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Thursday, June 3, 2010

Gabriel Resources (TSE:GBU) Upgraded by Macquarie Research

Macquarie Research upgraded Gabriel Resources (TSE:GBU) today from "Underperform" to "Neutral."

News from the largest undeveloped gold mine project in Europe, the Rosia Montana in Transylvania, Romania, was the explanation behind the upgrade, where safety permits at two dams needed for the project were approved.

The target price on Gabriel was also increased by Macquarie from C$4.00 to C$4.75.

So far the company has held gains related to the announcement. As of 3:13 p.m. EDT, the stock was at 4.54, up 0.28 or 6.57 percent.

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