Half-yearly report

12 August 2008
AIM / PLUS Markets: AAU
                        ARIANA RESOURCES plc

          HALF-YEARLY REPORT FOR SIX MONTHS TO 30 JUNE 2008

Ariana  Resources  plc   ("Ariana"  or  "the   Company"),  the   gold
exploration  company  focused  on  Turkey,  announces  its  unaudited
half-yearly results for the six months ended 30 June 2008.

Highlights:

* Joint Venture initiated with European Goldfields Limited


  * David Reading, CEO of European Goldfields, joins the Board



  * 326,000 oz Au equivalent in JORC resources



  * In-house drilling team established


Dr. Kerim Sener, Managing Director, commented:

"It has been another six months  of solid progress for the  Company.
Our efforts have resulted in a JORC resource of over 326,000 oz  gold
equivalent and  it is  clear  that the  potential to  delineate  more
ounces continues to improve.  In north-eastern Turkey the JV team  is
actively exploring a highly prospective  area for which we have  high
hopes.

"We have  exceeded  our  initial resource  target  at  the  Kiziltepe
prospect, with over  186,000 oz  Au equivalent defined  to date.   We
expect that further exploration  on this prospect  and others in  the
Sindirgi Project  over  the  coming  year  will  identify  additional
near-surface resources that support the establishment of an  open-pit
operation.  The Company is evaluating its options for the  commercial
development of the project and  has entered discussions with a  third
party regarding a potential off-take agreement.

"The newly acquired 140,000 oz Tavsan project will be evaluated  over
the coming months in  order to develop the  project as a  stand-alone
heap-leach operation.  The  first stages  of this  work, including  a
revised resource estimate,  metallurgical testwork and  environmental
permitting are underway."


CHAIRMAN'S STATEMENT

Despite an uncertain and somewhat  turbulent market, the Company  has
developed significantly in the last  six months and has continued  to
deliver on its objectives.  Through its focused resource  development
strategy in western  Turkey, it  has established over  326,000 oz  in
JORC resources  at  its  flagship projects:  Kiziltepe  and  Tavsan.
Elsewhere, our  generative  exploration programmes  resulted  in  the
Joint Venture of  our exploration portfolio  in north-eastern  Turkey
with European Goldfields Limited, a  partner with an exploration  and
development philosophy closely matching ours.

Kiziltepe

Exploration at the Kiziltepe prospect has focused on the Arzu  South,
Arzu North, Banu  and Derya veins,  upon which SRK  (UK) Limited  has
recently prepared a JORC compliant mineral resource estimate of  over
186,000 ounces gold equivalent based on a cut-off grade of 2 g/t Au.
The overall resource at Kiziltepe is now 950,000 tonnes at an average
grade of  6.1 g/t  of gold  equivalent, of  which 500,000  tonnes  is
potentially open-pittable on the Arzu South vein alone.

A geophysical survey is due to commence on the prospect this  August.
 This survey has been designed to test the entire 3 x 1km vein  field
along several 200m spaced survey lines.  Earlier in the year a  trial
survey over  the  Arzu South  vein  provided results  that  could  be
interpreted with ease and precision.  We envisage that the  expansion
of the programme  across the  whole prospect will  yield several  new
drill  targets  in  what  is  proving  to  be  a  more   consistently
mineralised vein field than previously realised.

In  parallel  with  our  exploration  objectives  for  the  prospect,
economic studies are underway to further evaluate certain development
scenarios that were  initially examined in  the mining options  study
undertaken by Wardrop Engineering.  Discussions are also in  progress
with a third-party  for a potential  off-take agreement, which  could
fast-track the project  to production, albeit  at a lower  production
rate than for a stand-alone operation.

Tavsan

The purchase of the Tavsan project was closed with Odyssey  Resources
in June for a total consideration of US$500,000 in cash and 3,000,000
ordinary shares in Ariana at 5p  per share, valuing the resources  in
the ground at about US$6 per  ounce.  The project adds much value  to
the Company and, we believe, has  the potential to be developed as  a
small heap-leach operation capable of producing 20,000 ounces of gold
per year over seven years or more in the medium term.

Existing project data are being  integrated into a comprehensive  new
geological model, which will be utilised to create a revised resource
estimate.   Further  metallurgical  testwork  on  the  ore  is   also
underway.  Meanwhile, a resource drilling programme concentrating  on
the areas that  were not  included in the  original 43-101  compliant
resource  is  being  planned,  along  with  associated  environmental
permitting.  It is expected that this work will feed in to a  scoping
study later in the year.

