Interim Results

Ariana Resources PLC
29 September 2006


28 September 2006
AIM: AAU

                 INTERIM REPORT FOR SIX MONTHS TO 30 JUNE 2006


Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration company
focused exclusively on Turkey, today released its interim report for the 6
months ended June 30, 2006.

Highlights:

   •Encouraging results from a number of targets, particularly the Sindirgi
    gold project in western Turkey - 45km of mapped veins
   •Grassroots exploration success - 750km gold in soil anomaly @ Kinik
   •Private placement raising £2.0m
   •No long term debt
   •Director share purchases


Post Period Highlights:

   •Drilling commenced at Sindirgi gold project
   •Acquisition of licences from Newmont Mining Corporation


Michael Spriggs, Chairman, commented:

'I am pleased to report that in the six months to the 30th June 2006 Ariana
continued to advance at an exceptionally strong pace. Our high speed / low cost
exploration approach is yielding excellent results, particularly at our flagship
Sindirgi gold project. Our strong progress has been bolstered by a £2 million
financing that introduced several key institutional investors and which brought
forward the start of the ongoing drilling programme at the Sindirgi project.


'The work that we have done to date has created an extremely strong platform on
which to build our resource base. We are continuing to press home our 'first
mover' advantage in Turkey and to grow the Company's considerable pipeline of
gold projects for future drill testing. A number of joint venture opportunities
with both international and local partners are being assessed as a means of
accelerating growth still further.'



Enquiries to:


Ariana Resources plc
Steven Poulton, Chief Executive                                      Tel: [phone]
[e-mail] [e-mail]          Mobile: [phone]

Bankside Consultants
Michael Padley / Susan Scott                                         Tel: [phone]


About Ariana Resources

Ariana is a well funded technology-driven exploration company focused on the
discovery 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 approximately
1,000km2, selected on the basis of its advanced in-house remote sensing
database. Ariana's broker is Ambrian Partners Limited 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.


Chairman's Statement:


In my last Chairman's statement I demonstrated how 2005 had been a year of
'inspiration and discovery' for your Company. I am pleased to report that in the
six months to the 30th June 2006 Ariana has continued to advance at an
exceptionally strong pace.


Our high speed / low cost exploration approach is yielding excellent results,
particularly at our flagship Sindirgi gold project in western Turkey. Our strong
progress has been bolstered by a £2 million financing which introduced several
key institutional investors and which brought forward the start of the
continuing aggressive drilling programme at the Sindirgi project. The interim
results for the period are set out below.


Our activity in the period can be summarised as follows


Kiziltepe prospect

   •Encouraging results from Hale vein (2.9 g/t Au over 10.5m)
   •Wide gold zone defined at Arzu north vein (1.25 g/t Au over 17m)
   •Bulk tonnage target defined by rock chip sampling (up to 4.59 g/t Au)


Kepez prospect

   •High grade intersects from channel sampling at Kepez vein (8.68 g/t Au
    over 16m)
   •50m wide stockwork zone discovered from rock chip sampling (up to 9.77 g/
    t Au)


Generative Exploration

   •Excellent results from the Kosedere and Cinarpinar licences (6.1 g/t Au)
   •Remote sensing across 72,000km2 completed


Corporate

   •Strong institutional support for placement raising £2 million at 13 pence
    per share
   •Director share purchases


Sindirgi gold project

The field teams of our Turkish operating subsidiary, Galata Madencilik San. ve
Tic. Ltd. Sti. ('Galata') have focused exploration on the Company's 100% owned
Sindirgi gold project that covers 224km2 in Balikesir Province, western Turkey.
We believe Sindirgi exhibits many of the hallmarks of a potential one million
ounce gold system, with over 45km of mapped gold-silver bearing epithermal
quartz veins, as well as several gold bearing silicified bodies and stockworks
across numerous prospect areas.


