Final Results

23 May 2011
AIM / PLUS Markets: AAU


                  FINAL RESULTS FOR THE YEAR 31 DECEMBER 2010

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development  company focused on Turkey, announces its final results for the year
ended 31 December 2010.  Ariana achieved its strategic project milestones during
2010, which  enabled the Company to progress the Red Rabbit Gold Project towards
production.  The resource base at Red  Rabbit continues to increase, and focused
exploration  and planned  acquisitions in  western Turkey  have the potential to
grow Ariana's resource base further.

Highlights

  * 25% increase in JORC resources at the Red Rabbit Project.
  * Gold production from the Red Rabbit Project scheduled for 2012.
  * Red  Rabbit Project  Definitive Feasibility  Study and  Environmental Impact
    Assessment underway.
  * Investment in eastern Turkey focused Tigris Resources.
  * Current resources at 448,000 oz gold equivalent.


Chairman's Statement

During the past year we have emphatically met each of our stated objectives.

The  period to end-December 2010 has been an energetic and successful period for
Ariana Resources. As I underlined in my report last year, Ariana has established
a clear three-pronged strategy around which we intend to build our operations in
Turkey:  advancing to production  our Red Rabbit  gold-silver project; the Joint
Venture  (JV)  with  European  Goldfields;  and the broader regional exploration
programme supported by the active search for acquisition opportunities.

We take pride in the fact that we continue to deliver what we have promised; and
during  the past year  we have emphatically  met each of  our stated objectives.
Ariana's  gold and silver resource base has been expanded substantially (25%) to
almost 450,000 oz gold equivalent. Our Red Rabbit Project is on course to become
the  next  new  Turkish  gold  producer  during 2012; the European Goldfields JV
exploration  programme in north-eastern Turkey is producing exciting results and
our  partners  continue  to  support  the  further  funding of these exploration
programmes.

In  western Turkey,  where we  have a  regional exploration programme, our focus
continues  to be the WAVE (Western Anatolian Volcanic and Extensional) province,
considered  one of the most highly prospective  areas for major gold deposits in
Turkey.  Supporting  the  extensive  regional  work  carried out here by our own
geological  team, we continue aggressively to seek suitable acquisitions in this
province.

We  have set  running the  hare that  is Red  Rabbit. We created this integrated
project  in  2009 with  the  decision  to  combine our two principal projects in
western  Turkey, Kiziltepe  and Tavsan,  into a  single entity.  In July 2010 we
successfully  negotiated a JV agreement for  its phased development with Turkish
construction  company Proccea. Ariana received a US$500,000 goodwill payment up-
front  from Proccea. Proccea can  earn into a 50% stake  in the JV company for a
commitment  of US$8m. The  Definitive Feasibility Study  (DFS) and Environmental
Impact Assessment (EIA) were formally initiated in September 2010.

In the first phase of the Red Rabbit Project, the EIA, DFS and additional permit
acquisition  will account for US$1.4m; in the second phase, expected to initiate
in  the last quarter  of 2011, US$6.6m will  be spent on  plant construction and
mine  commissioning.  The  total  capital  cost  of  bringing  Red  Rabbit  into
production is projected at US$25m. With our JV partners we are seeking to secure
the  additional US$17m  funding requirement  through debt  financing, and are in
discussions with potential Turkish and international funding sources.

The  scoping study on Red Rabbit,  completed by consultants Wardrop Engineering,
envisages  a  seven-year  open-pit  project  at  Kiziltepe  with a throughput of
150,000 tonnes/year  ore producing an average of 20,000 oz/year gold equivalent,
coming  into operation in 2012. This  will be developed around  a central pit on
the  Arzu South vein, with secondary pits  at the nearby Arzu North, Banu, Derya
and Kepez veins. Given the increase in our understanding of the deposits and the
additions  to  resources  through  recently  completed  drilling, as well as the
changes  to bullion prices,  the parameters of  the project in  terms of overall
profitability,  scale and  mine life  should continue  to improve as development
proceeds.

Exploration  at Kiziltepe has continued and further resource expansion achieved.
The  completion of  a reverse  circulation drilling  programme on  the satellite
veins  in  the  Kiziltepe  system  has  resulted  in  an upgrade of the existing
inferred resources to the indicated category. In October 2010 we reported a 25%
increase  in Ariana's JORC  compliant resource for  Kiziltepe to 232,900 oz gold
equivalent  (i.e., combining the gold  content with the value  of the silver co-
product). Significantly, the total measured and indicated component of resources
increased to 206,500 oz gold equivalent. Also, all of the measured resources lie
within the notional pit shapes defined at US$800/oz gold and US$14/oz silver.

