Electrum Strategic Holdings acquires shares of Gabriel Resources

    NEW YORK, June 3 /CNW/ - As announced in the amended and restated
preliminary prospectus (the "Preliminary Prospectus") of Gabriel Resources
Ltd. ("Gabriel") dated May 27, 2009, Electrum Strategic Holdings LLC
("Electrum") has entered into a subscription agreement (the "Subscription
Agreement") to acquire ownership of 9,307,564 common shares in the capital of
Gabriel (the "Shares") for the aggregate purchase price of $20,940,019,
representing a subscription price of $2.25 per Share. In addition, the
subscription agreement provides that if the underwriters exercise the
over-allotment option described in the Preliminary Prospectus (the
"Over-Allotment Option") then Electrum will purchase such number of Shares as
are required to permit Electrum to maintain its 19.99% interest in Gabriel.
    Assuming the completion of the entire amount of the $58,275,000 public
offering and no exercise of the Over-Allotment Option, and the completion of
the entire amount of the private placement to Paulson & Co. Inc., all of which
was announced by Gabriel on May 27, 2009, as a result of Electrum's
acquisition, Electrum will own 60,127,064 Shares, representing approximately
19.99% of the issued and outstanding Shares.
    The Shares referred to above were acquired from Gabriel and were acquired
for investment purposes and Electrum and/or one or more of its affiliates may,
depending on market and other conditions, increase or decrease its beneficial
ownership of common shares or other securities of Gabriel whether in the open
market, by privately negotiated agreement or otherwise.

For further information:

For further information: Electrum Strategic Holdings LLC is located at
1370 Avenue of the Americas, 19th Floor, New York, New York, 10019

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