The most advanced prospect at Sindirgi is Kiziltepe, which hosts over 19km of
veins. Work by previous operators included diamond drilling with intersections
up to 10.5 g/t gold over 7.5m and 7.23 g/t over 10m reported. Our exploration
teams have completed a programme of systematic trenching and over 1,000m of rock
saw channel sampling at Kiziltepe in the period. This programme yielded positive
results from testing of several priority veins including 6.29 g/t Au over 13.5m
from Arzu South vein, 2.90 g/t Au over 10.5m from Hale vein, 2.45 g/t Au over
9.5m from Aybor vein and 1.63 g/t Au over 13.4m from Arzu North vein.
Separately, rock-chip sampling on the Ceylan vein returned grades up to 14.2 
g/t.


Elsewhere at the Kiziltepe prospect, a gold in soil anomaly measuring
approximately 900m by 300m was tested by a systematic rock chip grid. This rapid
programme resulted in the identification of a pervasive stockwork style gold
mineralised system and included peak grade of 16.2 g/t Au from samples
coinciding with vein material.


The Kepez prospect is located 6.5km northeast of Kiziltepe. Rock-chip channel
sampling by our team on a 100m section of the 475m long Karakaya vein
successfully intersected significant mineralisation, including 8.68 g/t Au over
16m and 6.28 g/t Au over 11m. We consider this zone to be the source of the
adjacent mining scree, from which a grab sample returned 19.66 g/t Au. E
xploration at Kepez also resulted in the discovery of three silicified bodies up
to 50m wide and 150m long, with rock chip samples assaying up to 9.7 g/t Au.


Generative Exploration

Ariana places very strong emphasis on the application of remote sensing
technology in order to generate and turn over rapidly and cost-effectively new
prospect areas. Our study has now been completed over an area of 72,000km2
covering the most prospective areas of Turkey. This programme has resulting in
the generation of over 80 new targets. Simultaneously we have successfully
doubled our field team to eight geologists in order to accelerate our rate of
exploration.


Our strategy has already been powerfully rewarded with the discovery of the
Kinik gold prospect, where a 750m long gold in soil anomaly has been defined.
Further success has been achieved at the Kosedere and Cinarpinar licence areas,
where reconnaissance samples of quartz in streams yielded up to 6 g/t Au and
where rock chips returned up to 0.19% copper.


Corporate Activity

In order to fund the Company's continuing exploration and growth programmes, a
private placing was undertaken in May 2006 which raised £2,000,000 from the
issue of 15,384,617 shares at 13 pence per share. The placement was very well
received and brought a number of new institutional investors. On behalf of the
Board, I would like to take the opportunity of formally welcoming our new
shareholders to the Company. Subsequent to the private placement, certain
directors including Chief Executive Steven Poulton purchased an aggregate of
90,333 shares in the Company.


Activities Post Period

On 9th August 2006, we announced the acquisition of exploration licences on the
4km long and up to 1km wide Goveli gold prospect (western Turkey) from Newmont
Altin Madencilik Limited Sirketi, a subsidiary of Newmont Mining Corporation
(NYSE & ASX: NEM; TSX: NMC) ('Newmont') in return for a 2% Net Smelter Returns
royalty on future gold / minerals production within a 2km area of interest of
the combined licence package.


Later in August we announced the commencement of a 3,700m diamond drilling
programme with 37 holes planned in total at the Kiziltepe prospect. The
programme has been designed to test the depth and grade continuation of the five
principal veins and to define an initial JORC compliant gold resource for the
Arzu South vein.


Most recently, on the 8th September 2006, we announced the retirement from the
board of Matthew Grainger, in order for him to develop a new business
opportunity. On behalf of the Board I would like to take this opportunity to
thank him again for his considerable contribution to the Company.


Outlook

The significant progress we have worked very hard to achieve has created an
extremely strong platform on which to build our resource base. In the meantime
we are continuing to press home our 'first mover' advantage in Turkey and to
grow the Company's considerable pipeline of gold projects for future drill
testing. A number of joint venture opportunities with both international and
local partners will continue to be assessed as a means of accelerating growth
still further.


Michael Spriggs

Chairman


28 September 2006



Mike Etheridge, BSc (Hons), PhD, is a non-executive director of the Company and
is a Fellow of the Australian Institute of Geoscientists. He has over 30 years'
experience in geological research and mineral consultancy and served as a
Director of SRK Global from 1978-2001 and as Chairman (SRK Australasia) from
1998-2004. He is a Competent Person with respect to the technical disclosure in
this regulatory announcement, which he has read and approved.


