May 12, 2008
Completion of JV
 
12 May 2008
AIM / PLUS Markets: AAU
 
 
JOINT VENTURE COMPLETED WITH EUROPEAN GOLDFIELDS,
SUBSCRIPTION, ISSUE OF EQUITY AND BOARD APPOINTMENT
 
Further to the announcement made on 21 April 2008, Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce that the Joint Venture ("JV") with European Goldfields Limited ("European Goldfields") (TSX / AIM: EGU) has been completed.  The transfer of Ariana's properties has been confirmed by the General Directorate of Mining Affairs in Turkey.  
 
Accordingly:
 
  • Under a private placing, 18,571,016 new ordinary shares of 1p each (the "Shares") have been issued to European Goldfields at a price of 5p per Share to raise £928,550.80. 
 
  • European Goldfields will hold 20% of the Company's issued share capital, following the issue of 3,000,000 Shares to Odyssey Resources Limited, pursuant to the acquisition of the Tavsan Project.
 
  • David John Richard Reading, 52, Chief Executive of European Goldfields, will be appointed to the Board of Ariana with immediate effect.  There are no other matters under paragraph (g) of Schedule 2 of the AIM Rules for Companies to be disclosed.
 
Application will be made for the Shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM.
 
Contacts:
 
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