The  economics of this  project appear highly  robust: the initial modelling was
based  on very conservative price assumptions (as outlined above), and projected
cash  costs of US$441-472/oz. By the time of writing in early May 2011, the gold
price  had reached new  highs of over  US$1,535/oz. In recent  months the silver
price  has responded in the  same buoyant manner, and  has risen to US$48/oz. To
reflect changed market movements and expectations in both metals, the Red Rabbit
pre-feasibility  study,  expected  to  be  completed  in  Q2  2011, is therefore
incorporating  significantly  higher  base  price  assumptions. The inflationary
pressures  which are boosting these bullion  prices, together with the impact of
higher  oil  prices  and  other  material  costs  undoubtedly  will also push up
anticipated costs. Nevertheless, the key parameters of Kiziltepe are expected to
remain very attractive in terms of cash flow generation and pay-back period.

Meanwhile,  Proccea are  working with  SGS Minerals  Services in  finalising the
metallurgical  test  work  to  optimise  processing  plant  design. The expected
treatment  route will be a conventional Carbon-in-Leach process. In parallel, in
December 2010 we commenced geotechnical and hydrological drilling in preparation
for the siting of the open pits, processing plant, waste dump and tailings dam.

Tavsan,  the other component  of Red Rabbit,  though very different in character
from Kiziltepe, forms an integral part of the project. To date, a JORC compliant
resource  of 215,000 oz gold equivalent has been outlined. Tavsan is lower grade
than  Kiziltepe,  and  a  relatively  shallow  deposit.  A  preliminary economic
assessment  has indicated its viability as an open pit heap-leach operation with
a  potential output of  up to 30,000 oz/year  gold. The intention  is to develop
Tavsan in sequence, once output from Kiziltepe has peaked.

The  European Goldfields JV project continues to yield very encouraging results.
Following  initial reconnaissance  exploration in  this region  of north-eastern
Turkey,  the JV acquired the licence containing the Salinbas prospect on which a
phased programme of drilling continued during 2010. Work in this area led to the
identification  of wide high-grade zones in trenching and drilling. Drilling and
further surface work will continue during 2011.

Throughout  Turkey  we  retain  a  substantial gold licence portfolio, including
seven   drill-stage   prospects.   While   Ariana's  principal  exploration  and
development  focus remains in western and  north-eastern Turkey, the Company has
additionally made a strategic investment in private company Tigris Resources, an
exploration  vehicle  which  will  provide  Ariana  with  access  to a number of
attractive  gold-copper properties in south-eastern Turkey, a highly prospective
but much underexplored region. Via a C$115,000 private placement in 2010, Ariana
acquired  a 15% stake in Tigris and our  Managing Director, Dr. Kerim Sener, has
been appointed as a non-executive director to the Tigris board.

The  Tigris  placing  funds  will  be  used  to  tender  for  the  next round of
exploration  licences which we expect to be announced this year. This move is in
part a consequence of a number of revisions to the Turkish mining law which were
enacted  in  June  2010. While  we  regard  these changes overall as positive in
providing a more robust legislative framework, they will result in modifications
to  the  manner  in  which  exploration  and  operating  licences are issued and
maintained.  For a more detailed account  of all of these exploration programmes
and  of the development  of Red Rabbit,  I would refer  you to the comprehensive
Business Review by Dr. Kerim Sener.

Post  the reporting period,  there have been  two important funding developments
for  Ariana. In January we concluded a £5m Standby Equity Distribution Agreement
(SEDA)  via US-based  Yorkville Advisors  LLC. The  SEDA is a draw-down facility
that  will provide the Company with a means of raising additional capital as and
when  required through the sale of new shares in Ariana to Yorkville. The timing
of  any sales is at our discretion, and will depend on various factors including
the Ariana share price.

In  February, we  successfully completed  a £1.16m  funding with  the placing of
24.5 million  new shares at 4.75p per share. These funds, together with the SEDA
facility,  will provide the additional flexibility  to enable us to move quickly
on  exploration and  development opportunities  meeting our stringent investment
criteria.  We are therefore  well placed to  advance our exploration strategy in
the coming year, currently holding cash resources of £1.57m.

With  a  robust  and  burgeoning  economy,  strong  financial  structure  and an
effective  and supportive  mining law,  Turkey remains  one of the region's most
attractive destinations for modern precious metals exploration. Ariana is indeed
fortunate   in   having  such  a  strong  local  presence,  a  deep  accumulated
understanding  of  the  prospectivity  of  key  areas of interest and such close
familiarity  with Turkish mining business practice.  We thank our local team for
their  tireless enthusiasm and commitment to  Ariana's exploration success. I am
also  extremely  grateful  for  the  support  of  my fellow directors: Ariana is
fortunate to have on board professionals of such high calibre.

For the continuing backing shown by our shareholders, large and small, we remain
enormously  appreciative. We recognise that market conditions over the past year
have  tested  this  support  on  occasion  and  are deeply appreciative of their
patient loyalty.

