News from CNW Group
Oriel Resources plc ("Oriel" or the "Company") Interim Results for the period ended 30th June 2005
Thursday, September 29, 2005
LONDON, UK, Sept. 29 /CNW/ - Oriel Resources plc, the AIM and Toronto Stock Exchange listed chrome and nickel developer and gold exploration and development company, today announces its interim results for the six months ended 30th June 2005.
Highlights:
- Shares placed in January for proceeds of approximately
pnds stlg 13.25m
- Successful listing on Toronto Stock Exchange in February 2005
- Sale agreement in February 2005 of Oriel's 14% interest in the
Varvarinskoye gold-copper project for $7.25m (pnds stlg 3.9m)
cash.
- Completed acquisitions of Voskhod chrome deposit in January 2005
and Tokhtazan gold deposit in May 2005
- Positive preliminary assessment study (PAS) on Voskhod
Commenting, Dr Sergey Kurzin, Executive Chairman of Oriel Resources said:
"We continue to progress our projects. We announced the results of the PAS on Voskhod in September which proved our confidence in this asset and allowed us to approve the design and construction of an exploration decline to access the chrome orebody as a first stage of the mine development. We also anticipate the completion of the Shevchenko Definitive Feasibility Study in early 2006.
"We have substantial cash resources, strong local partnerships and local and federal government support in the countries in which we operate, which provide a sound platform for growth and make the management team confident that the Company will deliver value for shareholders."
Oriel
Chairman's Statement
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Meeting the challenges over the past 18 months since Oriel's admission to AIM has been rewarding. Technical studies on each of the primary projects of the Company have been positive.
In February 2005 we acquired the Voskhod Chrome asset as a complementary commodity to our Shevchenko Nickel project. Since then we have progressed the project to the stage where the decision was taken to commence the initial development of an underground mine. The initial stages of mine development and design for an exploration decline are relatively low cost and will be undertaken simultaneously with the completion of a definitive feasibility study ("DFS"). The preliminary assessment study ("PAS"), authored by Steffen, Robertson & Kirsten (UK) Ltd ("SRK"), shows extremely robust economics and provides the basis for our decision to expedite development so as to accelerate a positive cash flow for the Company in 2007.
JSC Varvarinskoye
In June 2005 Oriel completed the sale of Althames Holdings Limited, the holder of its 14% interest in JSC Varvarinskoye, the operating subsidiary of the gold mining company European Minerals Corporation. The initial proceeds of the transaction, US$5.0 million in cash have already been received. Oriel will receive the final balance of the consideration of US$2.25 million in cash on the earlier of the 15th business day following the date of the first gold pour from the Varvarinskoye mine or on 31 December 2006. The 14% interest in JSC Varvarinskoye was acquired on 3 March 2004 for a consideration of pnds stlg 300,000 paid wholly in Oriel shares.
Management team and quality partnerships
I am pleased to announce that recent changes in the board structure, with the redefinition of certain roles, reflect the direction in which Oriel is evolving and progressing as a company. The core of our operations are centred in Kazakhstan and in recognition of this fact the board of directors has appointed, Mr Takhirzhan T Baratov as an executive director of Oriel. Mr Baratov became involved with the mining industry in 1994 and has been General Director of Muzbel LLP ("Muzbel"), Oriel's subsidiary in Almaty, since before Oriel acquired its interest in the Shevchenko project. He has advised and consulted to a number of UK and Canadian public companies and has been the director of a number of joint ventures in Kazakhstan. In addition, Mr Baratov is currently the General Director of Voskhod-Oriel LLP the 100% owner of the Voskhod project.
In July 2005 Dr Max Baker resigned from the board of the Company. Dr Baker felt it was appropriate to step down as a director in view of the Company's progress from exploration to project development. Dr Baker will continue to act as chief geologist to the Company on a full-time basis during the final stages of the DFS of the Shevchenko project and commencement of the DFS for the Voskhod project.
Reflecting the Company's evolution and following the listing and commencement of trading of Oriel shares on the Toronto Stock Exchange in February 2005, it was considered prudent to appoint two Canadian non-executive directors. Roger T Richer and John D Reynolds were formally appointed to the board in March 2005.
Since its inception, Oriel has established a strong management team with experience in building successful projects and effecting and developing exploration strategies worldwide. We also have substantial cash resources, strong local partnerships and local and federal governmental support in both Kazakhstan and Kyrgyzstan, all of which provide a sound platform for future growth.
