11:59 AM EST - Gabriel Resources Ltd. : reported first quarter loss of $6.97 million or $0.03 per share, compared to net income of $10.97 million or $0.04 per share in the same quarter of last year. The company said total operating expenses for the quarter increased from the corresponding 2008 period primarily due to $3.2 million resulting from a non-recurring retiring allowance including the expensing of share-based compensation for the Company's former Chief Executive Officer, additionally an increase in the Company's share price resulted in an increase of its liability related to outstanding deferred share units of $1 million during the period. For the first quarter 2009, foreign exchange fluctuations on foreign currency cash balances generated a net loss of $300,000 while for the same period in 2008, the Company had a foreign exchange gain of $12.1 million. Overall, the Company reported a higher loss for first quarter 2009 compared to 2008 due to a swing of $12.4 million in foreign currency values, combined with higher operating expenses of $4.2 million and lower interest income of $1.3 million. Gabriel Resources Ltd.
shares T.GBU are trading down $0.05 at $2.41.
