Half Yearly Report for six months to 30 June 2010

28 September 2010
AIM / PLUS Markets: AAU


               HALF-YEARLY REPORT FOR SIX MONTHS TO 30 JUNE 2010

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development  company  focused  on  Turkey,  announces  its unaudited half-yearly
results for the six months ended 30 June 2010.

Highlights:

  *         Positive economic  and environmental  scoping studies  completed for
    Kiziltepe



  *        Resource drilling programme concludes on Kiziltepe


  *        Placing completed for GBP 1,000,000 gross


  *        Post-period completion of the Red Rabbit JV agreement



Dr. Kerim Sener, Managing Director, commented:

"The  six  months  under  review  were  busy  and  exciting.  Our  plans for the
development  of the  Red Rabbit  project continue  to crystallise and activities
within  the  newly  incorporated  JV  company, Zenit Madencilik, are progressing
solidly.  Recent resource drilling at Kiziltepe was concluded on a positive note
with  vein extensions now proven beneath cover. This adds to our confidence that
the  current resource base across the project will grow from the current base of
401,000 oz gold equivalent.

In  late  March  the  Company  raised  £1,000,000  (before expenses) in order to
continue  funding  our  project  commitments  on  Red  Rabbit  and  to allow for
investments  in new project  opportunities and further  exploration. The Company
has  several exploration  initiatives underway  and we  look forward to updating
shareholders on these in due course.

In  July the Company  completed a shareholders  agreement with partners, Proccea
Construction Co. ("Proccea") of Turkey. Proccea are earning in to 50% of the Red
Rabbit  Project on the commitment of US$1.4 million towards bankable feasibility
and  environmental studies, and a further  US$ 6.6 million for the initiation of
plant  construction following  feasibility and  environmental 'green-lights'. We
are  very much  looking forward  to the  work ahead  and are  aiming to complete
feasibility of the project within a year."
CHAIRMAN'S STATEMENT

The  year began on  a high note  following the delivery  of positive independent
economic  and environmental scoping reports for  the Kiziltepe sector of the Red
Rabbit  Project.  These  studies  demonstrated  the  viability  of the envisaged
operations  at Kiziltepe. Negotiations with Proccea Construction Co. ("Proccea")
on  our Red Rabbit joint venture continued  during the period and were concluded
successfully  in early  July. During  this period,  project development  work on
Kiziltepe  continued so  as not  to lose  momentum while negotiations proceeded.
This decision proved wise as the company is now very well positioned to commence
the formal feasibility study.

In  northeastern Turkey, our  joint venture with  European Goldfields Limited on
the  Ardala  copper-gold  porphyry  project  is  progressing well, with drilling
underway  during the review period. This drilling is focused on the Ardala South
porphyry  extension and on  the high-grade Salinbas  prospect. Meanwhile, Ariana
continues its own exploration programmes in western Turkey and is in the process
of  regional target definition and follow-up.  This work will ensure the company
holds  the most  advanced and  modern exploration  datasets for this region. The
database  will  be  used  to  identify  new licence acquisition or joint venture
opportunities for the Company.

Red Rabbit Project

The  Red Rabbit Project  represents the combination  of the Kiziltepe and Tavsan
sectors  into a single integrated project.  This allows for specific operational
synergies  to be  created between  the sectors  and will  maximise the potential
return  from the project as a whole. The Company is planning for the development
of  the combined  project via  the staged  mining of  Kiziltepe and Tavsan, with
mining  commencing at the  high-grade Kiziltepe deposit  and concluding with the
mining of the low grade Tavsan deposit.

The  Company is targeting a mining  operation at Kiziltepe producing 25,000oz Au
and  350,000 oz Ag  per annum  over a  mine life  of approximately  six to seven
years. The scoping study demonstrated that cash costs of US$ 350-400/oz and that
the  total capital investment requirement is in the region of US$25 million. The
Company  is aiming  to complete  a bankable  feasibility study and environmental
impact assessment for the Kiziltepe Sector during 2011.

According  to current project development plans,  mining of the Kiziltepe sector
is  to  commence  in  2012 while  Tavsan  continues  to be developed and further
explored. Kiziltepe will involve one central open pit located at Arzu South with
satellites likely at Arzu North, Banu, Derya and Kepez. A Carbon-in-Leach plant,
containing several semi-mobile elements, is to be established. At a later stage,
following  the conclusion  of mining  at Kiziltepe,  the mobile plant components
will be moved to Tavsan for mining to commence at this location.

