  • South African Tailings South Africa ?

  • Sun South & Sun North South Africa 40+

  • Sukoi Log Russia 33

  • Pueblo Viejo Dominican 30

  • Pascua Chile & Argentina 24

  • Cerro Casale (Aldebaran) Chile 22

  • Minas Conga Peru 19

  • Rosia Montana Romania 15

  • Donlin Creek USA 13

  • Bakyrchik Kazakhstan 13

  • Boddington Australia 11

  • Vasilkovskoye Kazakhstan 10

  • Angren Uzbekistan 9



We offer a base for sustainable economic development

  • Employment: both direct (1200 jobs in construction, 500+ in operations) and indirect (10:1 ratio)

  • Diversification of local economy

  • Much needed revenue to Romania (local and national)

  • Re-launch mining in Romania

  • First major publicly traded gold company

  • Provide a model for successful responsible mining

  • Model for EU accession



Three key steps to our Construction Permit

  • Environmental Impact Assessment

  • Archaeology

  • Surface Rights



Step 1 - Environmental Impact Assessment

  • EIA Timetable

    • Filed Project Presentation Report Q4/ 2004
    • Received Terms of Reference Q2/ 2005
    • Specialist team required to complete, finalize and submit EIA
    • Target dates - appointment of team Q4/ 2005
          • - submittal of EIA Q1/ 2006


Step 1 - Environmental Impact Assessment

  • Historical Pollution

  • The area is plagued with severe pollution – 2000 years of environmental damage

  • Approximately 110 times the legal limit of Zinc

  • Approximately 70 times the legal limit of Cadmium

  • Approximately 64 times the legal limit of Iron

  • Approximately 2.4 times the legal limit of Arsenic

  • Measurable negative impact on health of local residents



Step 1 - Environmental Impact Assessment



Step 1 - Environmental Impact Assessment

  • Environmental Repair

  • Meet or exceed Romanian, EU & international standards

  • Progressive rehabilitation

  • Implementing EMS (ISO 14001)

  • Cyanide management

    • International Cyanide Management Code – stringent post Baia Mare standards
    • Meet or exceed EU proposed legal limit – 10 ppm
    • Current international cyanide standard – 50 ppm

  • Our Pledge is to sustainable, responsible development that extends through and beyond the life of our mining operations



Step 2 - Archaeology

  • Archaeological Discharge

  • Required for entire property

  • Discharges received for surface

  • Discharge certificate #4 – part of Cirnic underground annulled by regional court June/ 2005



Step 2 - Archaeology

  • Our commitment is real and measurable

  • First-ever archeological effort in the RM region

  • Independence of archeological team

  • Opportunity to honor heritage

  • Already committed $9M to archeology

  • Rescue archaeology at RM conducted in compliance with international standards

  • UNESCO and EU



Step 3 - Surface Rights

  • Require all surface rights for industrial zone

  • Village Relocation

    • Title clarification underway – to be completed by 1H/ 2006
    • 42% of houses have been purchased to date


Step 3 - Surface Rights

  • Community Development – Improving Housing

  • Current State



Step 3 – Surface Rights



Step 3 - Surface Rights

  • Resettlement and relocation - World Bank standards

  • Private - choice of new home with modern features

  • - compensation package – based on replacement value

        • within the region

  • Institutional - all new modern buildings, facilities and

    • infrastructure
          • - community planned with public input


Step 3 - Surface Rights



We believe our 2005 objectives are achievable

  • Improving communication with all stakeholders

  • Advancing the EIA by appointing an independent specialist team to complete, finalize and submit

  • Defining a community development strategy to complete village relocation

  • Advancing archeological discharge program required to construct the mine



We have a realistic timetable for 2005-2009

  • Year-end: updated capital and operating costs

  • End of Q1 ‘06: file EIA

  • H2 ‘06: receive construction permit

    • (Assumes completion of surface rights and receipt of archeological discharges in parallel with the EIA)

  • Late ‘08, early ‘09: first pour



Our approach is best practices of governance

  • Full time and focused management

  • Commitment to meeting/exceeding international operating and governance standards

  • Code of Ethics

  • Open and transparent communication, including dialog with constituencies

  • We pledge to do it right!



Summary

  • Real and special opportunity in Rosia Montana to “do it right”

  • World-class asset in a world-class setting

  • New management that is committed and capable

  • Commitment to meet/exceed international standards

  • Realistic strategies/timetable to benefit all constituencies

  • Working Capital of $29 million at the end of the Third Quarter

    • Newmont exercised warrants in Fourth Quarter 2005, adding $30 million to treasury


Safe harbor






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