To  end on a very positive note, our share price performance has improved fairly
steadily  in recent months, and with a  gratifying increase in liquidity. As the
consensus  view is that the gold price  strength will continue as long as global
economic  and  financial  uncertainties  prevail,  Ariana has established a more
solid  market  platform  as  the  Company  advances  towards gold production and
towards its goal of becoming a mid-tier multi-project gold company.

I  look forward  to keeping  you fully  informed of  developments during  what I
expect  will be another exciting year for  Ariana Resources. We are in the right
place, with the right commodity. And we deliver.

Michael Spriggs
Chairman
17 May 2011


Business review


Ariana  has continued  to fast  track its  principal Red  Rabbit Project towards
production,  whilst also structuring a robust project pipeline through extensive
exploration,  target generation,  prospect definition  and strategic exploration
investment in Turkey.

Ariana's resource inventory now contains global JORC resources of 448,000 ounces
gold  equivalent, of which approximately 388,000 ounces are gold and 3.6 million
ounces are silver.

Following  trial  mining  at  Kiziltepe  in  2009, the  Company made a strategic
decision to create a single integrated project named "Red Rabbit" comprising our
two  principal projects  which contain  the Kiziltepe  and Tavsan  deposits. The
strategic  packaging of Kiziltepe and Tavsan,  enabled the Company to enter into
Joint  Venture  ("JV")  negotiations  for  the  development of the project area,
culminating in a Memorandum of Understanding (MoU) with Proccea Construction Co.
("Proccea").

During  the year this JV agreement was  completed, and as part of the agreement,
Proccea made a US$500,000 good-will payment to the Company. Earning in to a 50%
stake  in the JV company (Zenit Madencilik San.  ve Tic. A.S.), a total of US$8m
will  be committed by Proccea during the  phased development of the project. The
development  of Red  Rabbit is  now in  its first  phase with  the Environmental
Impact  Assessment (EIA) and Definitive Feasibility  Study (DFS) in progress and
funded by Proccea.

Our joint venture in north-eastern Turkey with European Goldfields has continued
to  deliver positive exploration results from the Salinbas and Ardala prospects.
European  Goldfields has committed significant funding towards these exploration
programmes to determine the potential of these prospect areas.

Our  own  team  have  also  been  engaged  in  an extensive exploration strategy
covering  an area of 45,000km2 in western Turkey. The aim of this exploration is
primarily to identify target areas that have the potential to host multi-million
ounce  deposits in western Turkey. In addition to this, any resources discovered
in  the Red Rabbit  area of interest  has the potential  to be sold into the Red
Rabbit JV at three times the exploration cost.

With  Ariana's principal exploration and  development focused around western and
north-eastern  Turkey, the  Company also  made a  strategic investment in Tigris
Resources  which  focuses  on  the  underexplored  and highly prospective south-
eastern  region of Turkey.  Ariana participated in  a private placement for 2.7
million  shares at a total  cost of C$115,000 resulting  in Ariana owning 15% of
the total shares issued by Tigris Resources.

In  April 2010 the Company  completed a placing  for £1m which  was utilised for
continuing  exploration and development  work, notably in  the Red Rabbit region
and across much of western Turkey.

Post  period  the  Company  also  finalised  a  £5m  Standby Equity Distribution
Agreement  with Yorkville  Advisers LLC  and raised  a further  £1.16m through a
placing.


Core project area


The  Company is focused on the Western Anatolian Volcanic and Extensional (WAVE)
Province  in western Turkey. This province  hosts three operating gold mines and
remains  highly  prospective  for  large  epithermal  and porphyry deposits. The
Company  considers the exploration and development risk in this region to be low
due to excellent infrastructure and established gold mining operations.

Within  the WAVE Province,  the Company is  focused on the  "Red Rabbit Project"
comprising  the  Sindirgi  and  Tavsan  sectors.  Other  exploration projects in
western  Turkey  include  the  Ivrindi  and  Demirci  project  areas. The region
surrounding  these projects  is named  the WAVE  Project Area,  with our base of
operations in Sindirgi located strategically at its core.

In  joint venture, the Company is actively  developing the Red Rabbit Project as
an  environmentally  friendly  small-footprint  mine  with mining expected to be
initiated at the Kiziltepe deposit in late 2012.

Ariana  is targeting a million ounce gold  resource within the WAVE Project Area
and  our strategy is designed to build steadily on our existing resource base in
the region via exploration and future acquisitions. Elsewhere, through our joint
venture  with  European  Goldfields  and  our  strategic  investment  in  Tigris
Resources a similar strategy is being employed.

Red Rabbit Project

Kiziltepe Deposit
The  Kiziltepe deposit ("Kiziltepe")  contains several prospect  areas which are
located  within the Sindirgi  Gold Corridor. Kiziltepe  lies 130km north-east of
the  coastal  city  of  Izmir.  Kiziltepe  was acquired in 2005 from Newmont for
US$400,000,  with a  royalty of  up to  2.5% on future  gold production from the
project  assigned to Franco-Nevada Corporation. Current JORC compliant resources
stand at 232,000 ounces gold equivalent (Table 1).