Reverse  Circulation (RC) resource drilling was  completed on the Derya and Banu
veins  at the  Kiziltepe sector  in order  to upgrade  the existing resources on
these  veins to the Indicated category. Some of this drilling was focused on the
far  eastern end of the Derya structure where the vein is obscured by cap rocks.
This  latter drilling  demonstrated that  the vein  is present beneath cover and
that there is potential to further build on the global resource at Kiziltepe.

Further  exploration at both Kiziltepe and Tavsan  is planned with the object of
increasing   the   combined  resource  base  to  at  least  500,000 oz.  Renewed
exploration  in the area between  Kiziltepe and Tavsan has  also begun, with the
aim of identifying further resource potential in this highly prospective region.

Ardala Project

At  the Ardala  Project, exploration  by our  European Goldfields  joint venture
company  has confirmed that porphyry Cu-Au mineralisation continues to the south
of  previously mapped and drilled outcrops. Drill-testing commenced on this area
during  the period  and results  from three  holes demonstrate the continuity of
porphyry Cu-Au mineralisation to the south. Further drilling is being considered
to further test this porphyry extension.

Approximately 1.5km to the southwest of the main Ardala porphyry, a higher-grade
gold  zone named the Salinbas prospect has been identified by rock-chip and soil
sampling.  Detailed mapping and lithological sampling has identified a 400 metre
long  zone containing breccia and mineralised host rocks with widths of 5 to 15
metres at surface. Trenching undertaken in late 2009 identified zones containing
33m at  9.6 g/t Au  and 46m at  8.3 g/t Au.  Other high-grade  but more sporadic
occurrences  are located  along strike  and parallel  to this  principal zone of
interest.  A programme of drilling commenced on  this prospect in June and seven
holes have been drilled in 2010 so far.

The  JV is  continuing to  consolidate its  ground holding  in this  part of the
Pontide  metallogenic belt and in  several newly defined areas,  with the aim of
undertaking  modern, systematic  exploration for  porphyry Cu-Au  and related Au
mineralisation.  Ariana  retains  49% of  the  JV  and  European  Goldfields  is
continuing to fund exploration and development of the JV licences.

Outlook

Ariana  remains fully  committed and  on track  to deliver  on its  objective of
establishing  a  gold-silver  mine  in  Turkey.  We  have  engaged  with Proccea
Construction  Co., who are a highly  capable management and construction team to
complement  our skills in  resource development. Following  the establishment of
our  joint venture  company with  Proccea, we  are presently  in the  process of
transferring  licences  from  our  direct  subsidiary  in  to  the joint venture
company.  At  the  same  time  we  are  due  to  formally  commence our Bankable
Feasibility   Study   and   Environmental  Impact  Assessment.  Aspects  of  the
feasibility  study are already underway including the mineral resource statement
and  processing plant designs. We are expecting to deliver the feasibility study
by the third quarter of 2011.


Michael Spriggs
Chairman

28 September 2009


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:

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
at www.arianaresources.com.

Ends


                              Ariana Resources Plc
   Unaudited condensed consolidated interim statement of comprehensive income
                     For the six months ended 30 June 2010

+------------------------------------+----+-----------+-----------+------------+
|                                    |    |6 months to|6 months to|12 months to|
|                                    |Note|    30 June|    30 June| 31 December|
|                                    |    |       2010|       2009|        2009|
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|                                    |    |      £'000|      £'000|       £'000|
+------------------------------------+----+-----------+-----------+------------+
|Continuing Operations               |    |           |           |            |
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Administrative costs                |    |      (195)|      (206)|       (425)|
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Other income                        |    |          7|         12|          18|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Operating Loss                      |    |      (188)|      (194)|       (407)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Share of loss of associates         |    |          -|          -|           -|
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Investment income                   |    |          5|          3|           5|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|Loss on ordinary activities before  |    |           |           |            |
|tax for the period                  |    |      (183)|      (191)|       (402)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Tax                                 |    |          -|          -|           -|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Loss for the period                 |    |      (183)|      (191)|       (402)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|Other comprehensive income:         |    |           |           |            |
+------------------------------------+----+-----------+-----------+------------+
|Exchange differences on translating |    |           |           |            |
|foreign operations                  |    |          4|       (40)|           1|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|Other comprehensive income for the  |    |           |           |            |
|period, net of tax                  |    |          4|       (40)|           1|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|Total comprehensive loss for the    |    |           |           |            |
|period                              |    |      (179)|      (231)|       (401)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|Loss for the period attributable to |    |           |           |            |
|Owners of the parent                |    |      (183)|      (191)|       (402)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+
|                                    |    |           |           |            |
|Total comprehensive loss            |    |           |           |            |
|attributable to:                    |    |           |           |            |
|Owners of the parent                |    |      (179)|      (231)|       (401)|
+------------------------------------+----+-----------+-----------+------------+
+------------------------------------+----+-----------+-----------+------------+


