Jorc Compliant Resource and Scoping Study Report

4 April 2011
AIM / PLUS Markets: AAU


                 JORC COMPLIANT RESOURCE & SCOPING STUDY REPORT

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development  company  focused  on  Turkey,  is  pleased  to  announce  that  its
consultants  Wardrop, a Tetra Tech Company ("Wardrop") have finalised a resource
estimate  and  scoping  study  report  in  accordance  with  Joint  Ore Reserves
Committee  2004 guidelines ("JORC").  This  has been finalised  as a part and in
advance  of completing the Company's ongoing Pre-feasibility ("PFS") work on the
Kiziltepe Sector of its Red Rabbit Joint Venture.

Highlights:

              * Combined resource in preliminary optimised pits is approximately
                1 million  tonnes at an average grade of 3.6 g/t Au and 41.6 g/t
                Ag*
              * Output  expected  at  a  rate  of  150,000 tonnes ore per annum,
                corresponding  to an average production of approximately 20,000
                oz/year of gold equivalent, over a mine life of 6.9 years
              * Financial model at a gold price of US$1350/oz and a silver price
                of US$20/oz provides an NPV (8% discount) of US$56.2 million and
                IRR of 75.9%, with payback secured in 1.2 years
              * Expected capital cost estimated at US$25.1 million
              * Cash  costs  are  in  the  region  of US$441 to US$472 per ounce
                across the financial model range.


Dr. Kerim Sener, Managing Director, commented:

"The  completion  of  this  report  is  an  important  part  of our ongoing work
programmes at Kiziltepe.  The JORC resource estimate is now provided in parallel
with  the results  of our  scoping study,  to better  define the direction being
taken  by  the  Company  on  this  project.   We  have demonstrated the economic
potential  of the project using base case gold and silver prices that may now be
considered  conservative.  The  pit optimisation  currently being considered for
the  PFS will inevitably  be using higher  base case metal prices (approximately
US$1,100/oz  for gold).  We have now  demonstrated that there is little downside
to  this  project  and  we  are  fully  engaged  with  our partners, Proccea and
consulting  teams  to  ensure  we  remain  on  track  with  the  feasibility and
environmental studies."

Scoping Study

Following  on from the resource estimate announced on the 28th October 2010, and
while  the Pre-feasibility Study ("PFS") remains underway, the Company wished to
complete  the documentation of its resource  estimate and to update its February
2010 scoping  study with the  most recent resource  figures.  For the purpose of
the  PFS, the Company  is continuing to  refine the economic parameters utilised
for  the purpose  of the  scoping study,  but the  figures provided here provide
broad indication of the economic merits of the project.

* All resource figures contained in this announcement are reported as gross with
respect to the Red Rabbit Joint Venture.  Ariana currently owns 89% of the Joint
Venture and remains the operator of this project.

Open-pit Resources

The  mineral  resource  estimate  announced  on  the  28th October 2010, remains
unchanged  (Table 1).  However Whittle Pit Optimisation Software has been run on
this  resource  to  determine  that  part  of  the  total resource that could be
extracted  economically.  The combined resource  within the preliminary selected
pit shapes, including the Arzu South, Arzu North, Derya, Banu and Kepez pits, is
estimated  at 1,034,600 t at an average of 3.6 g/t Au and 41.6 g/t Ag.  Table 2
lists  the  selected  pit  resource  by  mineralised  zone; the cut-off grade is
estimated at 1.3 g/t Au based on a gold metal price of US$800/oz.  For this base
case  only resource  blocks of  Measured and  Indicated category  are used.  The
listed  tonnes and associated  grades in Table  2 represent the selected Whittle
pit  shape derived from the Whittle  Pit Optimisation Software results.  Mineral
reserves are not estimated at scoping level.

Table  1: Summary JORC Mineral Resource Estimate  for the Kiziltepe deposit at a
1 g/t Au cut-off grade.  Gold equivalents are the sum of the gold ounces and the
gold  equivalent ounces of  silver based on  the following equation: {(Ag g/t*Ag
Recovery*Ag Price*0.032)/Au oz Price}/Au Recovery.

