/C O R R E C T I O N from Source -- Gabriel Resources Ltd./

    In c2031 transmitted at 15:02 today, errors occured in the second
    paragraph. Six of the figures relating to common shares were stated
    incorrectly. Corrected copy follows:

    Gabriel Resources Ltd. - Newmont Participation in Public Offering


    TSX Trading Symbol: GBU

    TORONTO, March 13 /CNW/ - Gabriel Resources Ltd. ("Gabriel" or the
"Company") (TSX - "GBU") is pleased to announce that Newmont Canada Limited
("NCL"), a subsidiary of Newmont Mining Corporation ("Newmont"), has elected
to fully participate in Gabriel's previously announced equity offering of
25,000,000 common shares (the "Offering") at a price of Cdn$4.35 per share
(the "Offering Price") to raise gross proceeds of Cdn$108,750,000. Gabriel has
also granted the underwriters for the Offering an over-allotment option (the
"Option") to purchase up to an additional 3,750,000 common shares at the
Offering Price for a period of thirty (30) days after the closing of the
Offering, for additional gross proceeds to Gabriel of Cdn$16,312,500 to cover
over-allotments, if any, and for market stabilization purposes.
    As of March 13, 2007 NCL holds 39,658,900 common shares or 18.8% of the
outstanding common shares before completion of the Offering. Upon completion
of the Offering NCL will hold 45,908,900 common shares or 18.9% of the then
issued and outstanding shares of Gabriel. Assuming both the completion of the
Offering and the Option, and Newmont's election to participate in up to 20% of
both elements, NCL will hold a total of 46,846,400 common shares or 19% of the
then issued and outstanding common shares. Participation by Newmont in the
Offering and the Option will result in additional gross proceeds to Gabriel of
    The common shares (the "Shares") will be offered by way of a short form
prospectus in all of the provinces of Canada. A preliminary short form
prospectus with respect to the Offering has been filed by Gabriel by way of
SEDAR with the securities regulatory authority in each of the provinces of
Canada. Closing of the Offering is subject to certain conditions, including,
but not limited to, receipt of all necessary securities regulatory approvals
(including the approval of the Toronto Stock Exchange).
    The Company intends to use the net proceeds of the Offering to finance
the development of the Rosia Montana gold deposit in Romania.
    The Shares have not been, nor will be, registered under the United States
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or applicable
exemption from the registration requirement of such Act and applicable state
securities laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to qualification under the securities laws of any such
jurisdiction. Any public offering of securities to be made in the United
States would, if made, be made by means of a prospectus that could be obtained
from the Company that would contain detailed information about the Company and
management as well as financial statements.

    Gabriel Resources

    Gabriel is a Canadian based resource company committed to responsible
mining and sustainable development in the communities in which it operates.
Gabriel is currently engaged in the exploration and development of mineral
properties in Romania and is presently engaged in the development of its 80%
owned Rosia Montana gold project.

    Forward-Looking Statements: This press release contains forward-looking
statements that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words such as
"plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and
other similar words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding the
closing of the Offering and the Company's plans with respect to the
exploration and development of its projects. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking
statements. Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.

       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.

For further information:

For further information: GABRIEL RESOURCES LTD., 1501 - 110 Yonge
Street, Toronto, Ontario, M5C 1T4, Canada, T: (416) 955-9200, F: (416)
955-4661, E: info@gabrielresources.com, www.gabrielresources.com

Organization Profile


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