Half-yearly report

24 September 2007
AIM / PLUS Markets: AAU

            INTERIM REPORT FOR SIX MONTHS TO 30 JUNE 2007

Ariana  Resources  plc   ("Ariana"  or  "the   Company"),  the   gold
exploration company  focused on  Turkey, today  released its  interim
report for the six months ended June 30, 2007.

Highlights:


  * 135,000 oz JORC resource established on Arzu South, Kiziltepe
    prospect
  * Exclusivity agreement on the 130,000 oz Tavsan gold project
  * Successful drill-testing of the Kinik prospect
  * Board restructured and enhanced


Post Period:


  * Positive metallurgical results for Arzu South, Kiziltepe prospect
  * Drilling recommenced at the Sindirgi gold project
  * Acquisition of the Ardala Cu-Au porphyry prospect
  * Shares admitted to PLUS markets, in addition to existing quote on
    AIM


Michael Spriggs, Chairman, commented:

"Our   strategy   through   a   process   of   regional   opportunity
identification and intelligent  exploration, is  to define  resources
that can be developed rapidly into profitable gold mines in Turkey.
The objective is to achieve an aggregate resource of 1 million ozs of
gold (Au).

"With 135,000  oz  Au equivalent  defined  to date  at  our  flagship
Kiziltepe prospect  and, with  additional resource  potential in  the
vicinity, we  expect before  long  to reach  our baseline  target  of
250,000 oz Au.  Phase Two drilling at the Kiziltepe prospect, coupled
with the possible  purchase of  the 130,000 oz  Tavsan project,  will
help establish  the foundations  of a  viable resource  base for  the
Company.

"We are  determined  to capitalise  on  our 'first  mover'  advantage
through the establishment of an economic resource at Kiziltepe,  from
which a small gold producing operation  may be initiated.  With  this
in mind, the Company will pursue a formal scoping study for Kiziltepe
at the end of the year, from which our options for the development of
the prospect will be clarified."


For further information, please contact:


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

Beaumont Cornish Limited         Tel: [phone]
Roland Cornish

Bankside Consultants             Tel: [phone]
Michael Padley / Louise Davis

City Capital Corporation Limited Tel: [phone]
Charles Dampney

King & Shaxson Capital Limited   Tel: [phone]
Nick Bealer


CHAIRMAN'S STATEMENT:

During the six  months to  the 30th  June 2007  Ariana continued  its
exploration and  resource development  strategy in  the WAVE  Project
Area and advanced its generative exploration programmes.  The Company
has also undergone corporate and management streamlining in both  the
UK and Turkey to increase efficiency.  Our activity during the period
can be summarised as follows:

WAVE Project Area

The Company  has dedicated  much  of its  exploration effort  to  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.  Ariana  is exploring three  principal projects within  the
WAVE Province: Sindirgi, Ivrindi and Demirci.  The region surrounding
these projects  is named  the WAVE  Project Area,  with our  base  of
operations at Sindirgi located strategically at its core.

Sindirgi exhibits many of  the hallmarks of  a potential one  million
ounce gold system, containing over 45km of mapped gold-silver bearing
epithermal  quartz  veins  and  widespread  alteration  across   four
prospect areas,  including our  flagship  Kiziltepe prospect.    This
prospect hosts at  least 20km  in strike length  of silver-rich  gold
bearing quartz veins across an area of at least 3km by 1km.

The majority of exploration work to date at Kiziltepe has focused  on
the Arzu vein system, which represents approximately 5% of the mapped
veins on the prospect.   Previous intersections  on Arzu include  7.5
g/t Au over  10.5m and 13.1  g/t Au over  6.6m.  Other  veins on  the
Kiziltepe prospect have yielded positive surface and drilling results
including 4.62 g/t  Au over  2.0m from Banu  Vein, 2.90  g/t Au  over
10.5m from Vein 4 and 2.45 g/t Au over 9.5m from Aybor Vein.   Silver
grades at the prospect range from 25  to 250 g/t Ag, which boost  the
gold equivalent  grade by  0.5g/t to  5g/t and  enhance the  economic
fundamentals of the project significantly.

Independent technical consultants  SRK (UK) Limited  have prepared  a
JORC-compliant mineral  resource  estimate  of  135,000  ounces  gold
equivalent on the Arzu vein, based on cut-off grade of 3 g/t Au and a
modelled depth limit  of approximately 125m  (see News Release  dated
10/05/06).  The  calculated grade  of the mineralisation  on Arzu  is
approximately 6 g/t of gold and 2 g/t of gold equivalent of silver.
Post period, Ariana announced  encouraging metallurgical results  for
Arzu 'ore',  with  very high  gold  and silver  recoveries,  and  the
recommencement of drilling at the Kiziltepe prospect.

