Gabriel Resources Ltd. (“Gabriel” or the “Company”) announces that Romania filed its counter-memorial (“CounterMemorial”) with ICSID in response to the Company’s memorial on the merits and quantum (“Memorial”) of its claim against Romania (“ICSID Arbitration”) on February 22, 2018. Gabriel, together with its counsel, White & Case LLP, is currently analyzing the Counter-Memorial with a view to preparing its reply in support of its claim. The Company awaits the appointment by ICSID of a successor to Ms. Teresa Cheng as President of the tribunal (“Tribunal”) which will hear and determine the ICSID Arbitration and subsequent notification of any revision to the procedural calendar once the previously announced suspension of proceedings is lifted.