Final Results

4 May 2010 AIM / PLUS Markets: AAU FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009 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 2009.  The period witnessed the evolution of our strategy for project development in western Turkey and the reporting of our first positive exploration results from our joint venture in north-eastern Turkey. Highlights: * First gold production from Kiziltepe * Developing the Red Rabbit Joint Venture * Positive results from European Goldfields Joint Venture Post Period Events: * Positive results for Red Rabbit economic and environmental scoping * Positive geophysical results from Kiziltepe * Placing raises GBP 1,000,000 Michael Spriggs, Chairman, commented: "2009 was a year of change and new challenges for the Company.  It was marked by the production of our first gold; this positive outcome accelerated our progress and enhanced our vision for the economic development of the Red Rabbit Project.  We are now working to conclude a joint venture agreement on Red Rabbit which aims to fast-track the project through to production. "We have laid out a clear strategy for the future growth of the Company and are currently pursuing several new initiatives that aim to create long term value for shareholders.  While the Red Rabbit project forms a core component of this strategy, we are also cognisant of our strengths as a Turkish focused exploration company and recognise that further development of our project pipeline will act as a mechanism of growth." The Company is pleased to announce that the report and accounts for the year ended 31 December 2009, is being posted to shareholders and will be available on the website:www.arianaresources.com < http://www.arianaresources.com/>.  The report and accounts include a notice of the 2010 Annual General Meeting which will be held at The East India Club, 16 St James's Square, London SW1Y 4LH on 10 June 2010 at 11.00am. Contacts: Ariana Resources plc Tel: 020 7407 3616 Michael Spriggs, Chairman Kerim Sener, Managing Director Beaumont Cornish Limited Tel: 020 7628 3396 Roland Cornish Alexander David Securities Limited Tel: 020 7448 9820 Nick Bealer / David Scott Loeb Aron & Company Ltd Tel: 020 7628 1128 Peter Freeman / Frank Lucas Editors' note: Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director of Ariana Resources plc.  A graduate of the University of Southampton in Geology, he also holds a Master's degree from the Royal School of Mines (Imperial College, London) in Mineral Exploration and a doctorate from the University of Western Australia.  He is a Fellow of The Geological Society of London and has worked in geological research and mineral consultancy in Southern Africa and Australia.  He has read and approved the technical disclosure in this regulatory announcement. 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 Joint Venture with European Goldfields Limited in north-eastern Turkey. The Company's flagship assets are its Sindirgi and Tavsan gold projects.  Both projects contain 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.  These core projects, which are separated by a distance of 75km, are presently being assessed as to their economic merits.  The total resource inventory of the Company stands at 401,000 ounces of gold equivalent. 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 < http://www.arianaresources.com/>. Chairman's Statement I characterised 2008 as a period in which Ariana Resources made the transition from exploration to development. With our transition fully underway, the past year represented a year of consistent delivery against our demanding exploration and development targets, highlighted by the production of Ariana's first gold in July 2009. Taking the Company a step further towards an operating mine and cashflow generation, trial mining at our Kiziltepe Project in western Turkey culminated in the production of 387 oz gold. There are three broad thrusts to Ariana's strategy. All of these have seen significant progress during the past year and I shall review each in turn. First, our two flagship projects, Kiziltepe and Tavşan, continue to build momentum. They form the core of our strategy to develop a near-term gold producing operation in this region. These two gold-silver deposits differ in character geologically (and lie 75km apart), but over the past year we have developed a very strong strategic and economic case for developing them as an integrated project. The combined entity, which we have called 'Red Rabbit', gives Ariana a resource inventory of over 400,000 oz gold equivalent. Packaging the two in this way has enabled the Company to move towards their joint venture development. Ariana has entered into a Memorandum of Understanding with a Turkish company, Proccea Construction Co., for the potential development of Red Rabbit. Proccea is a leading construction company with considerable international experience of gold mine and processing plant development. Proccea has already contributed a goodwill payment of US$500,000 to the Company. Under the envisaged agreement, Proccea will commit US$8m to the JV for an earn-in share of 50%, to take the project to the construction stage by funding an Environmental Impact Assessment, feasibility study and to developing the processing plant. As explained in greater detail in the Business Review, the initial emphasis will be on the development of Kiziltepe. A scoping study carried out post year-end by international consultants Wardrop Engineering concluded very positively, indicating that a 150,000 tonne/year mine could successfully be developed with initial production from 2012 and a mine life in excess of five years. Even with a very conservative price and other assumptions, the project demonstrates very robust economics. This is an appropriate point to comment on the gold price. Among the complex range of factors