Our management team is committed and capable

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. “We’ve taken the FOR SALE sign off” FOR SALE

9. 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

10. 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 33 Pueblo Viejo Dominican 30 Pascua Chile & Argentina 24 Cerro Casale (Aldebaran) Chile 22 Minas Conga Peru 19 Rosia Montana Romania 15 Donlin Creek USA 13 Bakyrchik Kazakhstan 13 Boddington Australia 11 Vasilkovskoye Kazakhstan 10 Angren Uzbekistan 9 The World’s Largest Undeveloped Gold Projects Location Resource* *millions of ounces • Prepared by the Beacon Group, 2003

11. 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

12. Three key steps to our Construction Permit • Environmental Impact Assessment • Archaeology • Surface Rights

13. 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

14. 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

15. Step 1 - Environmental Impact Assessment “We will jump-start environmental repair”

16. 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

17. 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

18. 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

19. 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

20. Step 3 - Surface Rights Community Development – Improving Housing Current State • Over half of homes without any reliable running water supply • Two thirds of homes with outside latrines • All homes with only wood heating

21. Step 3 – Surface Rights Existing housing conditions

22. 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

23. Step 3 - Surface Rights Proposed new homes for relocation

24. We believe our 2005 objectives are achievable • Improving communication with all stakeholders • Advancing the EIA by appointing an independent specialist team to complete, finalize and submit • Defining a community development strategy to complete village relocation • Advancing archeological discharge program required to construct the mine

25. 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

26. 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!

27. 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

28. Safe harbor Forward-Looking Statements Certain 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.

29. GABRIEL RESOURCES LTD.