Loss per share (pence):
Basic (2) 0.09 0.41 0.27
(_____) (_____) (_____)


+----------------------------------+----+--------+------------+----------------+
|                                  |    | 30 June|30 June 2009|31 December 2009|
|                                  |Note|    2010|            |                |
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|                                  |    |   £'000|       £'000|           £'000|
+----------------------------------+----+--------+------------+----------------+
|ASSETS                            |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Non-current assets                |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Trade and other receivables       |    |     126|         126|             126|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Land, property, plant and         |(3) |        |         213|                |
|equipment                         |    |     184|            |             197|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Intangible assets                 |(4) |    4304|       3,711|           3,910|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Interest in associates            |(5b)|       -|           -|               -|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total non-current assets          |    |   4,614|       4,050|           4,233|
+----------------------------------+----+--------+------------+----------------+
+----------------------------------+----+--------+------------+----------------+
|Current assets                    |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Trade and other receivables       |    |     160|         174|             192|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Investments                       |    |      66|           -|               -|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Cash and cash equivalents         |    |    1240|         198|             908|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total current assets              |    |   1,466|         372|           1,100|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total assets                      |    |   6,080|       4,422|           5,333|
+----------------------------------+----+--------+------------+----------------+
+----------------------------------+----+--------+------------+----------------+
|Equity                            |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Called up share capital           |(6) |   2,217|       1,427|           1,709|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Share premium                     |(6) |   5,175|       4,244|           4,738|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Other reserves                    |    |     720|         720|             720|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Share options                     |    |     100|         100|             100|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Translation reserve               |    |      67|          23|              64|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Retained earnings                 |    |(2,631) |     (2,237)|         (2,448)|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total equity                      |    |   5,648|       4,277|           4,883|
+----------------------------------+----+--------+------------+----------------+
+----------------------------------+----+--------+------------+----------------+
|Liabilities                       |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|Current liabilities               |    |        |            |                |
+----------------------------------+----+--------+------------+----------------+
|Trade and other payables          |    |     432|         145|             450|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total current liabilities         |    |     432|         145|             450|
+----------------------------------+----+--------+------------+----------------+
|                                  |    |        |            |                |
|Total equity and liability        |    |   6,080|       4,422|           5,333|
+----------------------------------+----+--------+------------+----------------+
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|                ||        |       |        |       |           |        |     |
|                ||   Share|  Share|   Other|  Share|Translation|Retained|     |
|                || capital|premium|reserves|options|    reserve|earnings|Total|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|                ||        |       |        |       |           |        |     |
|                ||   £'000|  £'000|   £'000|  £'000|      £'000|   £'000|£'000|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Balance at 1    ||        |       |        |       |           |        |     |
|January 2009    ||     927|  4,282|720     |    100|         63| (2,046)|4,046|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Changes in      ||        |       |        |       |           |        |     |
|equity to 30    ||        |       |        |       |           |        |     |
|June 2009       ||        |       |        |       |           |        |     |
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Other           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |           |        |     |
|income-exchange ||        |       |        |       |       (40)|        |     |
|differences on  ||        |       |        |       |           |        |     |
|retranslation of||        |       |        |       |           |        |     |
|foreign         ||        |       |        |       |           |        |     |
|operations      ||       -|      -|       -|      -|           |       -| (40)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Loss for the    ||        |       |        |       |           |        |     |
|period          ||       -|      -|       -|      -|          -|   (191)|(191)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Total           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |       (40)|        |     |
|income          ||       -|      -|       -|      -|           |    (191|(231)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Issue of share  ||        |       |        |       |           |        |     |
|capital         ||     500|      -|       -|      -|          -|       -|  500|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Expenses offset ||        |       |        |       |          -|        |     |
|against share   ||        |       |        |       |           |        |     |
|premium         ||   -    | (38)  |       -|      -|           |       -| (38)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Balance at 30   ||        |       |        |       |           |        |     |
|June 2009       ||   1,427|  4,244|     720|    100|         23| (2,237)|4,277|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Changes in      ||        |       |        |       |           |        |     |
|equity to 31    ||        |       |        |       |           |        |     |
|December 2009   ||        |       |        |       |           |        |     |
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Other           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |           |        |     |
|income-exchange ||        |       |        |       |         41|        |     |
|differences on  ||        |       |        |       |           |        |     |
|retranslation of||        |       |        |       |           |        |     |
|foreign         ||        |       |        |       |           |        |     |
|operations      ||       -|      -|       -|      -|           |-       |   41|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Loss for the    ||        |       |        |       |           |        |     |
|period          ||       -|      -|       -|      -|          -|   (211)|(211)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Total           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |         41|        |     |
|income          ||       -|      -|       -|      -|           |   (211)|(170)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Issue of share  ||        |       |        |       |           |        |     |
|capital         ||     282|    559|       -|      -|          -|        |  841|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Expenses offset ||        |       |        |       |     -     |        |     |
|against share   ||        |       |        |       |           |        |     |
|premium         ||       -| (65)  |       -|      -|           |        | (65)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Balance at 31   ||        |       |        |       |           |        |     |
|December 2009   ||   1,709|  4,738|     720|    100|         64| (2,448)|4,883|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|                ||   Share|  Share|   Other|  Share|Translation|Retained|     |
|                || capital|premium|reserves|options|    reserve|earnings|Total|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|                ||        |       |        |       |           |        |     |
|                ||   £'000|  £'000|   £'000|  £'000|      £'000|   £'000|£'000|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Balance at 31   ||        |       |        |       |           |        |     |
|December 2009   ||1,709   |  4,738|     720|    100|         64| (2,448)|4,883|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Changes in      ||        |       |        |       |           |        |     |
|equity to 30    ||        |       |        |       |           |        |     |
|June 2010       ||        |       |        |       |           |        |     |
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Other           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |           |        |     |
|income-exchange ||        |       |        |       |          3|        |     |
|differences on  ||        |       |        |       |           |        |     |
|retranslation of||        |       |        |       |           |        |     |
|foreign         ||        |       |        |       |           |        |     |
|operations      ||       -|      -|       -|      -|           |       -|    3|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Loss for the    ||        |       |        |       |           |        |     |
|period          ||       -|      -|       -|      -|          -|   (183)|(183)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Total           ||        |       |        |       |           |        |     |
|comprehensive   ||        |       |        |       |          3|        |     |
|income          ||        |       |        |       |           |   (183)|(180)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Issue of share  ||        |       |        |       |           |        |     |
|capital         ||     508|    507|       -|      -|          -|       -|1,015|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Expenses offset ||        |       |        |       |           |        |     |
|against share   ||        |       |        |       |          -|        |     |
|premium         ||       -|   (70)|       -|      -|           |       -| (70)|
+----------------++--------+-------+--------+-------+-----------+--------+-----+
|Balance at 30   ||        |       |        |       |           |        |     |
|June 2010       ||   2,217|  5,175|     720|    100|    67     | (2,631)|5,648|
+----------------++--------+-------+--------+-------+-----------+--------+-----+

