Key JV Milestone Completed

20 October 2010
AIM / PLUS Markets: AAU


                           KEY JV MILESTONE COMPLETED

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development  company focused on Turkey, is pleased to announce the completion of
licence  transfers  to  the  Red  Rabbit  joint  venture  ("JV")  company, Zenit
Madencilik San. ve Tic. AÅž.

Highlights:

  * Seven operating and one exploration licence transferred to the JV company


  * JV  company initial capitalisation following  transfers to be TL 7.5 million
    (approx. US$ 5.25 million)


  * US$ 500,000 good-will payment released from escrow to the Company


  * Feasibility and environmental studies to conclude Q3 2011



Dr. Kerim Sener, Managing Director, commented:

"The  transfer of the Red  Rabbit project licences from  our subsidiary to Zenit
Madencilik  represents the completion of a critical JV milestone.  The transfers
will  now enable capitalisation  of our joint  venture with Proccea Construction
Co.   Proccea are to formally commence their  earn-in to the JV company pro-rata
to  the capital  contributions that  they make  as part  of Phase 1 of the joint
venture.   Within the project development schedule, Phase 1 includes feasibility
and environmental studies, which are due to run to the third quarter of 2011.

Ariana  will be putting  the US$ 500,000 good-will  payment from Proccea to good
use  in  furthering  our  exploration  programmes  in  western Turkey and in the
establishment  of  new  exploration  initiatives  elsewhere in the country.  The
company  has been focused recently on  exploration across the Red Rabbit project
area  and  is  currently  expanding  its  exploration  programme  to cover other
prospective parts of western Turkey."
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]

 Peter Freeman / Frank Lucas


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
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.

Ends





[HUG#1453242]








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Source: Ariana Resources plc via Thomson Reuters ONE