The  Kiziltepe sector  contains 45km of  outcropping low-sulphidation epithermal
quartz  veins, which are hosted principally by dacitic volcanic units of Miocene
age.  Three distinct vein fields occur in an area covering approximately 12km by
6km and  are well serviced by asphalt road and forestry tracks. Individual veins
are  exposed at surface  for 750m in strike  length and are  between 1m and 14m
wide.

In July 2010 a joint venture to develop the Red Rabbit Project to production was
formally  agreed between Proccea and  Ariana Resources. A shareholders agreement
between  Galata Madencilik (Ariana's operating subsidiary in Turkey) and Proccea
provided  for the  incorporation of  a Turkish  joint stock  company named Zenit
Madencilik  San. ve Tic. A.S. ("Zenit"). Galata  and Proccea may each own a 50%
shareholding  in Zenit  subject to  the terms  of the  JV. The  ownership of the
licences  associated with the  Red Rabbit Project  were subsequently transferred
from  Galata to  Zenit and  Proccea is  now funding  the development  of the Red
Rabbit Project.

Earning  in to  a 50% stake  in Zenit,  a total  of US$8m  will be  committed by
Proccea.  Approximately  US$1.4m  of  this  is  committed  to the first phase of
development  by funding  the Environmental  Impact Assessment  (EIA), Definitive
Feasibility  Study (DFS)  and additional  permitting. US$6.6m  will be committed
towards  the second  phase of  plant construction  and commissioning of the gold
mine.  It is expected that  total capital expenditure of  US$25m is required for
the  project. As US$8m of funding is  being committed by Proccea, the additional
funding  requirement currently stands  at approximately US$17m.  The JV partners
are  aiming to secure  this additional capital  requirement through debt finance
secured at the JV level.

On  the  successful  commissioning  of  the  gold processing plant, the share of
profit within Zenit will be 51% Galata and 49% Proccea.

The project development programme has been split in to three phases. In Phase 1
the management control of Zenit will rest with Galata and in Phase 2 and beyond,
management  control will lie with  Proccea. Phase 1 is expected  to take up to a
year,  but  a  maximum  duration  of  15 months  has been set, after which point
management control will automatically pass to Proccea. Currently Ariana, via its
Turkish subsidiary, holds 89% of Zenit, with Proccea holding 11%.

In  September 2010 Zenit  selected Wardrop,  a Tetra  Tech Company  (Wardrop) to
manage  the Definitive Feasibility Study and  SRK Consulting Turkey was selected
to  manage the  Environmental Impact  Assessment. Work  on these is underway and
progressing to schedule.

An  RC drilling programme was completed at Kiziltepe and focused on the Banu and
Derya  veins with aim of converting existing  Inferred resources to at least the
Indicated  category. This work resulted in a near 1:1 conversion between the two
categories.  Following this  work, Ariana  reported a  25% increase in its JORC-
compliant  mineral  resource  estimate  for  Kiziltepe.  Most  importantly,  the
increase  to  the  Measured  and  Indicated  components of the estimate provided
enhanced  confidence  in  the  scale  of  the  potentially  mineable resource at
Kiziltepe.

The  final  JORC  resource  estimate  and  scoping  study carried out by Wardrop
estimated  a production rate of 150,000 tonnes of ore per annum over a mine life
of 6.9 years. These production levels have the potential to be broadened through
further  exploration in the Red  Rabbit area of interest.  The study estimated a
project cash cost in the region of US$441-472 per ounce and the expected process
route  is Carbon-in-Leach  (CIL). Based  on the  current resource  estimate, one
central  pit is envisaged on Arzu South with satellite pits at Arzu North, Banu,
Derya  and Kepez.  Proccea have  now completed  the preliminary  designs for the
processing  plant  including  the  site  plan  and positioning of the processing
plant, waste rock dump and tailings dam.

Tavsan Sector
The  Tavsan Sector ("Tavsan") lies  75km from the Kiziltepe Sector, 210km north-
east  of the coastal  city of Izmir.  Tavsan was purchased  in 2008 from Odyssey
Resources  for US$500,000 and  3,000,000 shares in the  Company at 5p per share,
with  a retained royalty of up to  2% on future gold production from the project
assigned  to Teck  Cominco. Current  JORC compliant  resources stand at 215,000
ounces gold equivalent.

The  Tavsan  prospect  contains  4km of  outcropping gold mineralised jasperoid,
which  is located along a low-angle  thrust fault separating underlying Jurassic
limestone  from  overlying  Late  Cretaceous  ophiolitic  rocks. The outcropping
jasperoid  occurs  in  an  area  covering  approximately  4km by 4km and is well
serviced  by asphalt road and forestry  tracks. Individual segments of jasperoid
are  exposed at surface for 500m and are  up to 20m thick. Due to the relatively
gently   dipping  nature  of  the  jasperoid,  much  of  the  mineralisation  is
potentially open-pittable.

