Red Rabbit JV Update

7 December 2010
AIM / PLUS Markets: AAU

                              RED RABBIT JV UPDATE

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development company focused on Turkey, is pleased to announce an increase to the
registered  capital of Zenit  Madencilik San. ve  Tic. A.S. ("Zenit"), the Joint
Venture  ("JV") company held by Ariana  and Proccea Construction Co. ("Proccea')
in  Turkey.  Zenit is responsible for the  development of the Red Rabbit Project
in western Turkey, the initial focus of which is the Kiziltepe Sector.

Highlights:

  * Registered capital of Zenit to increase to 8,268,750 TL (US$ 5.59 million).


  * Ariana,  via its Turkish  subsidiary, to hold  89% of Zenit, with Proccea to
    hold 11%.


  * Proccea  has  already  paid  US$  650,000 to  Phase  1 of  the JV; a further
    US$350,000 is committed according to the capital increase.


Dr. Kerim Sener, Managing Director, commented:

"This  capital increase represents  the first major  step towards the earn-in on
the Red Rabbit project by Proccea as envisaged by the joint venture shareholders
agreement.   The injection of  funds to the  JV company, Zenit, provides further
working   capital  for  the  feasibility  study  and  the  environmental  impact
assessment.    This   earn-in  step  represents  part  of  the  Phase  1 capital
requirement for the JV.

Work  on the feasibility  study is underway  and progressing well.  Detailed and
final  metallurgical testwork to  optimise plant design  is to commence shortly.
 Geotechnical  and hydrological drilling will  also be initiated during December
2010 to  cover the  areas selected  for open  pits, processing plant, waste rock
dump and tailings dam sites."

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]

 Nick Bealer / David Scott



 Loeb Aron & Company Ltd                  Tel: [phone]

 Jonathan Willis-Richards / Frank Lucas

Editors' note:

About Proccea Construction Co.

Proccea  Construction Co.  (www.proccea.com) is  an integrated construction firm
specialising  in turn-key  solutions for  a variety  of business sectors ranging
from  the development of gold processing  plants to designing and building major
hotels.  The mining service is provided by  a business division of Proccea named
CH  Engineering &  Consultancy ("CH").  CH provides  a range  of services to the
mining industry, including the design of mining equipment and processing plants,
manufacturing  installation, commissioning, start-up and staff training for gold
and silver extraction in the mining industry (www.chconsultants.com).

CH  provides  the  installation  and  technical  services  for  such gold mining
processes  as  heap  leach,  CIL  and  CIP  design  and  operations. CH has wide
experience  of designing and commissioning gold and silver processing plants. In
Turkey  this has  included the  Kisladag gold  mine (Eldorado Gold), Copler gold
mine  (Anatolia Minerals), Mastra gold mine  (Koza Gold) and the Gumuskoy silver
mine (Eti Gumus). Internationally, CH processing plant commissions have included
the Zarcan gold mine in Iran, the Knelson gold mine in Kazakhstan, the Amesmessa
gold  mine in Algeria, the  Kitila gold mine in  Finland, the Minera Triton gold
mine in Argentina and the Maaden gold mine in Saudi Arabia. CH has the technical
support  of the internationally renowned Summit Valley Equipment and Engineering
firm based in Utah, U.S.A.

About Ariana Resources

Ariana  is an  exploration and  development company  focused on epithermal gold-
silver  and porphyry copper-gold deposits in Turkey.  The Company is exploring a
portfolio  of  prospective  licences  selected  on  the  basis  of  its in-house
geological  and remote-sensing database, on  its own in western  Turkey and in a
Joint   Venture  with  European  Goldfields  Limited  in  north-eastern  Turkey.
 European  Goldfields owns  51% of this  joint venture  and, as the operator, is
fully  funding all  exploration work  on the  JV properties  until delivery of a
feasibility study.

The  Company's  flagship  asset  is  the  Red Rabbit project, which contains the
Kiziltepe  and  Tavsan  sectors.   The  project  contains a series of prospects,
within  two prolific mineralised districts in the Western Anatolian Volcanic and
Extensional  (WAVE) Province in western Turkey.  This Province hosts the largest
operating  gold mines in Turkey and  remains highly prospective for new porphyry
and  epithermal deposits.  The Kiziltepe and Tavsan sectors, which are separated
by  a distance of 75km, are presently being assessed as to their economic merits
and  now form part of  a Joint Venture with  Proccea Construction Co.  The total
resource inventory of the Company stands at 448,000 ounces of gold equivalent.

Ariana  also has a  strategic investment in  Tigris Resources Limited, a private
Jersey-based  exploration company, which is focused on the exploration of copper
and  gold  deposits  in  southeastern  Turkey.   Ariana  retains  15% of  Tigris
Resources Limited.

Loeb  Aron  &  Company  Ltd.  and  Alexander  David Securities Limited are joint
brokers  to the Company and Beaumont  Cornish Limited is the Company's Nominated
Adviser.

For further information on Ariana you are invited to visit the Company's website
atwww.arianaresources.com.

Ends









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Source: Ariana Resources plc via Thomson Reuters ONE

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