Gabriel Resources Ltd. (TSXV: GBU - 'Gabriel' or the 'Company') announces that the arbitral tribunal (the 'Tribunal') in the World Bank's International Centre for Settlement of Investment Disputes ('ICSID') declared the proceedings closed in accordance with Rule 38(1) of the ICSID Arbitration Rules on September 14, 2023.

The Company initiated the arbitration before ICSID in July 2015 under the Canada-Romania and UK-Romania bilateral investment treaties following Romania's unlawful refusal to permit the Ro?ia Montana mining project in Romania.

According to Rule 46 of the ICSID Arbitration Rules, the Tribunal must issue its final decision to the parties within 120 days of the closure of the proceedings. However, the Tribunal is permitted to take a further 60 days if it is otherwise unable to draw up the Award in such timeframe.

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated, 'The closure of the proceedings by the ICSID tribunal is a welcome development and signals the end of the parties' presentation of their case and the tribunal's determination that it does not require any further information from the parties. Gabriel now awaits receipt of the tribunal's decision.'

Contact:

Dragos Tanase

Tel: +40 730 399 019

Email: dt@gabrielresources.com

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Ro?ia Montana gold and silver project in Romania. The Rosia Montana Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Rosia Montana Project is held by Ro?ia Montana Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Ro?ia Montana S.A., a Romanian state-owned mining company.

Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Rosia Montana Project. Despite the Company's fulfilment of its legal obligations and its development of the Rosia Montana Project as a high-quality, sustainable and environmentally-responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Rosia Montana Project without due process and without compensation. Accordingly, the Company's current core focus is the ICSID Arbitration.

Forward-looking Statements

This press release contains 'forward-looking information' (also referred to as 'forward-looking statements') within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. All statements, other than statements of historical fact, are forward-looking statements.

In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein.

Some of the material factors or assumptions used to develop forward-looking statements include, without limitation, the uncertainties associated with: the ICSID Arbitration, actions by the Romanian Government, conditions or events impacting the Company's ability to fund its operations (including but not limited to the completion of further funding noted above) or service its debt, exploration, development and operation of mining properties and the overall impact of misjudgments made in good faith in the course of preparing forward-looking information.

Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as 'expects', 'is expected', 'is of the view', 'anticipates', 'believes', 'plans', 'projects', 'estimates', 'assumes', 'intends', 'strategy', 'goals', 'objectives', 'potential', 'possible' or variations thereof or stating that certain actions, events, conditions or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.

Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including

There is no assurance that Gabriel will be successful in establishing Romania's liability in the ICSID Arbitration or, if successful, that the claimants will receive or collect a monetary award in the amount requested or at all. Failure to prevail in the ICSID Arbitration, or to obtain or recover adequate compensation for the loss in value of the Group's investments, would materially adversely affect the Group.

In view of the case-specific nature of arbitration, the inherent uncertainty in the actions of the respondent and in the process, timing and outcome of the ICSID Arbitration and any enforcement thereof, there can be no assurances that the ICSID Arbitration will advance in a customary or predictable manner or be completed or settled within any specific or reasonable period of time.

(C) 2023 Electronic News Publishing, source ENP Newswire