Due  to the  simplicity of  the project  and acceptable metallurgical recoveries
reported  in  column-leach  test  work,  the  Company  considers  merit  in  its
development  as a heap-leach operation capable of delivering up to 30,000 ounces
per  annum. The Company envisages production at  a rate of 1Mt per annum via the
development  of  a  linked  series  of  shallow  pits  across  the  prospect.  A
preliminary  economic assessment  of Tavsan  has been  completed and  a positive
result was achieved.

Tavsan  is being  developed as  an integral  part of  the Red Rabbit Project and
mining  at this location is envisaged to  commence after mining concludes at the
Kiziltepe sector.

European Goldfields JV
Reconnaissance  exploration  in  eastern  Turkey  for  large  porphyry Cu-Au and
related  deposits identified potential  in north-eastern Turkey  and resulted in
the  acquisition of the Ardala Project by the Company. This project, in addition
to  several  other  licences,  is  now  being  advanced  through a Joint Venture
agreement with European Goldfields Limited. A Joint Venture exploration company,
49% owned by Ariana Resources and named Pontid Madencilik San. ve Tic. Ltd., was
established  in  2008. The  Joint  Venture  includes  a free-carry to definitive
feasibility at 20% or 10%, for initial projects or new projects, respectively.

Ardala and Salinbas
The  Ardala prospect is located in  the Pontides Metallogenic Province of Turkey
and lies approximately 80km south-east of the coastal city of Hopa and 20km east
of  Artvin. The prospect was acquired according to a royalty agreement for which
a 1.5% NSR will be payable in the event that the project enters production.

The  prospect hosts a porphyry  copper-gold (plus molybdenum) mineralised system
associated  with  a  series  of  nested  quartz-diorite intrusions of Eocene age
within  an Upper Cretaceous  volcano-sedimentary sequence. Exposed  parts of the
porphyry  have dimensions of 600m by  700m and interpretation of ground magnetic
data  suggests further  lateral continuity  beneath limestone units. Twenty-nine
drill  holes were  undertaken on  part of  the mineralised  system in  the early
1990s for  which an outline  (non-JORC) resource of  20Mt at an average grade of
0.25 %  Cu, 0.45 g/t  Au and  65 ppm Mo  was established.  A phased programme of
drilling  commenced on the southern margins  of the porphyry system during 2009
and continued through 2010.

During   the  course  of  2010 European  Goldfields  allocated  US$2.2m  towards
exploration  and  drilling  programmes  at  the  Ardala  and Salinbas prospects.
Regional  sampling aimed at selecting other targets for licence applications has
also continued across the Pontides region.

In  2009 Ariana and European Goldfields jointly announced the discovery of a new
high-grade epithermal discovery, named Salinbas which was revealed following the
excavation  of exploration trenches in the area. During 2010 these trenches were
extended   and   new   trenches   were   also  excavated.  The  results  defined
mineralisation  over a total strike length of about 300m. Follow-up drilling was
also  completed during  the year.  Drilling on  Salinbas included  highlights of
21.5m at 6.63 g/t Au, and 42.7m at 2.78 g/t Au.

Outlook
2010 was  a  pivotal  year  for  Ariana  as  we fully transitioned our principal
project  into the  development stage.  The successful  joint venture  of the Red
Rabbit  Project,  followed  by  the  immediate  initiation  of  Phase 1 work has
demonstrated  Ariana and Proccea's joint commitment to fast-tracking the project
to  production. Our regional exploration has  also been extremely successful and
the  Company is  now awaiting  the reinstatement  of licence  auctions following
changes  to the mining law in 2010. In 2011 I am confident that the Company will
continue  to push  projects up  the value  curve through further development and
strategic acquisition.

Dr. Kerim Sener
Managing Director
17 May 2011

Consolidated statement of comprehensive income
for the year ended 31 December 2010