that influence the bullion market, it is evident that the upward pressure which has taken gold to record levels of over US$1,100 per ounce reflects the weakness of the US dollar as much as the strength of investment demand. The consensus view is that this plateau of elevated (dollar) gold price strength will be maintained. I had mentioned last year that we had entered into an agreement with a local mining group, Eti Gümüş A.S. to carry out the trial mining and processing of ore from Kiziltepe. This was successfully completed but, as the scope of the project shifted with the strategic move to proceed along the Red Rabbit route, Ariana agreed to reduce its share of the trial mining gold production from 50% to 40%. The second strategic thrust is the joint venture programme entered into with our major shareholders, European Goldfields Limited, focusing on potentially much larger targets in north-eastern Turkey.  Under the banner of the Greater Pontides Project, this programme (Ariana 49%) is carrying out reconnaissance exploration on highly prospective copper-gold porphyry targets on which initial drilling had been carried out in the 1990s. In the vicinity of the Ardala property, which Ariana contributed to this programme, a soil sampling programme yielded a major geochemical anomaly which was later named the Salinbaş prospect. The results from this prospect area were sufficiently encouraging to warrant the initiation of a phased drilling programme during the year. The third leg of Ariana's activities remains its core competence of focused exploration within the broad WAVE (Western Anatolian Volcanic and Extensional) province of western Turkey. Our geologists demonstrate a powerful case for the likelihood of a multi-million ounce gold deposit discovery being made in the WAVE province, and are pursuing a vigorous programme of exploration combined with the quest for suitable property acquisitions in this still underexplored region. As has been frequently observed, many of the major existing gold deposits in this province have been discovered within 1.5km of a tarred road! Our Company is fortunate to have the support of consistently loyal and well-informed shareholders. Their backing has continued to underpin our strategy. At the beginning of the year, Ariana completed a placing for £500,000 in which European Goldfields maintained their 20% holding. In September 2009, we raised an additional £800,000, again with the solid support of our institutional and other shareholders. A further £1,000,000 was raised post year end in March 2010. Outlook The events of the past year have created a platform from which your Company can advance towards its medium-term objectives. It is our intention to fast-track Red Rabbit towards production and therefore early cash flow; we have a portfolio of highly prospective exploration projects, and we have an unrivalled pool of technical and management expertise and local knowledge. We are occasionally asked to comment on the political situation in Turkey, and its planned progress towards EU membership. We respond by pointing out that we (and many other western companies) continue to operate very effectively and securely in Turkey, a country with one of the most favourable mining codes and tax regimes anywhere in the region, and with the full support of government. We thank our shareholders, for whom we believe firmly that their sustained confidence in our Company will be shown to be fully justified. Our progress over past years demonstrates clearly that we deliver what we promise. At the same time, we recognise that our Company is at that tantalising stage of development where the share price does not fully reflect the momentum we are generating. Against that background, there are growing signs of a return of investor confidence in the mining sector of the AIM market. A number of UK brokers are now reporting an improving climate for raising funds for developing projects. In summary, I hope I have shown that, with the prospect of profitable gold production, we are on the threshold of the next exciting phase of our Company's evolution. I thank our hard working operational teams on the ground in Turkey, our advisers, and my experienced and dedicated team of fellow directors. Michael Spriggs Chairman 30 April 2010 Business Review Summary Ariana continues to execute upon its exploration and development strategy in Turkey. During the past year the Company successfully made the transition from exploration to development, with its first gold pour undertaken in early July. In parallel with this, the Company continued to deliver against its exploration strategy in western Turkey. Ariana's resource inventory contains 401,000 ounces gold equivalent, of which approximately 342,000 ounces are gold. Progression of the Company's principal projects led to the creation of "Red Rabbit", a single integrated project containing the Kiziltepe and Tavşan resources. The strategic packaging of Kiziltepe and Tavşan, 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"). As part of the MoU, Proccea made a US$500,000 goodwill payment to the Company which is held in escrow pending JV completion. Earning in to a 50% stake in a new JV company, Proccea has proposed to commit a further US$8m to fund an Environmental Impact Assessment (EIA), Feasibility Study and the development of the processing plant. Meanwhile, the Greater Pontides JV with European Goldfields delivered significant exploration results from the Salinbaş prospect which occurs within the Ardala Project area. Exploration and drilling continues in this highly prospective region. Separate to this JV, the Company has also started a new exploration programme initially focused on western Turkey. At the beginning of the year, the Company completed a placing for £500,000 in which European Goldfields Limited maintained their position in Ariana at approximately 20%. In September a placing for £800,000 was undertaken and was supported by institutional investors. Post year end in March 2010 a further £1,000,000 was raised. 