GABRIEL RESOURCES LTD.

Our management team is committed and capable

President and CEO

Vice President and CFO Vice President, Projects Vice President, Exploration

Vice President and General Counsel

• Alan R. Hill

• Richard Young

• Yani Roditis

• Gary O’Connor

• Frank Wheatley

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

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

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

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 Gabriel’s Board

of Directors

Gabriel Resources is a unique opportunity

• Reserves of: 10.6M oz. gold; 52.3M oz. silver with market cap of Cdn$550M

• 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

“We’ve taken the FOR SALE sign off”

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

Rosia Montana is a world-class asset in a world-class setting

South African Tailings South Africa ?Sun South & Sun North South Africa 40+Sukoi Log Russia 33Pueblo Viejo Dominican 30Pascua Chile & Argentina 24Cerro Casale (Aldebaran) Chile 22Minas Conga Peru 19Rosia Montana Romania 15Donlin Creek USA 13Bakyrchik Kazakhstan 13Boddington Australia 11Vasilkovskoye Kazakhstan 10Angren Uzbekistan 9

Location Resource*The World’s Largest Undeveloped Gold Projects

*millions of ounces

Prepared by the Beacon Group, 2003

We offer a base for sustainable economic development

• Employment: both direct (1200 jobs in construction, 500+ in operations) and indirect (10:1 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

Three key steps to our Construction Permit

1. Environmental Impact Assessment

2. Archaeology

3. Surface Rights

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

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

Step 1 - Environmental Impact Assessment

“We will jump-start environmental repair”

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

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

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

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

Step 3 - Surface Rights

Community Development – Improving HousingCurrent State

• Over half of homes without any reliable running water supply• Two thirds of homes with outside latrines• All homes with only wood heating

Step 3 – Surface Rights

Existing housing conditions

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

Step 3 - Surface Rights

Proposed new homes for relocation

We believe our 2005 objectives are achievable

1. Improving communication with all stakeholders

2. Advancing the EIA by appointing an independent specialist team to complete, finalize and submit

3. Defining a community development strategy to complete village relocation

4. Advancing archeological discharge program required to construct the mine

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

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!We pledge to do it right!

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

Safe harbor

Forward-Looking StatementsCertain 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.