Initial JORC Resource at Tavsan

1 October 2008 AIM / PLUS Markets: AAU INITIAL JORC RESOURCE AT TAVSAN Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce its initial JORC resource estimate on the Company's Tavsan gold prospect in Kütahya Province, western Turkey. The total resource is now approximately 215,000 ounces of gold equivalent. There is potential to expand the resource significantly and additional drilling is scheduled. Highlights * SRK Consulting (UK) Ltd ("SRK") estimates a JORC compliant Indicated Mineral Resource of 87,000 oz gold and an Inferred Mineral Resource of 117,000 oz gold * Global resource is 4,900,000 tonnes at an average gold equivalent grade of 1.36 g/t: resource expected to be economically viable * Additional drilling planned to add further resources to the inventory * Preparations underway for a scoping study on a 30,000 ounce p.a. heap-leach operation Dr. Kerim Sener, Managing Director, commented: "This initial JORC resource for the Tavsan prospect is very encouraging and demonstrates the potential of this project to grow further. This resource statement, coupled with the good metallurgy, confirms our expectation that Tavsan can be developed as a 1,000,000 tonne per annum heap-leach operation in the medium term. "We are now planning a programme of drilling to further expand the resource. There are large parts of the prospect that remain un-drilled, yet there is clear potential for further resource upside. We are committed to defining a commercially viable resource at this location." Resource Statement SRK has completed a 3D geological model and mineral resource estimate in compliance with the JORC code for the Main, Sivri and Satellite zones of gold-bearing jasperoid at the Tavsan prospect. This resource model has been developed from the original 43-101 compliant resource of approximately 140,000 oz Au equivalent. The new JORC resource reported on here is considered by SRK to be potentially economically mineable. Classification of the resource model is based on geological and grade continuity, drill-hole spacing, in addition to the distance of samples to blocks during interpolation. The majority of the current resource is located within Main Zone, the north-eastern part of which has been drilled with sufficient density to support an Indicated Mineral Resource. Remaining parts of the Main Zone and the nearby Sivri and Satellite zones are in the Inferred Mineral Resource category. SRK has placed a depth limit of approximately 30m and 50m for the resource models on the Main/Sivri and Satellite zones respectively, as most drill intersections are above this level and it is clear that material below this level would not be extracted by open pit mining. A historical cut-off grade of 0.7 g/t Au was applied, which reflects the relatively flat lying nature of the mineralisation, and therefore low stripping ratio, and the amenability of gold recovery by low cost heap-leaching. Resource blocks measure 20m x 20m x 5m for the Main and Sivri Zones and 50m x 50m x 15m for the Satellite Zone. SRK Mineral Resource Statement Classification Zone Tonnage Grade Metal * (Ag (Kt) (Au g/t) g/t) (oz Au) (oz Ag) Indicated Main 1,700 1.6 4.2 87,000 229,000 Inferred Main & Sivri 1,300 1.0 3.6 42,000 153,000 Inferred Satellite 1,900 1.2 3.7 75,000 227,000 Indicated Total 1,700 1.6 4.2 87,000 229,000 Inferred Total 3,200 1.1 3.7 117,000 380,000 * Total metal equal to 214,694 oz gold equivalent. The gold equivalent is calculated on the basis of a 50:1 price ratio between gold and silver (this price ratio fluctuates and is dependent on market conditions). SRK has recommended additional drilling on the Main and Satellite Zones and considers there to be good potential to upgrade the Inferred Mineral Resources to Indicated Mineral Resources. Further drilling in the Satellite Zone is expected to improve the understanding of the morphology of the deposit, which should assist with the delineation of additional Mineral Resources. Contacts: Ariana Resources plc Tel: 020 7407 3616 Michael Spriggs, Chairman Kerim Sener, Managing Director Beaumont Cornish Limited Tel: 020 7628 3396 Roland Cornish Lothbury Financial Tel: 020 7011 9411 Michael Padley / Louise Davis Loeb Aron & Company Ltd Tel: 020 7628 1128 Peter Freeman / Frank Lucas Alexander David Securities Limited Tel: 020 7448 9820 Nick Bealer / David Scott Editors' note: Statement of Qualification Martin Pittuck, MIOM3, C.Eng, a Principal Resource Geologist at SRK with over 10 years experience in Mineral Resource estimation for gold deposits, has overseen the preparation of this estimate. He is considered to be a competent person for the purposes of reporting Mineral Resources in accordance with the terminology and guidelines given in the JORC Code. Sampling and Assaying Procedures Since purchasing the Tavsan Project from Odyssey Resources Limited (Odyssey), Ariana have conducted check assaying of the Odyssey core and RC chip samples. The check assaying has been used to verify the historical data and to provide a level of confidence in the historical QA/QC procedures. The close agreement between the historic and the re-assay data suggests that the data can support a JORC compliant resource estimate. About the Tavsan Prospect The Tavsan prospect is located within a cluster of ten-year renewable operating licences that form part of the Company's 100% owned Tavsan gold project in Balikesir Province, western Turkey. Tasvan lies approximately 75km to the east-north-east of the Company's Kiziltepe prospect. The prospect hosts over 4km in strike length of gold-silver bearing jasperoid across an area of at least 4km by 4km. Individual segments of jasperoid are exposed at surface for 500m and are up to 20m thick. The mineralised jasperoid is located along a low-angle thrust fault separating underlying Jurassic limestone from overlying Late Cretaceous ophiolitic rocks. Ariana acquired the Tavsan Gold Project from Odyssey Resources Limited (TSX-V: ODX) in May 2007. Teck Cominco Limited (NYSE & TSX: TCK) retains the right to a royalty of up to 2% on future gold production from the Tavsan gold project. 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 at www.arianaresources.com. Ends ---END OF MESSAGE---
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