Joint Venture

Our Joint Venture with European  Goldfields Limited in the Black  Sea
region of north-eastern Turkey was initiated  in May and the JV  team
has been actively exploring since June.  The JV builds upon  previous
generative exploration in the region and is focused initially on  the
Ardala copper-gold porphyry project.  We are encouraged to note  that
a pipeline  of  new targets  is  already being  generated  from  this
exploration.

European Goldfields is funding the exploration and development of the
JV licences to a definitive feasibility study.  In parallel with  the
JV agreement, European Goldfields subscribed for 20% of the equity in
Ariana and we are pleased to welcome their CEO, David Reading, to the
Ariana board as a non-executive director.

We consider Ariana  and European Goldfields  to represent a  powerful
combination of  talents  and  believe  that  this  JV  represents  an
important milestone in the development of the Company.

Outlook

Through its rapidly expanding resource  base, its strategic focus  on
defining potentially mineable  resources and its  ability to  develop
innovative deals, the outlook for Ariana remains very positive.   The
recent establishment of our in-house  drilling team is an example  of
our commitment and provides  the Company with the  tools to test  our
growing pipeline of  exploration targets in  a highly  cost-effective
manner.

The objective of the company remains to establish economic  resources
in the WAVE Project Area, notably  at Kiziltepe and Tavsan, and  then
to develop these resources, either on  our own or in partnership,  in
the shortest  timeframe possible.   We  look forward  confidently  to
several further  positive developments  during the  remainder of  the
year.


Michael Spriggs
Chairman

12 August 2008


Contacts:


Ariana Resources plc               Tel: [phone]
Michael Spriggs, Chairman
Kerim Sener, Managing Director

Beaumont Cornish Limited           Tel: [phone]
Roland Cornish

Lothbury Financial                 Tel: [phone]
Michael Padley / Louise Davis

Loeb Aron & Company Ltd            Tel: [phone]
Peter Freeman / Frank Lucas

Alexander David Securities Limited Tel: [phone]
Nick Bealer / David Scott


Editors' note:

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 remote-sensing database.

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 western Turkey which are  separated
by a distance of 75km.  The projects are presently being assessed  as
to their economic merits.

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 at www.arianaresources.com.

Ends



Ariana Resources Plc
Condensed consolidated interim income statement
For the six months ended 30 June 2008



                                       30 June   30 June  31 December
                                Note      2008      2007 2007
                                     Unaudited Unaudited      Audited

Continuing Operations                    £,000     £,000        £,000


Administrative costs                     (343)     (256)        (516)
Share of  loss of associate
company                                    (2)         -            -


Operating Loss                           (345)     (256)        (516)


Investment income                           18        27           65

Loss on ordinary activities
before tax for the period                (327)     (229)        (451)

Tax                              (2)         -         -            -

Loss for the period
attributable to equity                             (229)
shareholders of the company              (327)                  (451)

Loss per share:                  (3)
Basic and diluted loss per
share (pence)                             0.41      0.49         0.84



Ariana Resources Plc
Condensed consolidated balance sheet
As at 30 June 2008



                                30 June 30 June 2007 31 December 2007
                                   2008    Unaudited          Audited
                              Unaudited

                                  £,000        £,000            £,000
ASSETS


Non-current assets

Trade and other receivables         179            -              124

Land, property, plant and                         57
equipment                           267                            45

Intangible assets                 3,064        1,641            2,082

Interest in associates               24            -                -

Total non-current assets          3,534        1,698            2,251

Current assets

Trade and other receivables         214          308              179

Cash and cash equivalents           671          888            1,182

Total current assets                885        1,196            1,361

Total assets                      4,419        2,894            3,612

Equity

Called up share capital             928          470              713

Share premium                     4,281        2,738            3,419

Other reserves                      720          720              720

Share options                        85            7                7

Translation reserve                  15            2               38

Retained earnings               (1,769)      (1,220)          (1,442)

Total equity                      4,260        2,717            3,455

Liabilities
Current liabilities

Trade and other payables            159          177              157
Total current liabilities           159          177              157

Total equity and liability        4,419        2,894            3,612





Ariana Resources Plc
Condensed consolidated interim statement of changes in equity
For the year ended 31 December 2007 and the six months ended 30 June
2008