+-----------------------------------------------------------+----+------+------+
|                                                           |    |  2010|  2009|
|                                                           |Note| £'000| £'000|
+-----------------------------------------------------------+----+------+------+
|Administrative costs                                       |    | (466)| (425)|
+-----------------------------------------------------------+----+------+------+
|Write down of intangible assets                            |    | (326)|     -|
+-----------------------------------------------------------+----+------+------+
|Other income                                               |   4|   277|    18|
+-----------------------------------------------------------+----+------+------+
|Operating loss                                             |   5| (515)| (407)|
+-----------------------------------------------------------+----+------+------+
|                                                                              |
+-----------------------------------------------------------+----+------+------+
|Share of loss of associate                                 | 12b|     -|     -|
+-----------------------------------------------------------+----+------+------+
|Investment income                                          |    |     9|     5|
+-----------------------------------------------------------+----+------+------+
|Loss on ordinary activities before tax                     |   6| (506)| (402)|
+-----------------------------------------------------------+----+------+------+
|                                                                              |
+-----------------------------------------------------------+----+------+------+
|Taxation                                                   |   7|  (17)|     -|
+-----------------------------------------------------------+----+------+------+
|Loss for the year                                          |    | (523)| (402)|
+-----------------------------------------------------------+----+------+------+
|                                                                              |
+------------------------------------------------------------------------------+
|Other comprehensive income                                                    |
+-----------------------------------------------------------+----+------+------+
|Exchange differences on translating foreign operations     |    |   (1)|     1|
+-----------------------------------------------------------+----+------+------+
|Other comprehensive income for the year net of tax         |    |   (1)|     1|
+-----------------------------------------------------------+----+------+------+
|Total comprehensive income for the year                    |    | (524)| (401)|
+-----------------------------------------------------------+----+------+------+
|Loss for the year attributable to owners of the parent     |    | (523)| (402)|
+-----------------------------------------------------------+----+------+------+
|Total comprehensive income attributable to owners of the   |    | (524)| (401)|
|parent                                                     |    |      |      |
+-----------------------------------------------------------+----+------+------+
|                                                                              |
+------------------------------------------------------------------------------+
|Loss per share (pence):                                                       |
+-----------------------------------------------------------+----+------+------+
|Basic and diluted                                          |    |(0.25)|(0.27)|
+-----------------------------------------------------------+----+------+------+


Consolidated statement of financial position
for the year ended 31 December 2010


+---------------------------------------------------------+----+-------+-------+
|                                                         |    |   2010|   2009|
|                                                         |Note|  £'000|  £'000|
+---------------------------------------------------------+----+-------+-------+
|Assets                                                                        |
+------------------------------------------------------------------------------+
|Non-current assets                                                            |
+---------------------------------------------------------+----+-------+-------+
|Trade and other receivables                              |  13|     12|    126|
+---------------------------------------------------------+----+-------+-------+
|Available for sale investments                           | 12a|     71|      -|
+---------------------------------------------------------+----+-------+-------+
|Intangible assets                                        |  10|  4,343|  3,910|
+---------------------------------------------------------+----+-------+-------+
|Land, property, plant and equipment                      |  11|    176|    197|
+---------------------------------------------------------+----+-------+-------+
|Interest in associates                                   | 12b|      -|      -|
+---------------------------------------------------------+----+-------+-------+
|Total non-current assets                                 |    |  4,602|  4,233|
+---------------------------------------------------------+----+-------+-------+
|                                                                              |
+------------------------------------------------------------------------------+
|Current assets                                                                |
+---------------------------------------------------------+----+-------+-------+
|Trade and other receivables                              |  14|    835|    192|
+---------------------------------------------------------+----+-------+-------+
|Available for sale investments                           | 12a|     56|      -|
+---------------------------------------------------------+----+-------+-------+
|Cash and cash equivalents                                |    |    755|    908|
+---------------------------------------------------------+----+-------+-------+
|Total current assets                                     |    |  1,646|  1,100|
+---------------------------------------------------------+----+-------+-------+
|Total assets                                             |    |  6,248|  5,333|
+---------------------------------------------------------+----+-------+-------+
|                                                                              |
+------------------------------------------------------------------------------+
|Equity                                                                        |
+---------------------------------------------------------+----+-------+-------+
|Called up share capital                                  |  16|  2,220|  1,709|
+---------------------------------------------------------+----+-------+-------+
|Share premium                                            |    |  5,167|  4,738|
+---------------------------------------------------------+----+-------+-------+
|Other reserves                                           |    |    720|    720|
+---------------------------------------------------------+----+-------+-------+
|Share options                                            |    |    100|    100|
+---------------------------------------------------------+----+-------+-------+
|Translation reserve                                      |    |     63|     64|
+---------------------------------------------------------+----+-------+-------+
|Retained earnings                                        |    |(2,748)|(2,448)|
+---------------------------------------------------------+----+-------+-------+
|Total equity attributable to equity holders of the parent|    |  5,522|  4,883|
+---------------------------------------------------------+----+-------+-------+
|Non-controlling interest                                 |    |    415|      -|
+---------------------------------------------------------+----+-------+-------+
|Total equity                                             |    |  5,937|  4,883|
+---------------------------------------------------------+----+-------+-------+
|                                                                              |
+------------------------------------------------------------------------------+
|Liabilities                                                                   |
+------------------------------------------------------------------------------+
|Current liabilities                                                           |
+---------------------------------------------------------+----+-------+-------+
|Trade and other payables                                 |  15|    311|    450|
+---------------------------------------------------------+----+-------+-------+
|Total current liabilities                                |    |    311|    450|
+---------------------------------------------------------+----+-------+-------+
|Total equity and liabilities                             |    |  6,248|  5,333|
+---------------------------------------------------------+----+-------+-------+

