Red Rabbit Joint Venture

12th July 2010
AIM / PLUS Markets: AAU

                            RED RABBIT JOINT VENTURE

Ariana  Resources  plc  ("Ariana"  or  "the  Company"), the gold exploration and
development  company focused on Turkey is  pleased to announce the completion of
its  joint venture ("JV") agreement with Proccea Construction Co. ("Proccea") on
its Red Rabbit Project in western Turkey.

Highlights

  * 50-50 JV to develop the Red Rabbit Project


  * Approx.  US$1.4  million  to  be  committed  to a Feasibility Study, EIA and
    additional permitting; consulting groups to be engaged


  * Approx. US$6.6 million funding to be committed towards plant construction


  * Drilling  results  from  the  recent  resource  drilling  programme expected
    shortly


Dr. Kerim Sener, Managing Director, commented:

"This  JV has  now put  us firmly  on the  path towards  becoming the  next gold
producer  in Turkey,  and has  created a  solid set  of foundations  to spur the
growth of your Company.  We are delighted to be in partnership with a strong and
competent  JV partner and we look forward  to adding further value to our assets
via  this JV.  The  partners are aiming  to see the  Kiziltepe Sector through to
production  in approximately two  years, and to  continue the advancement of the
Red  Rabbit project area as  a whole.  Indeed, the  partners also intend to grow
the  JV company  beyond its  original scope,  to include new project development
opportunities in the region."

Mr. Deniz Aybars, Managing Director, Proccea, commented:

"I  would  like  to  thank  everyone  involved  in the creation of this exciting
partnership.   We have already spent  several productive months working together
as partners in developing this opportunity and in enhancing our understanding of
the  project.  We, as the Proccea / CH team,  have a lot of confidence in the JV
company  becoming one of the leading mining companies in the region.  The vision
and dynamism showed by our partner, along with their technical capabilities, has
impressed  us greatly, and we are excited to see the first steps of this newborn
company."

Details of the Joint Venture

The  joint  venture  ("JV")  has  been  established  over the Company's two most
advanced  assets - Kiziltepe and Tavsan.   As announced on 29th June 2009, these
have  been combined in to  a single integrated entity  which has become known as
the  Red  Rabbit  Project,  comprising  the  Kiziltepe  and  Tavsan sectors.  As
previously  announced, since late October 2009, the Company has been negotiating
a JV over these assets with Proccea, an integrated Turkish turn-key construction
firm  involved in the design and  construction of gold processing plants through
to major hotels worldwide.

The  Company, through its  operating subsidiary, Galata  Madencilik San. ve Tic.
Ltd. ("Galata"), entered into a shareholders agreement with Proccea on the 10th
July  2010 ("Shareholders Agreement").   The Shareholders  Agreement governs the
principles of the JV and the operation of the JV company to be established.  The
incorporation  of the  JV company,  will trigger  the obligations  of Galata and
Proccea under the Shareholders Agreement.

The  Shareholders Agreement  provides for  the incorporation  of a Turkish joint
stock  company  named  Zenit  Madencilik  San.  ve Tic. A.S. ("Zenit"), in which
Galata and Proccea may each own a 50 per cent. shareholding subject to the terms
of  the JV.  Ownership of Galata's licences and assets (the "Properties") within
the  Red Rabbit Project will be transferred from Galata to Zenit.  From the date
of transfer, Zenit will be wholly responsible for funding the development of the
Properties.   Proccea has committed to  fund the feasibility study ("Feasibility
Study") and an environmental impact assessment ("EIA") on the Red Rabbit Project
during  Phase 1 of the project and to commence construction of a gold processing
plant  during Phase 2, via an earn-in arrangement  on the shares to be issued by
Zenit.

By funding an aggregate of US$8 million, Proccea may earn-in to its 50 per cent.
shareholding  in Zenit.   Additional capital  requirements for mine construction
and  start-up  have  been  provisionally  estimated  at  US$25  million  and the
additional funding requirement will likely be completed via a credit facility to
be  arranged by Zenit.   On the successful  commissioning of the gold processing
plant,  the share of profit within Zenit  will be 51 per cent. Galata and 49 per
cent Proccea.

The project development works have been split in to three phases:

Phase  1: Feasibility Study,  EIA, permitting,  land acquisition  and additional
exploration  in the vicinity of Kiziltepe.  Costs incurred by Proccea during the
Feasibility  Study (e.g. designing the plant and related infrastructure) will be
paid  for in new shares to be issued  by Zenit pro-rata to the costs incurred by
Proccea.   Any costs incurred by Galata in managing the feasibility and EIA will
be reimbursed in cash by Zenit.

Phase  2: Construction and  commissioning of  the mine.   This will  involve the
establishment of the processing facilities, tailings and waste disposal areas in
addition  to related  mine infrastructure  and facilities.   This phase  will be
partly  funded by remaining  capital investment allocated  by Proccea and partly
via a credit facility.

Phase  3: Production  and  further  investment.   This  involves the longer term
development of the Kiziltepe Sector and the advancement of the Tavsan Sector.

Day  to day management control of Zenit  will be the responsibility of Galata in
Phase  1, and for Phase 2 and beyond, management control will rest with Proccea.
 The  work required  during Phase  1 is expected  to take  up to  a year,  but a
maximum duration of 15 months has been set, after which point management control
will  automatically pass  to Proccea.   Galata and  Proccea have  also agreed in
principle  to  investigate  other  opportunities  for mine development which may
arise inside and outside of Turkey.

Certain  consulting groups are to be engaged  to complete the EIA and aspects of
the  Feasibility Study.  Wardrop Engineering in  the UK has already been engaged
by  Ariana to  complete the  new mineral  resource statement  in advance  of the
formal  initiation of the Feasibility Study.   The Company is currently awaiting
receipt  of its  reverse circulation  drilling results  from the recent resource
definition  drilling undertaken on the Banu and Derya veins within the Kiziltepe
Sector.   These results  will be  incorporated within  the new  mineral resource
statement.

About Proccea

Proccea  Construction Co.  (www.proccea.com) is  an integrated construction firm
specialising  in turn-key  solutions for  a variety  of business sectors ranging
from  the development of gold processing  plants to designing and building major
hotels.  The mining service is provided by  a business division of Proccea named
CH  Engineering & Consultancy  ("CH").  CH provides  a range of  services to the
mining industry, including the design of mining equipment and processing plants,
manufacturing  installation, commissioning, start-up and staff training for gold
and silver extraction in the mining industry (www.chconsultants.com).

CH  provides  the  installation  and  technical  services  for  such gold mining
processes  as  heap  leach,  CIL  and  CIP  design  and operations.  CH has wide
experience  of designing and commissioning gold and silver processing plants. In
Turkey  this has  included the  KiÅŸladag gold  mine (Eldorado Gold), Copler gold
mine  (Anatolia Minerals), Mastra gold mine  (Koza Gold) and the Gümüşköy silver
mine  (Eti  Gümüş).   Internationally,  CH  processing  plant  commissions  have
included  the Zarcan gold mine in Iran, the Knelson gold mine in Kazakhstan, the
Amesmessa  gold mine  in Algeria,  the Kitila  gold mine  in Finland, the Minera
Triton  gold mine in Argentina and the Maaden gold mine in Saudi Arabia.  CH has
the  technical support of  the internationally renowned  Summit Valley Equipment
and Engineering firm based in Utah, U.S.A.

Contacts:

 Ariana Resources plc

 Michael Spriggs, Chairman                Tel: [phone]

 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]

 Jonathan Willis-Richards / Frank Lucas


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  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



[HUG#1430871]








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