Condensed
consolidated
interim
statement of      Share   Share    Other   Share Translation Retained
changes in      capital premium reserves options     reserve earnings Total
                  £,000   £,000    £,000   £,000       £,000    £,000 £,000
Balance at 31                                           (11)
December 2006       470   2,738      720       7                (991) 2,933
Changes in
equity to 30
June 2007
Exchange
differences                                               13
on
retranslation
of foreign
operations            -       -        -       -                    -    13
Loss for the                                               -
period                -       -        -       -                (229) (229)

Total
recognised                                                13
income and
expenditure
for the
period                -       -        -       -                (229) (216)

Issue of                                                   -
share capital         -       -        -       -                    -     -
Expenses                                                   -
offset
against share
premium               -       -        -       -                    -     -

Balance at 30                                              2
June 2007           470   2,738      720       7              (1,220) 2,717
Changes in
equity to 31
December 2007
Exchange
differences                                               36
on
retranslation
of foreign
operations            -       -        -       -                    -    36
Loss for the                                               -
period                -       -        -       -                (222) (222)

Total
recognised                                                36
income and
expenditure
for the
period                -       -        -       -                (222) (186)

Issue of                                                   -
share capital       243     729        -       -                    -  972
Expenses                                                   -
offset
against share
premium               -  (48)          -       -                    -  (48)
Balance at 31
December 2007       713   3,419      720       7          38  (1,442) 3,455



Ariana Resources Plc
Condensed consolidated interim statement of changes in equity
(continued)
For the year ended 31 December 2007 and the six months ended 30 June
2008



                  Share   Share    Other   Share Translation Retained
                capital premium reserves options     reserve earnings Total

                  £,000   £,000    £,000   £,000       £,000    £,000 £,000
Balance at 31
December 2007       713   3,419      720       7          38  (1,442) 3,455
Changes in
equity to 30
June 2008
Exchange
differences                                             (23)
on
retranslation
of foreign
operations            -       -        -       -                    -  (23)
Loss for the                                               -
period                -       -        -       -                (327) (327)
Total
recognised                                              (23)
income and
expenditure
for the
period                -       -        -       -                (327) (350)

Issue of
share capital       215     862        -       -           -        - 1,077
Share based                                                -
payments              -       -        -      78                    -    78
Balance at 30
June 2008           928   4,281      720      85     15       (1,769) 4,260



Ariana Resources Plc
Condensed consolidated interim cash flow statement
For the six months ended 30 June 2008


                                 6 months to 6 months to 12 months to
                                     30 June     30 June  31 December
                                        2008        2007         2007
                                   Unaudited   Unaudited      Audited
                                       £,000       £,000        £,000
Cash flows from operating
activities

Cash generated from operations         (363)       (325)        (548)
Net cash outflow from
operations                             (363)       (325)        (548)


Cash flows from investing
activities
Purchase of land, property,                         (17)
plant and equipment                    (231)                     (25)
Purchase of an interest in                             -
associate                               (26)                        -
Purchase of intangible assets          (832)       (344)        (770)

Interest received                         14          27          54
Net cash used in investing
activities                           (1,075)       (334)        (741)

Cash flows from financing
activities
Proceeds from issue of share
capital                                  927           -          924
Net cash proceeds from
financing activities                     927           -          924

Net decrease in cash and cash
equivalents                            (511)       (659)        (365)
Cash and cash equivalents at
beginning of period                    1,182       1,547        1,547

Cash and cash equivalents at                         888
end of period                            671                    1,182




Ariana Resources Plc
Notes to the Half Yearly Report for the Six months to 30 June 2008

1. General information

Ariana Resources  Plc (the  "Company") is  a public  limited  company
incorporated and domiciled  in Great  Britain. The  addresses of  its
registered office and  principal place of  business are disclosed  at
the end  of this  report.  The Company's  shares  are listed  on  the
Alternative Investment  Market  of  the London  stock  Exchange.  The
principal  activities  of  the  Company  and  its  subsidiaries  (the
"Group") are related to the  exploration for and development of  gold
and other minerals in Turkey.

Ariana Resources Plc's consolidated interim financial statements  are
presented in  Pounds  Sterling  (£), which  is  also  the  functional
currency of the parent company.

The financial information  set out  in this interim  report does  not
constitute statutory  accounts  as  defined in  Section  240  of  the
Companies Act 1985.  The Group's statutory  financial statements  for
the year ended 31 December 2007, prepared under IFRS, have been filed
with the  Registrar  of  Companies. The  auditor's  report  on  those
financial statements was unqualified and did not contain a  statement
under Section 237(2) of the Companies Act 1985.
1(a). Basis of preparation

These financial statements  have been prepared  under the  historical
cost convention,  and  the  accounting  policies  have  been  applied
consistently throughout the Group for the purposes of preparation  of
these condensed consolidated interim financial statements.

