Early Warning Report filed pursuant to National Instrument 62-103



    TORONTO, July 17 /CNW/ -

    
    1.  Name and address of the offeror:

        Electrum Strategic Holdings LLC
        1370 Avenue of the Americas, 19th Floor
        New York, NY 10019
        Attn: William Natbony, Manager

    2.  Designation and number or principal amount of securities and the
        offeror's securityholding percentage in the class of securities of
        which the offeror acquired ownership or control in the transaction or
        occurrence giving rise to the obligation to file the news release,
        and whether it was ownership or control that was acquired in those
        circumstances:

        On July 16, 2008, Electrum Strategic Holdings LLC ("Electrum"), a
        wholly-owned subsidiary of GRAT Holdings LLC ("Holdings"), acquired
        ownership and control of 1,572,600 common shares of Gabriel Resources
        Ltd. ("Gabriel"), representing an additional 0.62% of the issued and
        outstanding common shares of Gabriel.

    3.  Designation and number or principal amount of securities and the
        offeror's securityholding percentage in the class of securities
        immediately after the transaction or occurrence giving rise to
        obligation to file the news release:

        After acquiring the common shares indicated in item 2 above, Electrum
        owns 38,319,500 shares representing 15.03% of the issued and
        outstanding common shares of Gabriel.

    4.  Designation and number or principal amount of securities and the
        percentage of outstanding securities of the class of securities
        referred to in question 3 over which

        (i)   the offeror, either alone or together with any joint actors,
              has ownership and control:

              Electrum has ownership and control of 38,319,500 common shares,
              which represent 15.03% of the issued and outstanding common
              shares of Gabriel. Holdings indirectly owns and controls the
              shares held by Electrum.

        (ii)  the offeror, either alone or together with any joint actors,
              has ownership but control is held by other persons or companies
              other than the offeror or any joint actor:

              Not applicable.

        (iii) the offeror, either alone or together with any joint actors,
              has exclusive or shared control but does not have ownership:

              Not applicable.

    5.  Name of the market in which the transaction or occurrence that gave
        rise to the news release took place:

        Toronto Stock Exchange (the "TSX").

    6.  Value, in Canadian dollars, of any consideration offered per security
        if the offeror acquired ownership of a security in the transaction or
        occurrence giving rise to the obligation to file a news release:

        Electrum paid $2.4669 in consideration for each common share
        acquired.

    7.  Purpose of the offeror and any joint actors in effecting the
        transaction or occurrence that gave rise to the news release,
        including any future intention to acquire ownership of, or control
        over, additional securities of the reporting issuer:

        The common shares referred to above were acquired for investment
        purposes and Electrum may, depending on market and other conditions,
        increase or decrease its beneficial ownership of common shares of
        Gabriel whether in the open market, by privately negotiated agreement
        or otherwise.

    8.  General nature and the material terms of any agreement, other than
        lending arrangements, with respect to securities of the reporting
        issuer entered into by the offeror, or any joint actor, and the
        issuer of the securities or any other entity in connection with the
        transaction or occurrence giving rise to the news release, including
        agreements with respect to the acquisition, holding, disposition or
        voting of any of the securities:

        Not applicable. The common shares were acquired through the
        facilities of the TSX.

    9.  Names of any joint actors in connection with the disclosure required
        in this news release and report of acquisition:

        Holdings indirectly owns and controls the shares held by Electrum.

    10. In the case of a transaction or occurrence that did not take place on
        a stock exchange or other market that represents a published market
        for the securities, including an issuance from treasury, the nature
        and value of the consideration paid by the offeror:

        Not applicable.

    11. If applicable, a description of any change in any material fact set
        out in a previous report filed in connection with the subject
        securities:

        Not applicable.

    12. If applicable, a description of the exemption from securities
        legislation being relied on by the offeror and the facts supporting
        that reliance:

        Not applicable.
    

    DATED July 17, 2008.





For further information:

For further information: William Natbony, Tel: (646) 365-1600

Organization Profile

ELECTRUM STRATEGIC HOLDINGS, LLC

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890