For further information on Ariana you are invited to visit the Company's website
at www.arianaresources.com.







                              ARIANA RESOURCES PLC


CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006





                                                    Notes      Unaudited        Audited
                                                                  1.1.06     Year Ended
                                                              to 30.6.06       31.12.05
                                                                   £'000          £'000
Administrative expenses                                              213            397
                                                                      --             --
OPERATING LOSS                                                     (213)          (397)
Interest receivable and similar income                                15             16
                                                                      --             --
LOSS ON ORDINARY ACTIVITIES BEFORE                                 (198)          (381)
TAXATION
Tax on loss on ordinary activities                                     -              -
                                                                      --             --
LOSS FOR THE FINANCIAL PERIOD AFTER                                (198)          (381)
TAXATION
                                                                      --             --
DEFICIT FOR THE PERIOD FOR THE GROUP                               (198)          (381)
                                                                      
LOSS PER SHARE (pence)                                  5           0.55           1.35






CONTINUING OPERATIONS

None of the group's activities were acquired or discontinued during the current
period or previous year.


TOTAL RECOGNISED GAINS AND LOSSES

The group has no recognised gains or losses other than the losses for the
current period



ARIANA RESOURCES PLC


CONSOLIDATED BALANCE SHEET

30 JUNE 2006



                                               Notes 2006- Unaudited   2005- Audited
                                                          £'000            £'000
FIXED ASSETS
Intangible assets                                  6              689              498
Tangible assets                                                    41               33
                                                                   --               --
                                                                  730              531
CURRENT ASSETS
Debtors                                              113              131
Cash at bank                                         2,313            771
                                                     --               --
                                                     2,426            902
CREDITORS
Amounts falling due within one year                  54               68
                                                     --               --
NET CURRENT ASSETS                                              2,372              834
                                                                   --               --
TOTAL ASSETS LESS CURRENT LIABILITIES                           3,102            1,365
                                                                
CAPITAL AND RESERVES
Called up share capital                                           469              315
Share premium                                                   2,747              966
Mergers reserve                                                   720              720
Profit and loss account                                         (834)            (636)
                                                                   --               --
SHAREHOLDERS' FUNDS                                7            3,102            1,365
                                                                 

ARIANA RESOURCES PLC


CASH FLOW STATEMENT

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006

                                                    Notes      Unaudited        Audited
                                                                  1.1.06     Year Ended
                                                              to 30.6.06       31.12.05
                                                                   £'000          £'000
Net cash outflow from operating activities              1          (204)          (528)
Returns on investments and servicing of                 2             15             16
finance
Capital expenditure and financial                       2          (204)          (463)
investment
                                                                      --             --
                                                                   (393)          (975)
Financing                                               2          1,935          1,064
                                                                      --             --
Increase in cash in the period                                     1,542             89
                                                                    

Reconciliation of net cash flow to                      3
movement in net funds
Increase in cash in the period                                     1,542             89
                                                                      --             --
Change in net funds resulting from cash                            1,542             89
flows
                                                                      --             --
Movement in net funds in the period                                1,542             89
Net funds at 1 January 2006                                          771            682
                                                                      --             --
Net funds at 30 June 2006                                          2,313            771
                                                                      

ARIANA RESOURCES PLC


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006



1.    RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
      ACTIVITIES

                                                        Period          Year Ended
                                                        1.1.06            31.12.05
                                                    to 30.6.06               £'000
                                                         £'000
Operating loss                                           (213)               (397)
Depreciation charges                                         4                   3
Foreign Exchange differences                                25                 (6)
Increase in debtors                                        (3)               (124)
Decrease in creditors                                     (17)                 (4)
                                                            --                  --
Net cash outflow from operating activities               (204)               (528)
                                                          




2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

                                                        Period          Year Ended
                                                        1.1.06            31.12.05
                                                    to 30.6.06               £'000
                                                         £'000
Returns on investments and servicing of
finance
Interest received                                           15                  16
                                                            --                  --
Net cash inflow for returns on investments                  15                  16
and servicing of finance
                                                            