Condensed consolidated interim cash flow statement

+--------------------------------+----+-----------+-----------+----------------+
|                                |Note|6 months to|6 months to|                |
|                                |    |    30 June|    30 June|    12 months to|
|                                |    |       2010|       2009|31 December 2009|
+--------------------------------+----+-----------+-----------+----------------+
|                                |    |      £'000|      £'000|           £'000|
+--------------------------------+----+-----------+-----------+----------------+
|Cash flows from operating       |    |           |           |                |
|activities                      |    |           |           |                |
+--------------------------------+----+-----------+-----------+----------------+
|                                |    |           |           |                |
|Cash generated from operations  |(7) |      (154)|      (100)|             (1)|
+--------------------------------+----+-----------+-----------+----------------+
|                                |    |           |           |                |
|Net cash outflow from operations|    |      (154)|      (100)|             (1)|
+--------------------------------+----+-----------+-----------+----------------+
+--------------------------------+----+-----------+-----------+----------------+
+--------------------------------+----+-----------+-----------+----------------+
|Cash flows from investing       |    |           |           |                |
|activities                      |    |           |           |                |
+--------------------------------+----+-----------+-----------+----------------+
|Purchase of land, property,     |    |           |           |                |
|plant and equipment             |    |        (4)|          -|               -|
+--------------------------------+----+-----------+-----------+----------------+
|Purchase of investments         |    |       (66)|          -|               -|
+--------------------------------+----+-----------+-----------+----------------+
|Purchase of intangible assets   |    |      (394)|      (310)|           (477)|
+--------------------------------+----+-----------+-----------+----------------+
|Interest received               |    |          5|          3|               5|
+--------------------------------+----+-----------+-----------+----------------+
|Net cash used in investing      |    |           |           |                |
|activities                      |    |      (459)|      (307)|           (472)|
+--------------------------------+----+-----------+-----------+----------------+
+--------------------------------+----+-----------+-----------+----------------+
|Cash flows from financing       |    |           |           |                |
|activities                      |    |           |           |                |
+--------------------------------+----+-----------+-----------+----------------+
|Proceeds from issue of share    |    |           |           |                |
|capital                         |    |        945|        462|           1,238|
+--------------------------------+----+-----------+-----------+----------------+
|Net cash proceeds from financing|    |           |           |                |
|activities                      |    |        945|        462|           1,238|
+--------------------------------+----+-----------+-----------+----------------+
+--------------------------------+----+-----------+-----------+----------------+
|Net increase in cash and cash   |    |           |           |                |
|equivalents                     |    |        332|         55|             765|
+--------------------------------+----+-----------+-----------+----------------+
|Cash and cash equivalents at    |    |           |           |                |
|beginning of period             |    |        908|        143|             143|
+--------------------------------+----+-----------+-----------+----------------+
|                                |    |           |           |                |
|Cash and cash equivalents at end|    |           |        198|                |
|of period                       |    |      1,240|           |             908|
+--------------------------------+----+-----------+-----------+----------------+
|                                |    |           |           |                |
+--------------------------------+----+-----------+-----------+----------------+