Elsewhere  within  the  WAVE  Project  Area,  Ariana  has   continued
exploration activity  and drill-testing  at the  Ivrindi and  Demirci
gold projects, in addition to commencing due diligence of the  Tavsan
gold project.    The  latter  contains  an  NI43-101  compliant  gold
resource of 130,000 oz and Ariana is considering the purchase of this
project from its current owners, Odyssey Resources Limited.

Generative Exploration

In  eastern  Turkey,  Ariana  continued  its  generative  exploration
programmes in the three months prior  to the start-up of drilling  in
western Turkey.    This  work culminated  in  the  acquisition,  post
period, of the Ardala Cu-Au porphyry prospect in July.  This  project
represents an advanced exploration opportunity for the Company and  a
focus  for  further  exploration  activity  in  the  Artvin  area  of
northeastern  Turkey.    Discussions  with  potential  joint  venture
partners  are  underway  on   this  project  and  other   exploration
properties that we hold under licence in eastern Turkey.

Testing of  the Company's  pipeline of  drill-targets, which  include
four additional  gold  prospects,  will also  be  necessary  and  our
exploration properties,  which  total  1,820 km2,  also  need  to  be
investigated further.  As a  means of progressing our exploration  on
several fronts, we are assessing several potential partnerships  with
international companies.


Corporate

In March 2007, we announced that Steven Poulton had stepped down from
the Board.  Following his  departure, the Board was restructured  and
our  Exploration  Director,  Dr.   Kerim  Sener  appointed   Managing
Director.  At  the same  time, Michael Spriggs  took on  the role  of
interim  Executive  Chairman  and  William  Payne  was  appointed  as
part-time CFO.

Post period, the Company admitted its shares for trading on the  PLUS
markets to help improve liquidity and exposure of the Company to  the
investment community in London.  Following its Annual General Meeting
in August, the  Company changed  its primary broker  to City  Capital
Corporation Limited.

Outlook

In August 2007,  we announced  the commencement of  a 6,000m  reverse
circulation drilling programme with 40 holes planned at the Kiziltepe
prospect.  The  programme has  been designed  to test  the depth  and
grade continuity  of seven  veins and  to increase  the initial  JORC
compliant gold  resource of  135,000 oz  Au equivalent  for the  Arzu
Vein.

Following the  establishment  of  an increased  resource  we  aim  to
capitalise on our 'first mover' advantage at Kiziltepe by  commencing
a formal scoping study towards the end  of the year.  This will  help
identify our options  for the economic  development of the  prospect,
and will form the basis of an enhanced strategy of resource growth in
the WAVE Project Area.

During the period  Ariana has successfully  completed its  transition
from greenfields  explorer to  resource  developer.   It is  now  the
intention to establish an economic resource at Kiziltepe and to  join
the ranks of producers in as short a timeframe as possible.


Michael Spriggs
Chairman

24 September 2007


Editors' note:

About Ariana Resources

Ariana is a dynamic exploration company focused on the discovery  and
development  of  epithermal  gold-silver  and  porphyry   copper-gold
deposits  with  multi-million  ounce  potential  within  the  Tethyan
metallogenic belt  of  Turkey.    The  Company  has  a  portfolio  of
prospective licences covering 1,820km2, selected on the basis of  its
advanced in-house remote sensing database.

The Company's flagship  asset is  the 235km2  Sindirgi Gold  Project,
which targets a  series of prospects,  within a prolific  mineralised
district  in  western  Turkey.    The  project  hosts  over  45km  of
gold-silver bearing epithermal quartz veins.