Consolidated statement of changes in equity
for the year ended 31 December 2010

+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|             |        |       |        |       |           |        |       Total|           |      |
|             |        |       |        |       |           |        |attributable|           |      |
|             |        |       |        |       |           |        |   to equity|       Non-|      |
|             |   Share|  Share|   Other|  Share|Translation|Retained|   holder of|controlling|      |
|             | capital|premium|reserves|options|    reserve|earnings|      parent|   interest| Total|
|             |   £'000|  £'000|   £'000|  £'000|      £'000|   £'000|       £'000|      £'000| £'000|
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Changes in equity to 31 December 2009                                                               |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Balance at 1 |     927|  4,282|     720|    100|         63| (2,046)|       4,046|          -| 4,046|
|January 2009 |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Loss for the |       -|      -|       -|      -|          -|   (402)|       (402)|          -| (402)|
|year         |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Other        |        |       |        |       |           |        |            |           |      |
|comprehensive|        |       |        |       |           |        |            |           |      |
|income -     |       -|      -|       -|      -|          1|       -|           1|          -|     1|
|exchange     |        |       |        |       |           |        |            |           |      |
|differences  |        |       |        |       |           |        |            |           |      |
|on           |        |       |        |       |           |        |            |           |      |
|translating  |        |       |        |       |           |        |            |           |      |
|foreign      |        |       |        |       |           |        |            |           |      |
|operations   |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Total        |       -|      -|       -|      -|          1|   (402)|       (401)|          -| (401)|
|comprehensive|        |       |        |       |           |        |            |           |      |
|income       |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Expenses     |       -|  (103)|       -|      -|          -|       -|       (103)|          -| (103)|
|offset       |        |       |        |       |           |        |            |           |      |
|against share|        |       |        |       |           |        |            |           |      |
|premium      |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Issue of     |     782|    559|       -|      -|          -|       -|       1,341|          -| 1,341|
|share capital|        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|Balance at   |   1,709|  4,738|     720|    100|         64| (2,448)|       4,883|          -| 4,883|
|31 December  |        |       |        |       |           |        |            |           |      |
|2009         |        |       |        |       |           |        |            |           |      |
+-------------+--------+-------+--------+-------+-----------+--------+------------+-----------+------+
|                                                                                                    |
+----------------------------------------------------------------------------------------------------+
|Changes in equity to 31 December 2010                                                               |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Loss for the |       -|      -|       -|       -|          -|   (523)|       (523)|          -|(523)|
|year         |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Other        |        |       |        |        |           |        |            |           |     |
|comprehensive|        |       |        |        |           |        |            |           |     |
|income -     |       -|      -|       -|       -|        (1)|       -|         (1)|          -|  (1)|
|exchange     |        |       |        |        |           |        |            |           |     |
|differences  |        |       |        |        |           |        |            |           |     |
|on           |        |       |        |        |           |        |            |           |     |
|translating  |        |       |        |        |           |        |            |           |     |
|foreign      |        |       |        |        |           |        |            |           |     |
|operations   |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Total        |       -|      -|       -|       -|        (1)|   (523)|       (524)|          -|(524)|
|comprehensive|        |       |        |        |           |        |            |           |     |
|income       |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Issue of     |     511|    518|       -|       -|          -|       -|       1,029|          -|1,029|
|share capital|        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Expenses     |       -|   (89)|       -|       -|          -|       -|        (89)|          -| (89)|
|offset       |        |       |        |        |           |        |            |           |     |
|against share|        |       |        |        |           |        |            |           |     |
|premium      |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Non-         |        |       |        |        |           |        |            |           |     |
|controlling  |       -|      -|       -|       -|          -|       -|           -|        415|  415|
|interest -   |        |       |        |        |           |        |            |           |     |
|share of     |        |       |        |        |           |        |            |           |     |
|assets in    |        |       |        |        |           |        |            |           |     |
|subsidiary   |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Increase in  |        |       |        |        |           |        |            |           |     |
|interest in  |       -|      -|       -|       -|          -|     223|         223|          -|  223|
|share of     |        |       |        |        |           |        |            |           |     |
|assets of    |        |       |        |        |           |        |            |           |     |
|subsidiary   |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+
|Balance at   |   2,220|  5,167|     720|     100|         63| (2,748)|       5,522|        415|5,937|
|31 December  |        |       |        |        |           |        |            |           |     |
|2010         |        |       |        |        |           |        |            |           |     |
+-------------+--------+-------+--------+--------+-----------+--------+------------+-----------+-----+


