Our management team is committed and capable

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Our management team is committed and capable

• Alan R. Hill
• Richard Young
• Yani Roditis
• Gary OConnor
• Frank Wheatley

• President and CEO
• Vice President and CFO
• Vice President, Projects
• Vice President, Exploration
• Vice President and General Counsel

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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

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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

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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

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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 Gabriels Board of Directors

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Gabriel Resources is a unique opportunity

• Reserves of 10.6M oz. gold 52.3M oz. silver
  with market cap of Cdn550M
• 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

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Weve taken the FOR SALE sign off
FOR
SALE
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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

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Rosia Montana is a world-class asset in a
world-class setting
The Worlds Largest Undeveloped Gold Projects

• 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

Location
Resource
millions of ounces

• Prepared by the Beacon Group, 2003

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We offer a base for sustainable economic
development

• Employment both direct (1200 jobs in
  construction, 500 in operations) and indirect
  (101 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

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Three key steps to our Construction Permit

• Environmental Impact Assessment
• Archaeology
• Surface Rights

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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

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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

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Step 1 - Environmental Impact Assessment
We will jump-start environmental repair
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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

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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

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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

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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

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Step 3 - Surface Rights

• Community Development Improving Housing
• Current State
• Over half of homes without any reliable running
  water supply
• Two thirds of homes with outside latrines
• All homes with only wood heating

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Step 3 Surface Rights
Existing housing conditions
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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

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Step 3 - Surface Rights
Proposed new homes for relocation
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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

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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

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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!

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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

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Safe harbor
Forward-Looking Statements Certain statements
included herein, including capital costs
estimates, future ability to finance the project
and other statements that express management's
expectations or estimates regarding the timing of
completion of various aspects of the projects
development or of our future performance,
constitute "forward-looking statements" within
the meaning of the United States Private
Securities Litigation Reform Act of 1995 and
Canadian securities legislation. The words
"believe", "expect", "anticipate", "contemplate",
"target", "plan", "intends", "continue",
"budget", "estimate", "may", "will", "schedule",
and similar expressions identify forward-looking
statements. Forward-looking statements are
necessarily based upon a number of estimates and
assumptions that, while considered reasonable by
management, are inherently subject to significant
business, economic and competitive uncertainties
and contingencies. In particular, This
presentation includes many such forward-looking
statements and such forward-looking statements
involve known and unknown risks, uncertainties
and other factors that may cause the actual
financial results, performance or achievements of
Gabriel to be materially different from its
estimated future results, performance or
achievements expressed or implied by those
forward-looking statements and its
forward-looking statements are not guarantees of
future performance. These risks, uncertainties
and other factors include, but are not limited
to changes in the worldwide price of precious
metals fluctuations in exchange rates
legislative, political or economic developments
including changes to mining and other relevant
legislation in Romania operating or technical
difficulties in connection with exploration,
development or mining environmental risks the
speculative nature of gold exploration and
development, including the risks of diminishing
quantities or grades of reserves and Gabriel's
requirements for substantial additional funding.
Gabriel expressly disclaims any intention or
obligation to update or revise any
forward-looking statements whether as a result of
new information, events or otherwise.
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GABRIEL
RESOURCES LTD.