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. AŞ. 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: 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: 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] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Ariana Resources plc via Thomson Reuters ONE