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Electrum Global Holdings L.P. Acquires Beneficial Ownership of Common Shares of Gabriel Resources Ltd. Pursuant to Internal Reorganization

NEW YORK, NEW YORK -- (Marketwire) -- 12/31/12 -- Electrum Global Holdings L.P. (the "Offeror") announces that as part of an internal reorganization involving GRAT Holdings LLC ("Holdings"), which principally controls each of Leopard Holdings LLC ("Leopard"), The Electrum Group LLC ("TEG Services"), the Offeror, the sole general partner of the Offeror, TEG Global GP Ltd. ("Global GP"), and Electrum Strategic Holdings LLC ("ESHL"), which occurred on December 28 and 31, 2012 (the "Closing"), the Offeror acquired ownership of 56,410,739 common shares (each, a "Common Share") in the capital of Gabriel Resources Ltd. (the "issuer") of the 60,410,739 Common Shares then held by ESHL, leaving ESHL holding 4,000,000 Common Shares.

Following the Closing, the Offeror and ESHL hold 56,410,739 and 4,000,000 Common Shares, respectively, or 14.8% and 1.1%, respectively, of the issued and outstanding Common Shares, with the result being that Holdings has indirect control over 60,410,739 Common Shares, representing 15.9% of the issued and outstanding Common Shares.

The Common Shares referred to above are held for investment purposes and the Offeror and/or one or more of its joint actors (Holdings, Leopard, Global GP, TEG Services and ESHL) may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.

The Offeror is located at 535 Madison Avenue, 11th Floor, New York, NY, USA 10022. A copy of the early warning report relating to the Closing can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.

Contacts:
Michael Williams
646-365-1600

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