Option and JV Agreement

Alba Mineral Resources PLC
15 May 2006


                           Alba Mineral Resources plc
                           ('Alba' or 'the Company')

            Alba options Arthrath nickel-copper-PGE project to Inco


Alba Mineral Resources plc (AIM: ALBA), the UK based exploration company, is
pleased to announce it has, through its wholly owned subsidiary Aurum Mineral
Resources Limited, entered into an exploration option and joint venture
agreement with Inco Europe Limited ('Inco'), a wholly owned subsidiary of Inco
Limited, one of the world's largest nickel producers, in respect of the
Company's Arthrath nickel-copper-PGE project in Scotland.

Highlights

•  Inco has the right and option to earn a 60% interest in the Arthrath
   project by funding €2,500,000 of exploration expenditures over a four year
   period

•  Work undertaken at Arthrath to date by Alba has confirmed the presence
   of extensive disseminated magmatic nickel-copper sulphide mineralization with
   features similar to other feeder intrusion-related nickel systems worldwide.

•  Programmes of deep penetrating, ground electro-magnetic geophysics,
   specialized partial leach shallow soil sampling and diamond drilling 
   programmes are planned during 2006

Lance O'Neill, Chairman, Alba commented; 'We are very pleased to be able to
announce this deal that we believe represents an extremely important development
for Alba. We are delighted to have a company of Inco's reputation working with
us on our Arthrath property, which we believe holds significant commercial
potential for the Company. The agreement gives Alba exposure to Inco's extensive
nickel exploration expertise, which will be invaluable in developing the next
phases of our exploration programme.'

Option Agreement

Alba has entered into an exploration option and joint venture agreement (JV)
with Inco in respect of the Company's Arthrath nickel-copper-PGE project, in
which the Company holds a 100% interest. The property is located in
Aberdeenshire, Scotland and work to date has confirmed the presence of extensive
disseminated magmatic nickel-copper sulphide mineralization with features
similar to other feeder intrusion-related nickel systems worldwide.

Under the terms of the agreement Inco has the right and option to earn a 60%
interest in the project by funding €2,500,000 of exploration expenditures over a
maximum four year period. Inco can earn a further 10% interest by conducting a
feasibility study at its own expense. If the Inco option is exercised either
party can maintain its interest in the JV by contributing according to its
participating interest in the JV or can elect to dilute its interest to 10%
whereupon the interest will convert to a 2% net smelter return royalty.

Alba and Inco plan to conduct programmes of deep penetrating, large-loop ground
electro-magnetic geophysical surveying and specialized partial leach shallow
soil sampling techniques. Drilling of identified targets will be undertaken
where warranted.

ENDS

For further information contact:

Lance O'Neill, Chairman
Alba Mineral Resources plc                Tel: [phone]

Wilson Robb, Exploration Director
Alba Mineral Resources plc                Tel: [phone]

Justine Howarth/ Victoria Thomas
Parkgreen Communications.                 Tel: [phone]

Liam Murray
City Financial Associates                 Tel: [phone]

Notes to Editors
Alba Mineral Resources PLC is a junior explorer with a diversified commodity
portfolio, primarily nickel, gold, copper, cobalt and platinum group metals,
focussed on the Appalachian-Caledonide trend, a zone extending from the eastern
seaboard of North America to Scandinavia. Alba currently has interests in a
number of well-researched properties in Scotland and Ireland owned in its own
right or in conjunction with other parties.

Background
Work at the Arthrath property has targeted the strike length of a 10 kilometre
long east-west trending mafic intrusion, which is up to 600 metres wide. Between
1968 and 1973 previous operators drilled 36 drill holes and encountered nickel-
and copper-bearing sulphide mineralization over a 4.5 kilometre strike length.
This known mineralized area is geographically central to the area being explored
by Alba.  Previous drilling was widely spaced and did not, in Alba's opinion,
adequately test the potential for high-grade massive sulphide bodies.
Importantly, there was no systematic analysis for cobalt or PGEs of previous
operator drill core.

Correlations between the Company's verification holes and historical drill holes
AD17 and AD20 have demonstrated a potential for up to 350 metres of down-dip
extension of the mineralization from surface, with further depth and lateral
potential currently untested. The drilling has confirmed that the mineralization
in both holes increases in intensity towards an un-mineralized norite footwall,
suggesting at least two pulses of magmatism.

The presence of more than one magma pulse, in conjunction with diagnostic
sulphide and lithological textures seen in drill core suggest formation within a
magma conduit. Current interpretations of data from nickel deposits at Voisey's
Bay, Canada, and Jinchuan, China, are indicative of similar conduit-type
geological settings. Strong correlations exist between nickel, sulphur and iron,
suggesting that most of the nickel is present in sulphide, and indicating that
any massive sulphides present in the system could contain grades of
approximately 2.5-3.0% nickel.

With the prospective nature and the geographical extent of the Arthrath
intrusion confirmed, the next phase of exploration during 2006 will focus on the
discovery of semi-massive to massive sulphide zones within this large system.



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