+----------+-----------+-----------+-----------+-------+---------+-------------+
|   VEIN   |Tonnage (t)| Grade Au  | Grade Ag  |Au (oz)| Ag (oz) |  Au equiv.  |
|          |           |   (g/t)   |   (g/t)   |       |         |    (oz)     |
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Measured  |    782,942|        4.1|       51.4|103,319|1,294,836|      123,311|
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Indicated1|    619,029|        2.3|       44.8| 46,496|  891,368|       60,258|
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Inferred2 |    164,998|        1.8|       40.9|  9,752|  217,005|       13,101|
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Inferred3 |    116,000|        1.5|       51.3|  5,505|  191,446|        8,457|
+----------+-----------+-----------+-----------+-------+---------+-------------+

+----------+-----------+-----------+-----------+-------+---------+-------------+
|   HALO   |Tonnage (t)| Grade Au  | Grade Ag  |Au (oz)| Ag (oz) |  Au equiv.  |
|          |           |   (g/t)   |   (g/t)   |       |         |    (oz)     |
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Indicated |    352,819|        1.6|       25.8| 18,430|  293,007|       22,954|
+----------+-----------+-----------+-----------+-------+---------+-------------+
|Inferred  |     76,059|        1.4|       33.7|  3,544|   82,341|        4,816|
+----------+-----------+-----------+-----------+-------+---------+-------------+

+----------+-----------+-----------+-----------+-------+---------+-------------+
|TOTAL M&I |  1,754,789|        3.0|       43.9|168,245|2,479,211|      206,523|
+----------+-----------+-----------+-----------+-------+---------+-------------+

+----------+-----------+-----------+-----------+-------+---------+-------------+
|GLOBAL    |  2,111,847|        2.8|       43.7|187,046|2,970,002|      232,903|
+----------+-----------+-----------+-----------+-------+---------+-------------+

NOTES:
1 Includes  mineralisation  classified  as  Indicated  at  the  satellite  Kepez
prospect.
2 Includes  mineralisation  classified  as  Inferred  from  the Arzu South, Arzu
North, Banu and Derya veins.
3 Includes mineralisation classified as Inferred from the subsidiary Derya West,
Aybor, Arzu Far North and Ceylan veins.
*Some  of the Halo  (alteration) material will  be necessarily mined  and may be
processed  at the end  of the mine  life but Wardrop  considers more studies are
required to determine the nature of the mineralisation.

Table  2: Summary of selected pit resources  at a 1.3 g/t cut-off grade.  Silver
grades at Kepez have not been accounted for (*).

            |           |     Au      |     Ag      | Contained metal (oz)
    Vein    |  Tonnes   | Grade (g/t) | Grade (g/t) +---------+------------
            |           |             |             |   Au    |     Ag
------------+-----------+-------------+-------------+---------+------------
 Arzu South |   523,600 |    4.66     |    50.88    |  78,400 |    856,500
------------+-----------+-------------+-------------+---------+------------
 Arzu North |   197,600 |    2.14     |    37.32    |  13,600 |    237,100
------------+-----------+-------------+-------------+---------+------------
 Banu       |    71,700 |    2.42     |    46.03    |   5,600 |    106,100
------------+-----------+-------------+-------------+---------+------------
 Derya      |    39,500 |    1.98     |    43.41    |   2,500 |     55,100
------------+-----------+-------------+-------------+---------+------------
 Kepez      |    60,000 |    4.60     |    n/a*     |   8,900 |       n/a*
------------+-----------+-------------+-------------+---------+------------
 Stockpile  |   142,200 |    2.07     |    27.99    |   9,500 |    127,900
------------+-----------+-------------+-------------+---------+------------
 Total      | 1,034,600 |    3.56     |    41.57    | 118,500 |  1,382,700


Mining Method

It  is  proposed  that  an  open-pit  mining  operation will be carried out by a
specialist  mining contractor.   The proposed  mining methodology  is to utilise
conventional  drill and blast techniques using  drill rigs suitable for a narrow
vein  type deposit.  A mining recovery of  97% and a dilution factor of 10% were
used  for the pit  optimisation.  The dilution  factor is an  order of magnitude
estimate appropriate at this level of study.  The estimated initial capital cost
for the pit pre-stripping and ancillary mining equipment is US$1.9 million.  The
estimated capital cost for other mine infrastructure is US$4.5 million.

Production Schedule

The  mine will be based on one central  pit located at Arzu South with satellite
pits  at  Arzu  North,  Banu,  Derya  and  Kepez.  The size of the selected pits
(excluding  Kepez) is shown in Table 3, which  provide an average strip ratio of
11:1.  The  mine will target production of 150,000 tonnes per year of ore over a
mine  life of 6.9 years, operating for six days  a week.  High grade ore of 4.7
g/t Au and 50.9 g/t Ag will be mined in the first three years of operation, with
progressively  lower grade  ore being  mined in  the following three years.  The
lowest  grade stockpile ore of 2.1 g/t Au  and 28.0 g/t Ag will provide the feed
for the final 12 months of plant operation.