                              Ariana Resources Plc
        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010
 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.

The  unaudited consolidated interim financial statements are presented in Pounds
Sterling  (£),  which  is  the  parent  company's  functional  and  presentation
currency,  and  all  values  are  rounded  to  the nearest thousand except where
otherwise indicated.

The  financial information  set out  in this  interim report does not constitute
statutory  accounts as  defined in  Section 435 of  the Companies  Act 2006. The
Group's  statutory financial  statements for  the year  ended 31 December 2009,
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 489(2)-(3) of the Companies Act 2006.
1(a). Basis of preparation


The  Financial Statements are for the six months ended 30 June 2010. They do not
include  all the information  required for full  annual financial statements and
should be read in conjunction with the audited consolidated financial statements
of  the Group  for the  year ended  31 December 2009, which  were prepared under
International  Financial Reporting Standards ("IFRS") as adopted by the European
Union ("EU").

The  financial information is prepared under  the historical cost convention and
in  accordance with the recognition  and measurement principles contained within
IFRS as endorsed by the EU.

The  comparative amounts in  the Financial Statements  include extracts from the
Company's  consolidated  financial  statements  for  the  year ended 31 December
2009. These  extracts do not constitute statutory accounts within the meaning of
Section 435 of the Companies Act 2006.

Standards and amendments to existing standards effective 1 January 2009

The  following standards, amendments and interpretations, which became effective
in 2009, are of relevance to the Group:
Applicable for years
Standard/interpretation Content beginning on/after
IAS 1 Presentation of financial statements 1 January 09
IFRS 7 Amendment: Improving disclosures about financial instruments 1 January 09
IFRS 8 Operating segments 1 January 09


Adoption of IAS 1, 'Presentation of financial statements
A  revised version of  IAS 1 was issued  in September 2007. The revised standard
prohibits  the presentation of items of income and expenses (that is, 'non-owner
changes  in equity') in the statement of changes in equity, requiring 'non-owner
changes  in equity' to be presented separately from owner changes in equity in a
statement  of  comprehensive  income.  As  a  result,  the Group presents in the
consolidated  statement of  changes in  equity all  owner changes in equity; all
non-owner  changes  in  equity  are  presented  in the consolidated statement of
comprehensive  income.  The  adoption  of  this  revised  standard  impacts only
presentation  aspects; therefore,  it has  no impact  on profit  or earnings per
share.

Adoption   of  Amendment  to  IFRS  7, 'Improving  disclosures  about  financial
instruments'
The  IASB published amendments  to IFRS 7 in  March 2009. The amendment requires
enhanced  disclosures  about  fair  value  measurements  and  liquidity risk. In
particular,  the  amendment  requires  disclosure  of fair value measurements by
level  of a three-level  fair value measurement  hierarchy. In addition to that,
the amendment clarifies that the maturity analysis of liabilities should include
issued  financial guarantee contracts at the  maximum amount of the guarantee in
the  earliest  period  in  which  the  guarantee  could  be called; and secondly
requires disclosure of remaining contractual maturities of financial derivatives
if  the contractual maturities are essential  for an understanding of the timing
of  the cash flows. The entity has  to disclose a maturity analysis of financial
assets it holds for managing liquidity risk, if that information is necessary to
enable  users of its financial  statements to evaluate the  nature and extent of
liquidity  risk. The adoption of the amendment results in additional disclosures
but does not have an impact on profit or earnings per share.