Consolidated statement of cash flows
for the year ended 31 December 2010

+-----------------------------------------------------------+----+-------+-----+
|                                                           |    |   2010| 2009|
|                                                           |Note|  £'000|£'000|
+-----------------------------------------------------------+----+-------+-----+
|Cash flows from operating activities                                          |
+-----------------------------------------------------------+----+-------+-----+
|Cash generated from operations                             | 17a|(1,200)|  (1)|
+-----------------------------------------------------------+----+-------+-----+
|Net cash outflow from operations                           |    |(1,200)|  (1)|
+-----------------------------------------------------------+----+-------+-----+
|                                                                              |
+------------------------------------------------------------------------------+
|Cash flows from investing activities                                          |
+-----------------------------------------------------------+----+-------+-----+
|Purchase of investments                                    |    |  (137)|    -|
+-----------------------------------------------------------+----+-------+-----+
|Purchase of land, property, plant and equipment            |    |   (15)|    -|
+-----------------------------------------------------------+----+-------+-----+
|Payments for intangible assets (excluding capitalised      |    |  (400)|(477)|
|depreciation)                                              |    |       |     |
+-----------------------------------------------------------+----+-------+-----+
|Interest received                                          |    |      9|    5|
+-----------------------------------------------------------+----+-------+-----+
|Net cash used in investing activities                      |    |  (543)|(472)|
+-----------------------------------------------------------+----+-------+-----+
|                                                                              |
+------------------------------------------------------------------------------+
|Cash flows from financing activities                                          |
+-----------------------------------------------------------+----+-------+-----+
|Proceeds from issue of share capital                       |    |    940|1,238|
+-----------------------------------------------------------+----+-------+-----+
|Proceeds from sale of investments                          |    |     12|    -|
+-----------------------------------------------------------+----+-------+-----+
|Proceeds from shares issued to non-controlling interest    |    |    638|    -|
+-----------------------------------------------------------+----+-------+-----+
|Net cash proceeds from financing activities                |    |  1,590|1,238|
+-----------------------------------------------------------+----+-------+-----+
|                                                                              |
+-----------------------------------------------------------+----+-------+-----+
|Net decrease in cash and cash equivalents                  |    |  (153)|  765|
+-----------------------------------------------------------+----+-------+-----+
|Cash and cash equivalents at beginning of year             |    |    908|  143|
+-----------------------------------------------------------+----+-------+-----+
|Cash and cash equivalents at end of year                   |    |    755|  908|
+-----------------------------------------------------------+----+-------+-----+



Principal accounting policies

This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts of
the Group and under the historical cost convention.

1. Basis of preparation

The Group consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union, effective for the Group's reporting for the year ended 31
December 2010.

2. Loss per share

The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders of £523,000 (2009: £402,000) divided by the weighted
average number of shares issued during the year 209,441,203 (2009: 149,308,164)
in issue. There is no dilutive effect of share options or warrants on the basic
loss per share.

3. Zenit transaction

In July 2010 the Group entered into a joint venture agreement with Proccea
Construction Co. ("Proccea") such that Galata Madencilik San.ve Tic. Ltd.
("Galata") would transfer its principal assets at Sindirgi and Tavsan,
collectively known as the "Red Rabbit Project" into a new wholly owned
subsidiary, Zenit Madencilik San. ve Tic. A.S. ("Zenit"). Included within other
income in the statement of comprehensive income, is the goodwill fee of
US$500,000 Galata received on the finalisation of the agreement. Proccea earn
their 50% share in Zenit by investing US$8m in the capital of Zenit, such funds
to be spent on a Feasibility Study and an Environmental Impact Assessment, and
then initial mine construction. By the year end Proccea had invested £638,000 to
earn an 11% stake in Zenit.

4. Summary Accounts

The summary accounts set out above do not constitute statutory accounts as
defined in Section 435 of the Companies Act 2006. The summarised consolidated
statement of comprehensive income together with the consolidated statement of
financial position, the summarised consolidated statement of changes in equity
and the summarised consolidated statement of cash flow for the year then ended
have been extracted from the Group's 2010 audited statutory financial
statements.  The auditor's report on the statutory financial statements for the
years ended 31 December 2010 and 2009 were unqualified and did not contain any
statement under Section 498(2) or (3) of the Companies Act 2006.


5. Preliminary Statement

Copies of the Annual Report will be sent to shareholders that have elected to
receive hardcopy documents in May and will be available from the Company at
Bridge House, London Bridge, London, SE1 9QR. The full financial statements will
be made available on the Company's website www.arianaresources.com at the same
time they are mailed to shareholders.
The Annual General Meeting of the Company will be held at The East India Club,
16 St James's Square, London, SW1Y 4LH on 21 June 2010 at 11.00am.
For further information, see the Company's websitewww.arianaresources.com




Contacts:

 Ariana Resources plc                     Tel: [phone]

 Michael Spriggs, Chairman

 Kerim Sener, Managing Director



 Beaumont Cornish Limited                 Tel: [phone]

 Roland Cornish



 Alexander David Securities Limited       Tel: [phone]

 David Scott / Maria Shields



 Loeb Aron & Company Ltd                  Tel: [phone]

 Jonathan Willis-Richards / Frank Lucas



 St Brides Media & Finance Ltd            Tel: [phone]

 Hugo de Salis / Susie Geliher





Ends






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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Ariana Resources plc via Thomson Reuters ONE

[HUG#1517711]