Table 3: Dimensions of the pits located at Kiziltepe.

   Design   | Length m | Width m | Surface Area m2 | Depth m
            |          |         |                 |
 Arzu South |   725    |   135   |     96,200      |   90
------------+----------+---------+-----------------+---------
 Arzu North |   390    |    80   |     32,100      |   50
------------+----------+---------+-----------------+---------
 Banu       |   490    |    50   |     24,700      |   30
------------+----------+---------+-----------------+---------
 Derya      |   200    |    50   |       9,500     |   35



Metallurgical Process

A  conventional hydrometallurgical process has  been determined as the preferred
processing  option.  This process offers the  best recoveries of gold and silver
at  the lowest capital and operating costs.  At full production the process will
treat  466 tonnes per day of run-of-mine (ROM) ore.  Assuming a 90% availability
the process is scheduled to operate 322 days per year.

The estimated metallurgical recoveries are 88% for gold and 78% for silver based
on  test work undertaken in  2010.  These metallurgical recoveries correspond to
the combined Kiziltepe selected pit resource head grades.  The estimated capital
cost of the metallurgical plant is US$11.4 million.

Financial Model

An  economic evaluation of the Kiziltepe Project was prepared based on a pre-tax
financial  model  of  a  6.9 year  mine  life  and  1,034,600 tonne selected pit
resource.   The pre-tax financial model was  established on a 100% equity basis,
excluding   debt  financing  and  loan  interest  charges  on  a  total  capital
expenditure  estimate  of  US$25.1  million.   The  financial outcomes have been
tabulated  for NPV, IRR and  Payback of Capital.  Discount  rates of 8% and 10%
were  applied to all  cases identified by  metal price scenario.  Wardrop's base
case prices for this analysis were as follows:

  * Gold -  US$800/oz.
  * Silver -  US$14/oz.


The  use of  the US$800/oz  Au for  the pit  optimisation study  was to maintain
continuity  with the previous  internal study and  with the resource estimate as
announced  in October 2010.  Sensitivity  analyses on the  financial models were
carried  out to evaluate  the project economics  with plus or  minus (+/-) 10%,
US$973/oz and US$1,350/oz Au metal prices (Table 4).

The  US$973/oz Au price is used as  a forecast long-term price obtained from the
Energy  and  Metals  Consensus  Forecast  (EMCF), at November 2010.  A 'current'
price  of US$1,350/oz Au is also included,  which provides a view on the present
worth  of the  project.  It  is important  to note  that the  project is now the
subject  of a Pre-Feasibility Study (PFS) and  the base case price for gold will
be US$1,058/oz.

Table  4: Sensitivity analysis results based on variation of the gold and silver
price away from the base case.

    Scenario    |NPV 10 | NPV 8 |IRR |Payback|Cash Cost (US $/ oz Au)
                |(US $M)|(US $M)|(%) | year  |
                |       |       |    |       |
Minus 10%       | -0.5  |  0.7  |9.1 |  3.4  |          441
----------------+-------+-------+----+-------+-----------------------
Base Case       |  6.5  |  8.1  |19.9|  2.7  |          443
----------------+-------+-------+----+-------+-----------------------
Plus 10%        | 13.5  | 15.5  |29.7|  2.3  |          446
----------------+-------+-------+----+-------+-----------------------
US $973 /oz Au  | 19.9  | 22.3  |38.1|  2.0  |          458
----------------+-------+-------+----+-------+-----------------------
                | 51.9  |       |    |       |          472
US $1,350 /oz Au|       | 56.2  |75.9|  1.2  |
                |  .4   |       |    |       |



It  is  important  to  note  that  there  remains  further potential to identify
additional  resources  at  Kiziltepe  and  on  prospects in the vicinity of this
location.   At Kiziltepe, the  potential remains to  identify further high-grade
resources  at depth and  along blind structures  that have little  or no surface
expression.   Furthermore, there is  potential to identify  new resources in the
vicinity  of  Kiziltepe  and  the  recent  announcement  on the 16th March 2011
concerning  the  proposed  acquisition  of  the  Kizilcukur  property  from KEFI
Minerals  plc is a part of the Company strategy to identify satellite resources.


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]

 David Scott / Maria Shields



 Loeb Aron & Company Ltd                  Tel: [phone]

 Jonathan Willis-Richards / Frank Lucas



 St Brides Media & Finance Ltd            Tel: [phone]

 Hugo de Salis / Susie Geliher




Editors' note:

The Competent Persons responsible for this study are as follows:

For  the Resource Estimate, Paul Gribble, FIMMM, C.Eng., a senior geologist with
Wardrop in Swindon, UK.