Adoption of IFRS 8, 'Operating segments'
IFRS 8 replaces IAS 14, 'Segment reporting', and is effective for annual periods
beginning  on or after  1 January 2009. The new  standard requires a 'management
approach',  under which segment  information is presented  on a similar basis to
that  used for internal reporting purposes. The effects of adoption by the Group
are disclosed in note 3.

Adoption of 'Improvements to IFRS' (issued in May 2008)
The  Improvements project  contains numerous  amendments to  IFRS that  the IASB
considers  non-urgent but necessary. 'Improvements  to IFRS' comprise amendments
that  result in accounting changes  for presentation, recognition or measurement
purposes, as well as terminology or editorial amendments related to a variety of
individual  IFRS  standards.  Most  of  the  amendments are effective for annual
periods  beginning on or after 1 January 2009. No material changes to accounting
policies arose as a result of these amendments.

Standards, amendments and interpretations to existing standards that are not yet
effective and have not been adopted early by the Group

Applicable for years
Standard/Interpretation Content beginning on/after
IFRS 3 Business combinations 1 July 2009
IFRS 9 Financial instruments: Classification and measurement 1 January 2011
IAS 24* Related party disclosures 1 January 2011
IAS 32* Classification of rights issues 1 February 2010
IAS 39* Financial instruments: Recognition and measurement -
Eligible hedged items 1 July 2009
IFRS 1* First-time adoption of International Financial Reporting
Standards 1 July 2009
Amendment:
IFRS 1* Additional exemptions for first-time adopters 1 January 2010
Amendment:
IFRS 2* Group cash-settled share-based payment transactions 1 January 2010
IAS 27* Consolidated and separate financial statements 1 July 2009
IFRIC 17* Distribution of non-cash assets to owners 1 July 2009
IFRIC 18* Transfers of assets from customers 1 July 2009

*Not expected to be relevant to the Group.

IFRS   3, 'Business   combinations'   (revised   2008; effective   for  business
combinations  for which the acquisition date is on or after the beginning of the
first  annual reporting period  beginning on or  after 1 July 2009). The revised
standard  continues to  apply the  acquisition method  to business combinations,
with  some significant changes. For example, all payments to purchase a business
are  to  be  recorded  at  fair  value  at the acquisition date, with contingent
payments   classified  as  debt  subsequently  re-measured  through  the  income
statement.  There is a choice on  an acquisition-by-acquisition basis to measure
the  non-controlling interest  in the  acquiree either  at fair  vale or  at the
non-controlling interest's proportionate share of the acquiree's net assets. All
acquisition-related  costs should be expensed. The  Group will apply the revised
standard prospectively to all business combinations from 1 January 2010.

IFRS  9, 'Financial  instruments:  Classification  and  measurement' In November
2009, the  Board issued the first part  of IFRS 9 relating to the classification
and  measurement of financial assets. IFRS 9 will ultimately replace IAS 39. The
standard requires an entity to classify its financial assets on the basis of the
entity's  business model for  managing the financial  assets and the contractual
cash  flow characteristics of the financial asset, and subsequently measures the
financial  assets as either at amortised cost or fair value. The new standard is
mandatory for annual periods beginning on or after 1 January 2013.

Improvements  to IFRS' (issued in  April 2009) The improvements project contains
numerous  amendments to IFRS  that the IASB  considers non-urgent but necessary.
'Improvements to IFRS' comprise amendments that result in accounting changes for
presentation,  recognition or  measurement purposes,  as well  as terminology or
editorial  amendments related to a variety of individual IFRS standards. Most of
the  amendments are effective for annual periods beginning on or after 1 January
2010 respectively,  with earlier  application permitted.  No material changes to
accounting policies are expected as a result of these amendments.

In  2009, the Group did not early adopt any  new or amended standards and do not
plan to early adopt any of the standards issued not yet effective.

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.
                              Ariana Resources Plc

        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010
2. Loss per share


The  calculation of basic  loss per share  is based on  the loss attributable to
ordinary  shareholders of  £183,000 divided  by the  weighted average  number of
shares in issue during the period 196,714,041 in issue.