Financial results
Oriel remains in the exploration and development stage on all projects. As a result of the sale of the 14% interest in Varvarinskoye a profit was achieved in the period. The retained profit for the period ended 30 June 2005 of pnds stlg 2.7 million was achieved after exploration expenditure of pnds stlg 0.7 million and administrative expenditure of pnds stlg 0.6 million. Additionally, the Group incurred exploration costs of pnds stlg 2.9 million relating to the Shevchenko Nickel project, which have been deferred in line with the Group's accounting policy on mining rights and deferred exploration. Earnings per share were 1.4 pence compared to a loss per share of 5.4 pence in the period to 30 June 2004.
Dr Sergey V Kurzin
Executive Chairman
Oriel Resources plc
Review of Operations
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VOSKHOD CHROME
Oriel purchased Voskhod in February 2005 for the equivalent of US$15.0 million in cash and the allotment of 9,181,352 shares, at the time valuing Voskhod at US$25.0 million. The deposit has a NI 43-101 compliant resource of 18.7 million tonnes at a grade of 46.2% Cr2O3 which was calculated by SRK in August 2004. In April 2005 Oriel commenced a diamond drilling programme on the deposit to confirm the previous data set.
A drill programme was subsequently undertaken under the direct supervision of SRK and encompassed both resource confirmation and geotechnical drilling. To date 40 diamond drillholes with a combined 13,042m of drilling have been completed. A further ten resource and one geotechnical drillholes are planned to complete both programmes. In addition to the monitoring role, SRK was commissioned to prepare a PAS for an underground mine and ore beneficiation plant and direct sales of chromite ore to markets in Russia and China.
The PAS was completed in September 2005. SRK undertook an audit of the Soviet compiled Voskhod resource estimate in August 2004 and was sufficiently confident of the data set to place them into the AusIMM JORC (1999) classified Indicated and Inferred categories. The SRK calculated resource comprises 18.7 Mt at 46.2% Cr2O3 (Indicated) and 0.59Mt at 14.56% Cr2O3 (Inferred). This resource statement complies with National Instrument (NI) 43-101 standards for reporting of resources and was prepared by Dr Alwyn Annels of SRK. The economic estimate has been based entirely on the Indicated resources and was prepared by Mr Beare of SRK in July 2005. Dr Annels and Mr Beare are both designated as qualified persons under the terms of NI 43-101. These reserves suggest that mine production can be sustained at Voskhod at 700,000 tonnes per annum for a period of 25 years.
SRK was assisted in the production of the PAS by Heinz Pariser, Alloy Metals & Steel Market Research, which provided the chromite ore marketing and pricing data. In addition Mintek, of South Africa was used for the process options and preliminary plant design.
On the basis of the PAS, which indicated favourable economic returns, coupled with the high quality of mineralization intercepted in the diamond drilling programme, it was decided that Oriel should immediately fast-track the project by undertaking initial project development simultaneously with the completion of the DFS, both of which are expected by the end of March 2006. With a view to cutting the lead time to production, Oriel will initiate development of an exploration decline and has appointed SRK to undertake the design of the ramp/decline, which is to be developed, subject to State approval, commencing in March/April 2006.
Oriel is obtaining proposals from three international engineering contractors for the design and costing of the chromite beneficiation plant, in order to enable a decision to be made on the DFS engineers and process design companies during October. Metallurgical test work will be used by the nominated engineering contractor to complete the project design and costing elements of the study.
Through to the end of 2005 additional work required to complete the ramp design for the feasibility study will be completed by SRK. Geotechnical drilling will be carried out along the proposed decline route and water monitoring wells installed. A representative 500kg sample of chromite ore will be sent to South Africa to the Mintek laboratory facilities for test work to assist in the final plant design.
Oriel is in consultation with its advisors, Endeavour Financial, on the availability of debt financing for the project. A number of international banks have been approached and have indicated their interest in providing up to 70% debt funding. Equity financing of the project will be provided entirely from Oriels existing cash reserves.
SHEVCHENKO NICKEL
In 2004 Oriel appointed Bateman Metals, South Africa, as lead engineers for the DFS and scheduled completion for September 2005. This date was viewed as being aggressive and due to delays in the receipt of final tenders and reworking of the engineering and process costs in order to achieve project optimisation, Oriel has deemed it prudent to delay the completion of the DFS until 1st Quarter 2006.
An extensive programme of geotechnical drilling, totalling 1,535m has been completed, targeting the needs of both civil construction and resource sterilisation. In addition, an 1,800m programme of hydrological drilling to provide data for groundwater modelling and monitoring purposes as part of the Environmental and Social Impact Study has been completed. 16 monitoring wells were constructed to be used as long-term monitoring holes, for the lifetime of the proposed Shevchenko mining project.