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 has created a combined project named "Red Rabbit" comprising the Kiziltepe and Tavşan sectors. Other exploration projects in western Turkey include the Ivrindi and Demirci projects. The region surrounding these projects is named the WAVE Project Area, with our base of operations in Sındırgı located strategically at its core. 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, other exploration opportunities are being evaluated on an ongoing basis to further enhance the early-stage value of the project pipeline, and renewed emphasis is being placed on the discovery of a multi-million ounce stand-alone deposit in Turkey. Exploration of the core project area was reinitiated in the latter part of 2009 following a hiatus caused by macroeconomic circumstance. Our exploration programmes are designed to identify areas in which new licence packages can be established. An agreement with Newmont Mining Corporation and Lydian International was completed during the year, to provide access to data over one of these interest areas. Post year end a licence that came as part of this package was relinquished as it could not be upgraded to operational status. Red Rabbit Project Kiziltepe Sector The Kiziltepe Sector ("Kiziltepe") contains several prospect areas which are located within the Sındırgı Gold Corridor. Kiziltepe lies 130km northeast of the coastal city of Izmir. Kiziltepe was acquired in 2005 from Newmont Mining Corporation 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 186,000 ounces gold equivalent, although a review of this resource is now underway following a revision to the geological model. 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. Post year-end, Wardrop Engineering ("Wardrop") completed a positive scoping study of the Kiziltepe Sector. At an estimated production rate of 150,000 tonnes of ore per annum over a mine life targeted to be greater than five years, the scoping study estimates a project cash cost of between US$350-400 per ounce. The expected process route is Carbon-in-Leach (CIL) and preliminary designs for the process plant have been prepared by Proccea. A preliminary site plan, including the position of the pits, processing plant, waste rock dump and tailings storage facility has been prepared. A revised geological model for the mineralisation at Kiziltepe (including 'vein' and 'halo' types) has been completed. Including currently Inferred resources, the Company is targeting in its revised geological resource model a total resource of vein and halo mineralisation at a 1 g/t Au cut-off as being between 1.4Mt and 1.7Mt at gold grades between 2.5 and 3.5 g/t and silver grades between 50 and 70 g/t. The average in-pit resource grade is expected to be 3.5 to 4.5 g/t Au and 50 to 70 g/t Ag. Based on the current resource estimate, one central pit is envisaged on Arzu South with satellite pits at Banu, Derya, Arzu North and Kepez. The overall strip ratio at Kiziltepe is targeted between 8:1 and 12:1. During the year, the Company completed trial mining operations at the Arzu South vein at Kiziltepe. A total of 5,177 tonnes of dry ore from Kiziltepe was processed by Eti Gümüş A.S. ("Eti") at their Gümüşköy plant, for total gold production of 387 ounces. According to the trial processing agreement with Eti, 50% of this gold production was to be allocated to Ariana. Following discussions concerning a longer-term processing arrangement it was evident that other more commercially advantageous routes existed. On this basis Ariana agreed to receive 40% of the gold from trial mining to enable the Company to progress the project independently of Eti. In addition to proving the integrity of the geological model and the economic viability of Kiziltepe, the high profile nature of the trial enabled Ariana pursue other development options with enhanced confidence. Tavşan Sector The Tavşan Sector ("Tavşan") lies 75km from the Kiziltepe Sector, 210km northeast of the coastal city of Izmir. Tavşan 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 Tavşan 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 at a very low strip-ratio. Due to the simplicity of the project and acceptable metallurgical recoveries reported in column-leach testwork, 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. An internal preliminary economic assessment of Tavşan has been completed and demonstrates its viability. Tavşan will now be developed as an integral part of the Red Rabbit Project. Greater Pontides Project 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 Bankable feasibility at 20% or 10%, for initial projects or new projects, respectively. Ardala and Salinbaş The Ardala prospect is located in the Pontide Metallogenic Province of Turkey and lies approximately 80km southeast 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-seven 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. A major new soil anomaly, named the Salinbaş Target, was discovered on the property, to the south-west of the area drilled by previous operators. The Salinbaş Target is just over 1km from the area drilled in the 1990s and has a strike of about 1km and width of 0.3km. An additional licence was secured in this area to cover the Salinbaş Target and trenching identified multiple zones of high-grade mineralisation, highlights of which included 33m at 9.6 g/t Au and 46m at 8.3 g/t Au. A phased programme of drilling programme commenced during the year. Outlook Our focus for 2009 was to deliver consistently and decisively against our goals for the year. As a consequence of this we launched the Red Rabbit Project and it is our primary intent to fast-track this into production. The successful