For  the  mining  studies,  Peter  Calderbank,  MIMMM,  C.Eng.,  a senior mining
engineer with Wardrop in Swindon, UK.

For  the processing  studies, Jim  Turner, MIMMM,  C.Eng., a senior metallurgist
with Wardrop in Swindon, UK.

The  above persons have reviewed this press release and consent to the inclusion
of data and text taken from the study report in the form and context in which it
appears.

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 developing 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.
 European  Goldfields owns  51% of this  joint venture  and, as the operator, is
fully  funding all  exploration work  on the  JV properties  until delivery of a
feasibility study.

The  Company's flagship assets  are its Sindirgi  and Tavsan gold projects which
form  the Red Rabbit Gold  Project.  Both 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 and now form
part  of  a  Joint  Venture  with  Proccea  Construction Co.  The total resource
inventory of the Company stands at 448,000 ounces of gold equivalent.

Ariana   also   has   a   strategic   investment  in  Tigris  Resources  Limited
(www.tigrisresources.com),  a private Jersey-based exploration company, which is
focused  on the exploration of copper  and gold deposits in southeastern Turkey.
 Ariana  retains 15% of Tigris Resources Limited.(I don't think "retains" is the
right wording here - "holds" might be better.)

Loeb  Aron  &  Company  Ltd.  and  Alexander  David Securities Limited are joint
brokers  to the Company and Beaumont  Cornish Limited is the Company's Nominated
Adviser.

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

Glossary of Technical Terms

"Au" the chemical symbol for gold;

"cut-off  grade"  The  lowest  grade,  or  quality, of mineralised material that
qualifies  as economically  mineable and  available in  a given  deposit. May be
defined  on  the  basis  of  economic  evaluation,  or  on  physical or chemical
attributes that define an acceptable product specification;

"g/t" grammes per tonne;

"low-sulphidation"  a  style  of  gold  mineralisation  which is typically found
distal  to volcanic centres and is characterised by adularia-sericite alteration
and quartz veins;

"Indicated  resource" a part of a mineral resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content can be estimated with
a  reasonable  level  of  confidence.  It  is based on exploration, sampling and
testing  information gathered through appropriate techniques from locations such
as  outcrops, trenches,  pits, workings  and drill  holes. The locations are too
widely  or inappropriately spaced to  confirm geological and/or grade continuity
but are spaced closely enough for continuity to be assumed;

"Inferred  resource" a part of  a mineral resource for  which tonnage, grade and
mineral  content can be estimated with a low level of confidence. It is inferred
from  geological evidence and  has assumed, but  not verified, geological and/or
grade  continuity.  It  is  based  on  information  gathered through appropriate
techniques  from locations such as outcrops,  trenches, pits, workings and drill
holes that may be limited or of uncertain quality and reliability;

"Inverse  Distance Squared" a conventional mathematical method used to calculate
mineral  resources.  Near sample points provide a greater weighting than samples
further away for any given resource block;

"JORC" the Joint Ore Reserves Committee;

"m"Metres;

"Measured  resource" a part of a  Mineral Resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content can be estimated with
a  high level of confidence.  It is  based on detailed and reliable exploration,
sampling  and testing  information gathered  through appropriate techniques from
locations  such  as  outcrops,  trenches,  pits,  workings and drill holes.  The
locations  are spaced closely enough to confirm geological and grade continuity;


"Nearest  Neighbour" a methodology used to derive the value of an attribute from
surrounding sample data on the basis of point-to-point proximity;

"Ordinary Kriging" is a geostatistical approach to resource estimation.  Instead
of  weighting nearby data  points by some  power of their  inverted distance, OK
relies  on  the  spatial  correlation  structure  of  the  data to determine the
weighting values.  This is a more rigorous approach to modelling, as correlation
between data points determines the estimated value at an unsampled point;

"oz" Ounces;

"porphyry"  an igneous  rock with  larger crystals  contained within a matrix of
much smaller crystals;

"stockwork"  a  mineral  deposit  in  the  form  of a branching network of small
irregular veins;

"top cut" the maximum gold content for samples used to calculate an average gold
content for a resource;

"variographic"  the use of semi-variograms (a mathematical technique) as part of
the geostatistical methodology used to derive resource estimates;

"Whittle"  computer software that uses the  Lerch-Grossman algorithm, which is a
3-D  algorithm that can be applied to the optimisation of open-pit mine designs.
 The  purpose of  optimisation is  to produce  the most  cost effective and most
profitable open-pit design from a resource block model.

Ends







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Source: Ariana Resources plc via Thomson Reuters ONE

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