3. Land, property, plant and equipment


+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Six months ended 30 June 2009                | £'000 |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Opening net book amount 1 January 2009       | 230   |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Additions                                    | -     |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Depreciation, impairment and other movements | (17)  |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Closing net book amount 30 June 2009         | 213   |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Six months ended 31 December 2009            |       |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Opening net book amount 1 July 2009          | 213   |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Additions                                    |       |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Depreciation, impairment and other movements | (16)  |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Closing net book amount 31 December 2009     | 197   |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Six months ended 30 June 2010                |       |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Opening net book amount 1 January 2010       | 197   |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Additions                                    | 4     |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Depreciation, impairment and other movements | (17)  |
+----------------------------------------------+-------+
+----------------------------------------------+-------+
| Closing net book amount 30 June 2010         | 184   |
+----------------------------------------------+-------+

                              Ariana Resources Plc
        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010
4. Additions and disposals of intangible assets


Exploration, evaluation and development of mineral resources

+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Six months ended 30 June 2009            | £'000 |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Opening net book amount 1 January 2009   | 3,401 |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Additions                                | 310   |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Closing net book amount 30 June 2009     | 3,711 |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Six months ended 31 December 2009        |       |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Opening net book amount 1 July 2009      | 3,711 |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Additions                                | 199   |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Closing net book amount 31 December 2009 | 3,910 |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Six months ended 30 June 2010            |       |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Opening net book amount 1 January 2010   | 3,910 |
+------------------------------------------+-------+
+------------------------------------------+-------+
| Additions                                | 394   |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+
| Closing net book amount 30 June 2010     | 4,304 |
+------------------------------------------+-------+
+------------------------------------------+-------+
+------------------------------------------+-------+


                              Ariana Resources Plc
        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010

5(a). Fixed asset investments in wholly owned subsidiaries

The  Company's investments at the balance  sheet date comprise 100% ownership of
the ordinary share capital of the following companies:

Subsidiaries Country of incorporation Nature of business

Ariana Exploration & Development Limited United Kingdom Exploration

Portswood Resources Limited British Virgin Islands Holding company

Galata Madencilik San. ve Tic. Ltd. Turkey Exploration

5(b). Interest in associates

Ariana  Exploration & Development Limited investments  at the balance sheet date
comprise 49% ownership of the ordinary share capital of the following companies:

Associates Country of incorporation Nature of business

Greater Pontides Exploration B.V. Netherlands Holding company

Pontid Madencilik San. ve Tic. Ltd. Turkey Exploration

Pontid Altin Madencilik Ltd. Turkey Exploration


Greater  Pontides Exploration B.V. was created in the Netherlands. This company,
along  with its wholly owned subsidiaries -  Pontid Madencilik San. ve Tic. Ltd.
and Pontid Altin Madencilik Ltd., private companies incorporated in Turkey - was
established  with  European  Goldfields  Limited  as  part  of the Joint Venture
agreement  on the  Ardala Project.  Ariana Exploration  & Development Limited, a
fully  owned  subsidiary  of  the  Group  holds  49% of  the ordinary shares and
European  Goldfields Limited,  the other  party to  the joint venture, holds the
remaining  51% of  the  ordinary  shares.  The Greater Pontides Exploration B.V.
Group  is  treated  as  an  Associate  investment  for  purposes  of  the  Group
consolidation  as the Group  has a significant  influence over the financial and
operating policy decisions but not control or joint control over these policies.

The  Group's  share  of  the  adjusted  loss,  converted into Sterling, has been
included  in the Consolidated Statement of Comprehensive Income, and amounted to
£nil (2009: £nil).




6. Called up share capital and share premium


Authorised share capital of the company is 500,000,000 ordinary shares at 1
pence each.

Details of issued capital are as follows:

+--------------------------------------------------+-----------+-------+-------+
|                                                  |  Number of|Nominal|Share  |
|                                                  |     shares|Value  |Premium|
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|At 1 January 2009                                 | 92,855,078|927    |4,282  |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|Shares issued in period (net of expenses) for cash| 50,000,000|500    |(38)   |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|Balance at 30 June 2009                           |142,855,078|1,427  |4,244  |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|Shares issued in period (net of expenses) for cash| 28,194,161|282    |494    |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|At 31 December 2009                               |171,049,239|1,709  |4,738  |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|Shares issued in period (net of expenses) for cash| 50,684,862|508    |437    |
+--------------------------------------------------+-----------+-------+-------+
+--------------------------------------------------+-----------+-------+-------+
|Balance at 30 June 2010                           |221,734,101|2,217  |5,175  |
+--------------------------------------------------+-----------+-------+-------+


                         Ariana Resources Plc
            Notes to the unaudited consolidated financial statements
For the six months ended 30(th) June 2010
6. Called up share capital and share premium - continued


On  the 14(th) January 2009 the Company issued 50,000,000 new ordinary 1p shares
for  a total consideration of £500,000. The associated issue costs, amounting to
£38,000 have been charged against the share premium reserve account.