The financial information  for the  twelve months  ended 31  December
2007 has been derived from  the group's audited financial  statements
for the period as filed with the Registrar of Companies. It does  not
constitute the financial  statements for that  period. The  auditor's
report on the statutory  financial statements for  the year ended  31
December 2007 was unqualified and did not contain any statement under
Section 237(2) or (3) of the Companies Act 1985.

New IFRS accounting standards and interpretations not yet adopted

The directors  together with  their advisers  are in  the process  of
evaluating the impact of standards and interpretations that have  not
yet  become  effective.   Listed  below  are   those  standards   and
interpretations most likely to impact the Group:

-  IAS  1  Presentation   of  Financial  Statements  (revised   2007)
(effective 1 January 2009)
- IAS 23 Borrowing Costs (revised 2007) (effective 1 January 2009)

- IAS  27 Consolidated  and  Separate Financial  Statements  (Revised
2008) (effective 1 July 2009)
- Amendment to IFRS  2 Share-based Payment  - Vesting Conditions  and
Cancellations (effective 1 January 2009)
- IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009)
- IFRS 8 Operating Segments (effective 1 January 2009)
- IFRIC 11 IFRS 2 - Group and Treasury Share Transactions  (effective
1 March 2007)

IFRS  8   Operating  Segments   replaces  the   segmental   reporting
requirements of IAS 14 Segment Reporting. The key change is to  align
the determination of segments in  the financial statements with  that
used by  management  in  their resource  allocation  decisions.  This
standard is  not  expected to  have  significant impact  on  existing
disclosure.


New IFRS accounting standards and interpretations not yet adopted -
continued

The amendment to IAS 1  Financial statement presentation released  in
September 2007  redefines  the  primary  statements  and  expands  on
certain disclosures within  these. Once adopted  the Group's  primary
statements will be amended to reflect the presentation required.

Based on the Group's current  business model and accounting  policies
it is  felt  that  the other  standards  and/or  interpretations  are
unlikely to  have  a  material  impact on  the  Group's  earnings  or
shareholders' funds.

IFRS 1  First  time adoption  of  IFRS:  the Group  has  elected  the
business combinations  exemption, which  allows  the Company  not  to
restate business combinations prior to 1 January 2006.

The Group has elected to apply the transitional provisions under IFRS
6 which  permits the  existing accounting  policy under  UK GAAP  for
accounting for and capitalisation of mineral exploration costs, to be
used for IFRS purposes.

The Group has  chosen not  to restate  items of  property, plant  and
equipment to fair value at the transition date.


1(b). Significant accounting policies
 Basis of consolidation

The  consolidated  financial  statements  incorporate  the  financial
statements of the  Company and  entities controlled  by the  Company.
Control is achieved  where the Company  has the power  to govern  the
financial and  operating  policies  of  an entity  so  as  to  obtain
benefits from its activities.

The results of  subsidiaries and associates  acquired or disposed  of
are included in the consolidated income statement from the  effective
date of  acquisition or  up to  the effective  date of  disposal,  as
appropriate.

Where necessary, adjustments are made to the financial statements  of
subsidiaries to bring their accounting policies into line with  those
used by other  members of the  Group.  All intra-group  transactions,
balances,  income   and   expenses   are  eliminated   in   full   on
consolidation.

Income and expense recognition

The Group's only income is  interest receivable from bank  deposits.
Interest income  is accrued  on a  time basis,  by reference  to  the
principal outstanding and the effective rate of interest  applicable.
The effective  interest  rate  is the  rate  that  exactly  discounts
estimated future  cash  receipts through  the  expected life  of  the
financial asset to the  net carrying amount  of the financial  asset.
Operating expenses  are  recognised  in  the  income  statement  upon
utilisation of the  service or at  the date of  their origin and  are
reported on an accruals basis.


2. Tax

The Group has incurred  tax losses for the  period and a  corporation
tax charge is not anticipated.
3. Loss per share

The calculation  of  basic  loss  per share  is  based  on  the  loss
attributable to  ordinary shareholders  of  £327,000 divided  by  the
weighted average number of shares  in issue during the period,  being
79,979,348.

There is no dilutive effect of share options or warrants on the basic
loss per share.


The full Half-Yearly Report will be published on the Company's
website: www.arianareasources.com

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