Capital expenditure and financial
investment
Purchase of intangible fixed assets                      (186)               (424)
Purchase of tangible fixed assets                         (18)                (39)
                                                            --                  --
Net cash outflow for capital expenditure                 (204)               (463)
and financial investment
                                                        
Financing
Share issue                                              2,000               1,165
Expenses offset against share premium                     (65)               (101)
                                                            --                  --
Net cash inflow from financing                           1,935               1,064
                                                           








ARIANA RESOURCES PLC


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006



3.               ANALYSIS OF CHANGES IN NET FUNDS



                                              At 1.1.06      Cash flow     At 30.6.06
                                                  £'000          £'000          £'000
Net cash:
Cash at bank                                        771          1,542          2,313
                                                     --             --             --
                                                    771          1,542          2,313
                                                     --             --             --
Total                                               771          1,542          2,313
                                                 


ARIANA RESOURCES PLC


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006



4. ACCOUNTING POLICIES


Accounting convention

The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards and the Statement of
Recommended Practice Accounting for Oil and Gas Exploration, Development and
Production and Decommissioning Activities revised in June 2001 (the SORP).


Basis of consolidation

On 25th July 2005 Ariana Resources Plc acquired the entire issued share capital
of Ariana Exploration and Development Limited by way of a share for share
exchange. The transaction qualifies as a group reconstruction within the meaning
of FRS 6, and has been accounted for using the merger accounting method.
Accordingly the financial information for the current period and comparatives
have been presented as if Ariana Exploration and Development Limited had been
owned by Ariana Resources Plc throughout the current and prior periods.


Going concern

The group is at an early stage of development. In common with many exploration
companies the group raises funds in discrete tranches and the proceeds of the
company's listing on AIM in 2005 raised £1.16m. A further placement was
undertaken in May 2006 and raised £2.0m. The directors and management are using
these funds for exploration and evaluation activities on several projects.


The funds are forecast to provide sufficient working capital through 2006 and
2007 and to raise additional funds when required. Accordingly, the directors
consider that it is appropriate to prepare the financial information on a going
concern basis.


Exploration and development costs

In accordance with the full cost method as set out in the SORP, expenditure
including directly

attributable overheads on the acquisition, exploration and evaluation of
interests in licences not yet transferred to a cost pool is capitalised under
intangible assets. Cost pools are established on the basis of geographic area.
When it is determined that such costs will be recouped through successful
development and exploitation or alternatively by sale of the interest,
expenditure will be transferred to tangible assets and depreciated over the
expected productive life of the asset. Whenever a project is considered no
longer viable the associated exploration expenditure is written off to the
profit and loss account.





ARIANA RESOURCES PLC


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2006 TO 30 JUNE 2006


5. LOSS PER SHARE


The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders £195,639 divided by the weighted average number of shares
in issue during the period 35,313,020. There is no dilutive effect of share
options on the basic loss per share.



6. INTANGIBLE FIXED ASSETS

Group                                                                     Exploration
                                                                                Costs
                                                                                £'000
COST
At 1 January 2006                                                                 498
Additions                                                                         191
                                                                                   --
At 30 June 2006                                                                   689
                                                                                   --
NET BOOK VALUE
At 30 June 2006                                                                   689
                                                                                  
At 31 December 2005                                                               498
                                                                                   




ARIANA RESOURCES PLC


NOTES TO THE FINANCIAL STATEMENTS




7. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS


Group                                                  2006             2005

                                                      £'000            £'000
Loss for the financial year                           (198)            (381)
Shares issued less expenses offset                    1,935            1,064
Long term exchange differences                            -              (6)
                                                         --               --
Net reduction of shareholders' funds                  1,737              677
Opening shareholders' funds                           1,365              688
                                                         --               --
Closing shareholders' funds                           3,102            1,365
                                                        

Equity interests                                      3,102            1,365
                                                       




8. PUBLICATION OF NON-STATUTORY ACCOUNTS


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 profit and loss account, balance sheet and cash flow statement for the year
ended 31st December 2005, have been audited.


Copies of this report are available from the Companies registered office at
Ridgeway House, 1 Hagbourne Road, Didcot, Oxfordshire, OX11 8ER or the company's
website www.arianaresources.com.



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