Joint Venture Finalised

21 April 2008
AIM / PLUS Markets: AAU
 
 
          JOINT VENTURE FINALISED WITH EUROPEAN GOLDFIELDS,
                 SUBSCRIPTION AND BOARD APPOINTMENT
 
Ariana  Resources  plc   ("Ariana"  or  "the   Company"),  the   gold
exploration and development company focused on Turkey, is pleased  to
announce that  it has  signed  definitive documentation  governing  a
Joint Venture  ("JV")  with European  Goldfields  Limited  ("European
Goldfields") (TSX /  AIM: EGU).   The JV will  become effective  when
transfer of Ariana's properties, currently in progress, is  confirmed
by the  General Directorate  of  Mining Affairs  in Turkey.   The  JV
involves the  development  of Ariana's  properties  in  north-eastern
Turkey, which  include the  Ardala copper-gold  porphyry and  fifteen
other licences covering a total area of 229km2. 
 
Highlights
 

  * JV to explore and develop Ariana's current properties in the
    Greater Pontides region of north-eastern Turkey ("the AOI").

 
*          Strategic Partnership within the AOI to define new
  opportunities for the JV.
 

  * Right of first opportunity granted to European Goldfields outside
    the AOI.

 

  * David Reading, CEO of European Goldfields, to join the Board of
    Ariana as a non-executive director.

 

  * European Goldfields to subscribe for 20% of the issued share
    capital of Ariana through a £900,000 private placement of shares.

 
Details of Joint Venture
 
The JV is focused on the Greater Pontides region of Turkey, a  highly
prospective geological terrain containing several major deposits. 
 
The JV  will  focus  initially on  the  Ardala  copper-gold  porphyry
project which  has shown  encouraging grades  of copper  and gold  in
previous exploration.  It has a 600m x 700m surface exposure  centred
on  a  magnetic  high  of   1,000m  x  1,000m  extent.    Copper-gold
mineralisation has also  been identified on  other properties in  the
vicinity of Ardala within granitoids  and in the surrounding  country
rocks. 
 
European Goldfields will own 51% of the JV company into which  Ariana
will transfer the relevant properties. European Goldfields is funding
all development  costs of  these initial  properties and  any  future
properties located within  the AOI  until the delivery  of the  first
Definitive  Feasibility  Study  ("DFS"),   at  which  time   European
Goldfields' interest in each relevant project will increase to 80% on
current licences in the JV or 90% on new areas generated by the JV.
 
A period of joint funding  after DFS has been  agreed, but if at  any
time during this period Ariana is diluted to below 5% it will adopt a
1.5% Net  Smelter Return  ("NSR") on  the project  in question.   Any
project that falls short  of a 0.5Moz  Au (or equivalent)  threshold,
will be assigned back  to Ariana, in  which case European  Goldfields
will adopt a 1.5% NSR. 
 
Ariana  has  also  granted  European  Goldfields  a  right  of  first
opportunity over projects located in  Turkey but outside of the  AOI,
on terms that will  be independent of the  JV agreement.  This  right
will not apply  within the WAVE  Project Area in  western Turkey,  as
Ariana intends to develop projects within this area independently. 
 
Subject to  completion of  the JV  arrangements, European  Goldfields
will subscribe for new  shares in Ariana  at 5 pence  per share in  a
private placement  for a  total cash  consideration of  approximately
£900,000, resulting in European Goldfields owning 20% of Ariana.   As
part of  this subscription,  European Goldfields  has agreed  certain
rights to maintain its interest at the 20% level. 
 
In addition, David John Richard Reading, 52, Chief Executive  Officer
of European Goldfields, will be appointed to the Board of Ariana as a
non-executive director,  with effect  on  completion.  There  are  no
other matters under paragraph (g) of Schedule 2 of the AIM Rules  for
Companies to be disclosed.
 
Dr. Kerim Sener, Managing Director, commented:
 
"The start  of  our  Joint Venture  and  Strategic  Partnership  with
European Goldfields in  Turkey marks a  significant milestone in  the
development of  the  Company.   The  combination  of  our  in-country
knowledge and skills,  with the financial  and technical strength  of
European Goldfields, is a win-win.  As partners, Ariana and  European
Goldfields are ideally matched  as we share  a common philosophy  and
sense of purpose.
 
"We  are  delighted  to  welcome  David  Reading,  CEO  of   European
Goldfields, to the board of  Ariana as a non-executive director.   He
brings with him a  new layer of  operational expertise and  corporate
skills that will  be invaluable  as Ariana develops  its projects  in
western Turkey.
 
"The acquisition of 20% of the  Company by European Goldfields, at  a
price premium  to market,  must  be recognised  as  a sign  of  great
confidence.  With  this  funding  secured, the  next  stages  of  our
progress at Kiziltepe  and Tavsan will  be marked by  an increase  in
tempo towards project development."
 
David  Reading,  Chief  Executive  Officer  of  European  Goldfields,
commented:
 
"We are delighted to enter into partnership with Ariana and see  this
as an  exciting  and  relatively  low  risk  entry  into  the  highly
prospective geological terrains  of Eastern  Turkey.  Ariana's  local
skill and knowledge  and its  proven track record  within Turkey  can
allow exploration work  to start  almost immediately  on the  current
licence portfolio including the promising Ardala target.   European's
entry into Turkey is part of our focused growth strategy of expanding
into the mineral belts of South East Europe."
 
 
 
Contacts:
 

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     
                                  
Loeb Aron & Company Ltd          Tel: [phone]
Peter Freeman / Frank Lucas       
                                  
City Capital Corporation Limited Tel: [phone]
Charles Dampney                   
                                  

 
Editors' note:
 
About Ariana Resources
 
Ariana  is  an  exploration   and  development  company  focused   on
epithermal gold-silver and porphyry copper-gold deposits in  Turkey. 
The Company is exploring a portfolio of prospective licences selected
on the basis of its in-house remote-sensing database.
 
The Company's  flagship asset  is the  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.   This project  is presently  being
assessed as to its economic merits. 
 
Loeb Aron &  Company Ltd.  and City Capital  Corporation 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

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