On  the 7(th) August 2009 the  Company issued 855,216 new  ordinary 1p shares to
directors and staff for a total consideration of £19,500.

On  the  14(th) September  2009 the  Company  issued 26,666,667 new ordinary 1p
shares  for  a  total  consideration  of  £800,000.  The associated issue costs,
amounting  to  £63,000  have  been  charged  against  the  share premium reserve
account.

On  the 31(st) March  2010 the Company  issued 50,000,000 new ordinary 1p shares
for  a total consideration of £1,000,000.  The associated issue costs, amounting
to £70,000 have been charged against the share premium reserve account.

During  April &  May 2010 the  Company issued  378,940 new ordinary 1p shares to
staff and certain consultants for a total consideration of £10,500.

28,451,000 warrants  were issued in June 2009, and  at the period end 978,200 of
these  had been  exercised resulting  in the  issue of  978,200 new ordinary 1p
shares at a price of 3p per share for a total consideration of £32,344.

Potential issue of ordinary shares
Share options and warrants

At  the( )30(th) June 2010 the company  had options and warrants outstanding for
the issue of ordinary shares as follows:

Options Exercisable Exercisable Exercise Number Number at
Date of From To Price Granted at 310 June
Grant 2009

19(th) July 2005 19(th) July 2005 19(th) July 2015 8.8p 2,105,869 2,105,869

19(th) July 2005 19(th) July 2005 19(th) July 2015 8.8p 65,131 65,131

22(nd) August 2005 22(nd) August 2005 22(nd) August 2015 13p 870,000 870,000

22(nd) August 2005 22(nd) August 2005 22(nd) August 2015 13p 100,000 100,000

1(st) September 2006 1(st) September 2006 1(st) September
2016 13p 300,000 300,000
Total 3,441,000 3,441,000
Warrants

28(th) July 2005 28(th) July 2005 28(th) July 2010 15.5p 64,516 64,516

28(th) July 2005 28(th) July 2005 28(th) July 2010 12p 471,466 471,466

21(st) November 2007 21(st) November 2007 20(th) November
2010 8p 8,108,900 8,108,900

1(st) April 2008 1(st) April 2008 1(st) April 2013 13p 3,000,000 3,000,000

25(th) July 2008 25(th) July 2008 25(th) September 2012 8p 608,168 608,168

14(th) January 2009 14(th) January 2009 13(th) January
2013 1p 12,300,000 12,300,000

Total 24,553,050 24,553,050

Total Contingently Issuable shares 27,994,050 27,994,050





                               Ariana Resources Plc
        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010

7. NOTES TO THE CASH FLOW STATEMENT

Cash generated from Group operations

The  following non-cash flow  adjustments have been  made to the pre-tax results
for the period to arrive at cash generated from Group operations.

                                                 6 months  6 months   12 months
                                                  30 June   30 June 31 December
                                                2010      2009      2009

                                                £'000     £'000     £'000


Operating loss for the period                   (188)     (194)     (407)

Adjusted for:


Depreciation                                    17        17        1


Operating income before working capital changes

Change in trade and other receivables           31        128       110

Change in trade and other payables              (18)      (11)      294

Foreign exchange differences                    4         (40)      1

                                                (_______) (_______) (_______)

Cash generated from Group operations            (154)     (100)     (1)

                                                (_______) (_______) (_______)


                               Ariana Resources PLC
        Notes to the unaudited consolidated interim financial statements
                     For the six months ended 30 June 2010

Information

Directors

M J Spriggs
A K Sener
M J de Villiers
W J B Payne

Secretary
M J de Villiers

Registered Office
Bridge House
London Bridge
London SE1 9QR

Registered number 05403426

Auditors
Grant Thornton UK LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP

Bankers
HSBC
186 Broadway
Didcot
Oxfordshire OX11 8RP

Solicitors
Cobbetts LLP
Ship Canal House
King Street
Manchester M2 4WB

Brokers
Loeb Aron & Co Limited
Georgian House
63 Coleman Street
London EC2R 5BB

Alexander David Securities Limited
60 Lombard Street
London EC3V 9EA

Nominated Advisor
Beaumont Cornish Limited
2(nd) Floor, Bowman House
29 Wilson Street
London EC2R 7DE
Registrars
Computershare Investor Services Plc
P O Box 82
The Pavilions
Bridgewater Road
Bristol
BS99 7NH





[HUG#1447153]








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Source: Ariana Resources plc via Thomson Reuters ONE