completion of trial production, our first cash-flow and significant developments on our Red Rabbit Project reflect a strong year of growth and a positive springboard to propel Ariana into a formal development phase during the year ahead. Meanwhile renewed prospect-scale and regional exploration has been producing several encouraging results which will, in time, provide us with a growing pipeline of new exploration opportunities. Dr Kerim Sener Managing Director 30 April 2010 Consolidated statement of comprehensive income for the year ended 31 December 2009         2009 2008 Note £'000 £'000 ------------------------------------------------------------------------------- Administrative costs         (425) (608) ------------------------------------------------------------------------------- Other income         18 - ------------------------------------------------------------------------------- Operating loss         (407) (608) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Share of loss of associate       11b - (25) ------------------------------------------------------------------------------- Investment income         5 29 ------------------------------------------------------------------------------- Loss on ordinary activities before tax       4 (402) (604) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tax       6 - - ------------------------------------------------------------------------------- Loss for the year         (402) (604) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Other comprehensive income ------------------------------------------------------------------------------- Exchange differences on translating foreign       1 25 operations ------------------------------------------------------------------------------- Other comprehensive income for the year net of tax       1 25 ------------------------------------------------------------------------------- Total comprehensive income for the year         (401) (579) ------------------------------------------------------------------------------- Loss for the year attributable to owners of the       (402) (604) parent ------------------------------------------------------------------------------- Total comprehensive income attributable to owners of the     (401) (579) parent ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Loss per share (pence): ------------------------------------------------------------------------------- Basic and diluted         0.27 0.71 Continuing operations None of the Group's activities were acquired or discontinued during the current or previous year. The accompanying notes form part of these financial statements. Consolidated statement of financial position for the year ended 31 December 2009         2009 2008 Note £'000 £'000 ---------------------------------------------------------------------------- Assets ---------------------------------------------------------------------------- Non-current assets ---------------------------------------------------------------------------- Trade and other receivables       12 126 126 ---------------------------------------------------------------------------- Intangible assets       9 3,910 3,401 ---------------------------------------------------------------------------- Land, property, plant and equipment       10 197 230 ---------------------------------------------------------------------------- Interest in associates       11b - - ---------------------------------------------------------------------------- Total non-current assets         4,233 3,757 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Current assets ---------------------------------------------------------------------------- Trade and other receivables       13 192 302 ---------------------------------------------------------------------------- Cash and cash equivalents         908 143 ---------------------------------------------------------------------------- Total current assets         1,100 445 ---------------------------------------------------------------------------- Total assets         5,333 4,202 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Equity ---------------------------------------------------------------------------- Called up share capital       15 1,709 927 ---------------------------------------------------------------------------- Share premium         4,738 4,282 ---------------------------------------------------------------------------- Other reserves         720 720 ---------------------------------------------------------------------------- Share options         100 100 ---------------------------------------------------------------------------- Translation reserve         64 63 ---------------------------------------------------------------------------- Retained earnings         (2,448) (2,046) ---------------------------------------------------------------------------- Total equity         4,883 4,046 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities ---------------------------------------------------------------------------- Current liabilities ---------------------------------------------------------------------------- Trade and other payables       14 450 156 ---------------------------------------------------------------------------- Total current liabilities         450 156 ---------------------------------------------------------------------------- Total equity and liabilities         5,333 4,202 Consolidated statement of changes in equity for the year ended 31 December 2009   Share Share Other Share Translation Retained  capital premium reserves options reserve earnings Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 -------------------------------------------------------------------------------- Changes in equity to 31 December 2008 -------------------------------------------------------------------------------- Balance