City Capital Corporation Limited and  King & Shaxson Capital  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

Consolidated interim statement of changes in equity
For the year ended 31 December 2006 and the six months ended 30  June
2007

                     Share   Share  Merger Translation Retained
                   capital premium reserve     reserve earnings Total
                     £,000   £,000   £,000       £,000    £,000 £,000

Balance at 31
December 2005          315     966     720           -    (636) 1,365

Changes in equity
to 30 June 2006
Loss for the
period                   -       -       -           -    (198) (198)

Total recognised
income and
expenditure for
the period               -       -       -           -    (198) (198)

Issue of share
capital                154   1,846       -           -        - 2,000
Expenses offset
against share
premium                  -    (65)       -           -        -  (65)

Balance at 30 June
2006                   469   2,747     720           -    (834) 3,102

Changes in equity
to 31 December
2006
Exchange
differences on
retranslation of
foreign operations       -       -       -        (11)        -  (11)
Loss for the
period                   -       -       -           -    (157) (157)

Total recognised
income and
expenditure for
the period               -       -       -        (11)    (157) (168)

Issue of share
capital                  1       8       -           -        -     9
Expenses offset
against share
premium                  -    (17)       -           -        -  (17)
Share based
payments                 -       -       -           -        7     7
Balance at 31
December 2006          470   2,738     720        (11)    (984) 2,933




                     Share   Share  Merger Translation Retained
                   capital premium reserve     reserve earnings Total
                     £,000   £,000   £,000       £,000    £,000 £,000
Balance at 31
December 2006          470   2,738     720        (11)    (984) 2,933

Changes in equity
to 30 June 2007
Exchange
differences on
retranslation of
foreign operations       -       -       -          13        -    13
Loss for the
period                   -       -       -           -    (229) (229)
Total recognised
income and
expenditure for
the period               -       -       -          13    (229) (216)

Balance at 30 June
2007                   470   2,738     720           2  (1,213) 2,717



Consolidated balance sheet
As at 30 June 2007


                                                          31 December
                                30 June 2007 30 June 2006        2006
                           Note    Unaudited    Unaudited   Unaudited
                                       £,000        £,000       £,000
ASSETS
Non-current assets
Property, plant and
equipment                   (4)           57           41          42
Intangible assets           (5)        1,641          689       1,297

Total non-current assets               1,698          730       1,339

Current assets
Trade and other
receivables                              308          113         252
Cash and cash equivalents                888        2,313       1,547
Total current assets                   1,196        2,426       1,799
Total assets                           2,894        3,156       3,138

EQUITY
Issued capital              (6)          470          469         470
Share premium               (6)        2,738        2,747       2,738
Other reserves                           720          720         720
Translation reserve                        2            -        (11)
Retained earnings                    (1,213)        (834)       (984)
Total equity                           2,717        3,102       2,933

Current liabilities
Trade and other payables                 177           54         205

Total current liabilities                177           54         205

Total equity and liability             2,894        3,156       3,138



Consolidated interim income statement
For the six months ended 30 June 2007


                                 6 months to 6 months to 12 months to
                                     30 June     30 June  31 December
                                        2007        2006         2006
                            Note   Unaudited   Unaudited    Unaudited
                                       £,000       £,000        £,000

Administrative costs                   (256)       (213)        (424)
Investment income                         27          15           69

Loss before tax                        (229)       (198)        (355)
Income tax expense                         -           -            -

Loss for the period                    (229)       (198)        (355)

Earnings per share:
Basic and diluted loss per
share (pence)                           0.49        0.55         0.86


Consolidated interim cash flow statement
For the six months ended 30 June 2007


                                 6 months to 6 months to 12 months to
                                     30 June     30 June  31 December
                                        2007        2006         2006
                            Note   Unaudited   Unaudited    Unaudited
                                       £,000       £,000        £,000
Cash flows from operating
activities
Loss for the period                    (256)       (213)        (424)
Adjustments for:
  Depreciation and
amortisation of non-current
assets                                     2           5            6
  Share based payments                     -           -            7
  Increase/decrease in
trade and other receivables             (43)          18        (119)
  Increase in trade
payables                                (28)        (14)          137
Net cash outflow from
operations                             (325)       (204)        (393)

Cash flows from investing
activities
Purchase of property, plant
and equipment                           (17)        (18)         (26)
Payments for intangible
assets                                 (344)       (186)        (788)
Interest received                         27          15           56
Net cash used in investing
activities                             (334)       (189)        (758)

Cash flows from financing
activities
Proceeds from issue of
share capital                              -       1,935        1,927

Net cash proceeds from
financing activities                       -       1,935        1,927

Net increase/decrease in
cash and cash equivalents              (659)       1,542          776
Cash and cash equivalents
at beginning of period                 1,547         771          771
Cash and cash equivalents
at end of period                         888       2,313        1,547


           Notes to the consolidated financial statements
                For the six months ended 30 June 2007


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
below. 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 2006, prepared under  UK GAAP, 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.

Copies of this  report are  available from  the Companies  registered
office at Bridge  House, London Bridge,  London, United Kingdom,  SE1
9QR or the company's website:
www.arianaresources.com.


