Press release and early warning report filed pursuant to National Instrument 62-103



    TORONTO, Sept. 11 /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 September 10, 2008, Electrum Strategic Holdings LLC ("Electrum"),
        a wholly-owned subsidiary of GRAT Holdings LLC ("Holdings"), acquired
        ownership and control of 2,157,600 common shares of Gabriel Resources
        Ltd. ("Gabriel"), representing approximately an additional 0.84% of
        the issued and outstanding shares of Gabriel. After such acquisition,
        Electrum has ownership and control of 45,491,000 common shares, which
        represent approximately 17.85% 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 45,491,000 shares representing approximately 17.85% 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 45,491,000 common shares,
              which represent approximately 17.85% 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.  The 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:

        The additional 2,157,600 common shares of Gabriel described in Item 2
        above were purchased at the following prices: (a) 37,500 common
        shares at a price of $1.3011 per share, and (b) 2,120,100 common
        shares at a price of $1.2474 per share.

    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
        by Appendix E to NI 62-103:

        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, in Canadian dollars, 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 by the entity under the early warning
        requirements or Part 4 of NI 61-103 in respect of the reporting
        issuer's 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.
    





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ELECTRUM STRATEGIC HOLDINGS, LLC

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