at 1   713 3,419 720 7 38 (1,442) 3,455 January 2008 -------------------------------------------------------------------------------- Loss for the   - - - - - (604) (604) year -------------------------------------------------------------------------------- Other comprehensive - - - - 25 - 25 income - exchange differences on translating foreign operations -------------------------------------------------------------------------------- Total - - - - 25 (604) (579) comprehensive income -------------------------------------------------------------------------------- Share based - - - 93 - - 93 payments -------------------------------------------------------------------------------- Issue of share   214 863 - - - - 1,077 capital -------------------------------------------------------------------------------- Balance at 31   927 4,282 720 100 63 (2,046) 4,046 December 2008 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Changes in equity to 31 December 2009 -------------------------------------------------------------------------------- Loss for the   - - - - - (402) (402) year -------------------------------------------------------------------------------- Other comprehensive - - - - 1 - 1 income - exchange differences on translating foreign operations -------------------------------------------------------------------------------- Total - - - - 1 (402) (401) comprehensive income -------------------------------------------------------------------------------- Issue of share 782 559 - - - - 1,341 capital -------------------------------------------------------------------------------- Expenses - (103) - - - - (103) offset against share premium -------------------------------------------------------------------------------- Balance at 31   1,709 4,738 720 100 64 (2,448) 4,883 December 2009 Consolidated statement of cash flows for the year ended 31 December 2009         2009 2008 Note £'000 £'000 -------------------------------------------------------------------------------- Cash flows from operating activities -------------------------------------------------------------------------------- Cash generated from operations       16a (1) (613) -------------------------------------------------------------------------------- Net cash outflow from operations         (1) (613) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cash flows from investing activities -------------------------------------------------------------------------------- Purchase of land, property, plant and       - (231) equipment -------------------------------------------------------------------------------- Payments for intangible assets (excluding capitalised     (477) (1,125) depreciation) -------------------------------------------------------------------------------- Purchase of an interest in         - (25) associates -------------------------------------------------------------------------------- Interest received         5 28 -------------------------------------------------------------------------------- Net cash used in investing         (472) (1,353) activities -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cash flows from financing activities -------------------------------------------------------------------------------- Proceeds from issue of share capital         1,238 927 -------------------------------------------------------------------------------- Net cash proceeds from financing          1,238 927 activities -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net increase/(decrease) in cash and cash       765 (1,039) equivalents -------------------------------------------------------------------------------- Cash and cash equivalents at          143 1,182 beginning of year -------------------------------------------------------------------------------- Cash and cash equivalents at end of         908 143 year 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 2009. The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with IFRS. These financial statements have been prepared under the historical cost convention, and the accounting policies have been applied consistently throughout the Group. These financial statements have also been prepared on the going concern basis, further details of which are set out in note 3. 2. Loss per share The calculation of basic loss per share is based on the loss attributable to ordinary shareholders of £402,000 (2008: £604,000) divided by the weighted average number of shares issued during the year 149,308,164 (2008: 85,067,170) in issue. There is no dilutive effect of share options or warrants on the basic loss per share. 3. Going concern As an exploration company the directors are mindful that there is an ongoing need to monitor overheads and costs associated with delivering the exploration programme, and raise additional working capital on an ad hoc basis to support the Group's activities. The Company raised £1,000,000 before costs from the issue of new ordinary shares in April 2010 and the directors are confident that this will provide sufficient financial resources for the foreseeable future. 4. Summary Accounts The summary accounts set out above do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 in respect of the 2009 Accounts or by Section 240 of the Companies Act 1985 in respect of the 2008 Accounts. 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 2009 audited statutory financial statements.  The auditor's report on the statutory financial statements for the years ended 31 December 2009 and 2008 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 websitewww.arianaresources.com < http://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 10 June 2010 at 11.00am. For further information, see the Company's websitewww.arianaresources.com < http://www.arianaresources.com/> [HUG#1411117]

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