2. Basis of preparation

Prior to 2007,  the Group prepared  its audited financial  statements
and  unaudited  interim  financial  statements  under  UK   Generally
Accepted Accounting principles  (UK GAAP). From  1 January 2007,  the
Group is required to prepare annual consolidated financial statements
in accordance with International Financial Reporting Standards (IFRS)
as adopted  by the  European Union.   As  the 2007  annual  financial
statements will include  comparatives for 2006,  the Group's date  of
transition to  IFRS is  1  January 2006  with the  2006  comparatives
restated to IFRS.  Thus these  interim financial  statements for  the
period ended  30  June  2007  have  been  prepared  by  applying  the
recognition and  measurement provisions  of IFRS  and the  accounting
policies to be adopted for the  annual accounts.  These policies  are
summarised in note 3 below.

An exercise to assess the full impact that the change to IFRS has had
on the  Group's  reported  equity,  reported  losses  and  accounting
policies, has been completed. In  preparing its opening IFRS  balance
sheet,  the  Group  has  adjusted  amounts  reported  previously   in
financial statements prepared in  accordance with its previous  basis
of accounting (UK GAAP).  Adoption of IFRS resulted in no changes  in
the reported  numbers  from  UK  GAAP,  and  no  reconciliations  are
therefore presented.

The financial information  for the  twelve months  ended 31  December
2006 has been derived from  the group's audited financial  statements
for the period as filed with the Registrar of Companies and  adjusted
for the  transition to  IFRS. 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  2006  was
unqualified and did not contain any statement under Section 237(2) or
(3) of the Companies Act 1985.

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.


3. 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 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.
Operating expenses  are  recognised  in  the  income  statement  upon
utilization of the service or at  the date of their origin.  Interest
received is  recognised using  the  effective interest  method  which
calculates the amortised cost of a financial asset and allocates  the
interest income over the relevant period. 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. All  other income  and expenses  are
reported on an accrual basis.

Foreign currency translation


  * Functional and presentation currency

    Items included in the financial statements of each of the Group's
    entities are measured using the currency of the primary economic
    environment in which the entity operates (the 'functional
    currency').  The consolidated financial statements are presented
    in Sterling, which is the Group's presentation currency.



  * Transactions and balances

    Foreign currency transactions are translated into the functional
    currency using the exchange rates prevailing at the dates of the
    transactions.  Foreign exchange gains and losses resulting from
    the settlement of such transactions and from the translation at
    year end exchange rates of monetary assets and liabilities
    denominated in foreign currencies are recognised in the income
    statement.



  * Group companies

    The results and financial position of all the Group entities
    (none of which has the currency of a hyperinflationary economy)
    that have a functional currency different from the presentation
    currency are translated into the presentation currency as
    follows:




  * assets and liabilities for each balance sheet presented are
    translated at the closing rate at the date of that balance sheet;



  * income and expenses for each income statement are translated at
    average exchange rates (unless this average is not a reasonable
    approximation of the cumulative effect of the rates prevailing on
    the transaction dates, in which case income and expenses are
    translated at the dates of the transaction); and



  * all resulting exchange differences are recognised as a separate
    component of equity.  On consolidation, exchange differences
    arising from the translation of monetary items receivable from
    foreign subsidiaries for which settlement is neither planned nor
    likely to occur in the foreseeable future are taken to
    shareholders' equity.  When a foreign operation is sold, such
    exchange differences are recognised in the income statement as
    part of the gain or loss on sale.

Property, plant and equipment

Property, plant and  equipment are  stated at  cost less  accumulated
depreciation and any accumulated impairment losses.

Depreciation is charged so as to  write off the cost or valuation  of
assets over  their estimated  useful lives,  using the  straight-line
method. The estimated useful lives, residual values and  depreciation
method are reviewed at each year end, with the effect of any  changes
in estimate accounted for on a prospective basis.

The gain or loss arising on the disposal or retirement of an item  of
property, plant and equipment is determined as the difference between
the sales  proceeds and  the  carrying amount  of  the asset  and  is
recognised in the income statement.

Intangible assets

Intangible assets represent the cost  of acquisition by the Group  of
rights,  licences  and  know  how.  Such  expenditure  requires   the
immediate write-off of exploration  and development expenditure  that
the Directors do  not consider to  be supported by  the existence  of
commercial reserves.

