ALBION HOLDINGS LTD. ANNOUNCES ACQUISITION OF INTERESTS IN GABRIEL RESOURCES LTD.
JERSEY, CHANNEL ISLANDS, UK, March 30 /CNW/ - Albion Holdings Ltd.
(''Albion''), a private Jersey company active in mineral exploration in
Romania, is pleased to announce that it has today acquired 2,256,000 common
shares in the capital of Gabriel Resources Ltd. (''Gabriel'') and a right to
acquire an additional 2,256,000 common shares in the capital of Gabriel
contingent on the occurrence of certain events.
As of today, Albion owns 11,915,000 common shares of Gabriel and holds a
contractual right to acquire an additional 2,256,000 common shares of Gabriel
contingent on the occurrence of certain events.
The acquisition was conducted by way of private agreement, exempt from
prospectus requirements of applicable legislation.
Albion acquired for investment purposes its common shares of Gabriel and
the right to acquire additional common shares of Gabriel on March 26, 1998 in
consideration for interests in certain mineral properties in Romania. Other
than through its rights to acquire 2,256,000 additional common shares of
Gabriel, Albion has no current intention to acquire additional securities of
Gabriel.
Albion has agreed, subject to certain conditions, to deposit all of its
common shares of Gabriel in connection with an offer by way of a formal bid,
as defined in the Securities Act (British Columbia) by Peruvian Gold Limited
to acquire all of the issued and outstanding common shares of Gabriel.
V. Frank Timis controls Albion and no person other than Mr. Timis and
Regal Group Services Ltd. (''Regal'') is acting jointly or in concert with
Albion in connection with the securities of Gabriel. Regal is a private
Jersey company owned as to 100% by Mr. Timis.
On behalf of the Board,
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V. Frank Timis,
Director
-30-
For further information: Kiran Patel, Albion Holdings Ltd.
(44 1534) 495-539 or Edward J. Badida, Gabriel Resources Ltd. (416) 368-3949
This press release concerns more than one organization.
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ALBION HOLDINGS LTD.
GABRIEL RESOURCES LTD.
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