All costs  associated with  mineral exploration  and investments  are
capitalised on a project-by-project  basis, pending determination  of
the feasibility of  the project. Costs  incurred include  appropriate
technical and administrative expenses  but not general overheads.  If
an exploration project is  successful, the related expenditures  will
be transferred to mining assets and amortised over the estimated life
of the commercial ore reserves on a unit of production basis. Where a
licence is relinquished or a project abandoned, the related costs are
written off. Where the Group maintains an interest in a project,  but
the value of the  project is considered to  be impaired, a  provision
against the relevant capitalised costs will be raised.

The recoverability  of  all  exploration  and  development  costs  is
dependent upon the  discovery of  economically recoverable  reserves,
the ability of the  Group to obtain  necessary financing to  complete
the development  of  reserves  and future  profitable  production  or
proceeds from the disposition thereof.

Impairment of tangible and intangible assets

At each balance sheet date, the Group reviews the carrying amounts of
its tangible and intangible assets to determine whether there is  any
indication that those assets have suffered an impairment loss. If any
such indication  exists,  the  recoverable amount  of  the  asset  is
estimated in order to determine the extent of the impairment loss (if
any). Where it is not possible to estimate the recoverable amount  of
an individual asset,  the Group estimates  the recoverable amount  of
the  cash-generating  unit  to  which  the  asset  belongs.  Where  a
reasonable and  consistent basis  of  allocation can  be  identified,
corporate assets  are also  allocated to  individual  cash-generating
units, or  otherwise they  are  allocated to  the smallest  group  of
cash-generating  units  for   which  a   reasonable  and   consistent
allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible  assets
not yet available  for use  are tested for  impairment annually,  and
whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and
value in use. In  assessing value in use,  the estimated future  cash
flows are discounted to their present value using a pre-tax  discount
rate that reflects current  market assessments of  the time value  of
money and the risks specific to the asset for which the estimates  of
future cash flows have not been adjusted.

If the recoverable amount  of an asset  (or cash-generating unit)  is
estimated to be less than its carrying amount, the carrying amount of
the asset  (cash-generating  unit)  is  reduced  to  its  recoverable
amount. An impairment  loss is recognised  immediately in the  income
statement, unless the relevant asset is carried at a revalued amount,
in which  case  the  impairment  loss is  treated  as  a  revaluation
decrease.

Where an impairment loss  subsequently reverses, the carrying  amount
of the  asset  (cash-generating unit)  is  increased to  the  revised
estimate of  its  recoverable  amount,  but  so  that  the  increased
carrying amount does not exceed  the carrying amount that would  have
been determined had no impairment loss been recognised for the  asset
(cash-generating unit) in  prior years. A  reversal of an  impairment
loss is recognised  immediately in the  income statement, unless  the
relevant asset is  carried at a  revalued amount, in  which case  the
reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on  hand
and demand deposits  together with  other short  term, highly  liquid
investments that are readily convertible  into known amounts of  cash
and which are subject to an insignificant risk of changes in value.

4. Property, plant and equipment


Six months ended 30 June 2006                 £,000

Opening net book amount 1 January 2006        33

Additions                                     18

Depreciation,  impairment and other movements (10)

Closing net book amount 30 June 2006          41

Six months ended 31 December 2006

Opening net book amount 1 July 2006           41

Additions                                     8

Depreciation, impairment and other movements  (7)

Closing net book amount 31 December 2006      42

Six months ended 30 June 2007

Opening net book amount 1 January 2007        42

Additions                                     17

Depreciation,  impairment and other movements (2)

Closing net book amount 30 June 2007          57


5. Additions and disposals of intangible assets

Exploration, evaluation and development of mineral resources


Six months ended 30 June 2006            £,000

Opening net book amount 1 January 2006   498

Additions                                191

Capitalised depreciation                 -

Closing net book amount 30 June 2006     689

Six months ended 31 December 2006

Opening net book amount 1 July 2006      689

Additions                                597

Capitalised depreciation                 11

Closing net book amount 31 December 2006 1,297

Six months ended 30 June 2007

Opening net book amount 1 January 2007   1,297

Additions                                344

Capitalised deprecation                  -

Closing net book amount 30 June 2007     1,641


6. Capital

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
                                                      £,000   £,000

Opening balance 1 January 2006             31,466,865 315     966

Share issues in the period (net of
expenses)                                  15,384,617 154     1,781


At 30 June 2006                            46,851,482 469     2,747

Share issue in the period (net of
expenses)                                     105,880 1       (9)

Balance 31 December 2006
and 30 June 2007                           46,957,362 470     2,738

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