Shevchenko comprises nine mineral ore bodies (Shevchenko, Blizhny, Grigoriev, Tarasov, Jubilee, Yuzhniy-1, 2, 3 and Kundybai) and Oriel made the decision to drill eight of these ore bodies commensurate with the DFS. Oriel has completed infill and confirmation drilling on eight of these, with 6,200m of drilling on the Yuzhniy orebodies in the reporting period.
In March 2005 a demonstration scale test campaign on a 450 tonne sample of Shevchenko nickel ore was conducted in the 2MVA DC arc furnace at the Mintek facilities in South Africa. This programme confirmed the operating conditions for the furnace and allowed Bateman, South Africa, to use the optimised process parameters in the detailed design and costing. In addition, a 70 tonne sample of ore was tested at the Polysius, ThyssenKrupp, facilities in Germany for the milling, drying, calcining and upgrade characteristics. All the metallurgical test work completed to date has confirmed the amenability of the ore to the selected pre-treatment and smelting processes selected.
The detailed Environmental and Social Impact Assessment is being prepared to World Bank standards by Wardell Armstrong International, UK, in collaboration with the local Kazakhstan Institute, Kazmechanobr, who are preparing the locally required environmental statements.
Negotiations with potential off-takers for the ferronickel product have been progressing during the period and Oriel expects to finalise the details before completion of the DFS.
In association with our advisors Endeavour Financial, Oriel has received positive responses in respect of indicative term sheets from a number of international banks for the debt portion of the required project financing.
In July 2005 Oriel received from the Government of Kazakhstan notification that Muzbel LLP has been granted certain tax incentives through the existing Investment Contract for the development of the Shevchenko plant. These incentives include: five year accelerated depreciation on capital expenditure and exemption from land and property taxes for five years following commissioning of the plant.
GOLD PROJECTS
The Board of Oriel continues to consider its strategic options regarding the following projects.
Taldybulak Gold-Copper Project (Kyrgyzstan)
On 10 May 2005, Oriel entered into an option agreement to acquire the entire issued share capital of Kami Associates Limited (KAL). KAL holds a 100% interest in Talas Copper Gold Limited Liability Company, a company which holds the 42.89 km2 licence for the geological exploration of the Taldybulak deposit in the Talas region of the Republic of Kyrgyzstan. The Company paid an initial consideration of US$1.5 million in cash for the option. Consideration for the exercise of the option is the issue of such number of shares having a value of pnds stlg 1 million or the payment of pnds stlg 1 million in cash (at the sole discretion of the Company) and an additional US$1.5 million in cash payable 12 months from completion of the acquisition in the event the Company continues to retain the benefit of the exploration licence at that time.
A Soviet type C1+C2 resource for Taldybulak of 13.5 million tonnes at 1.42 g/t gold and 0.23% copper has been lodged with the State Reserves Committee. These resource estimates are under the Soviet classification system and are not CIMM, JORC (1999) or NI 43-101 compliant.
Oriel is encouraged that the style of mineralisation at Taldybulak is sufficiently similar with known porphyry deposits and that with the encouraging surface and drill hole intercepts there is potential for the occurrence of a multi-million ounce gold deposit.
Since signing the option agreement, Oriel has had the exploration programme approved by the Kyrgyz authorities and commenced with construction of an access road to the project site. Oriel has completed a topographic survey and detailed geological mapping of the licence. The results of geophysical surveys to define the structure and extent of mineralisation are currently being assessed to enable Oriel to identify potential additional drilling targets. Geochemical and trench sampling programmes have been initiated, with these programmes currently ongoing. A drilling programme is planned to commence on Taldybulak in September 2005.
Tokhtazan Gold Project (Kyrgyzstan)
On 29 April 2005, Oriel agreed to complete the acquisition of the Tokhtazan gold deposit, through its 100% owned subsidiary, Oriel in Kyrgyzstan LLC. The purchase consideration for the acquisition was an initial option fee of US$800,000 paid in March 2005 and the issue of 1,000,000 shares fully paid as consideration for the exercise of the option.
Under the terms of the acquisition, Oriel acquired two licences issued by the Government of Kyrgyzstan. Prior to agreeing to complete the acquisition, Oriel commissioned Wardell Armstrong International (WAI) to undertake a review of the property and Dr. Phil Newall duly completed a site visit, data review and rendered a technical report which indicated that the project has considerable merit. Dr. Newall is a qualified person in accordance with definitions set out in National Instrument 43-101 and is a UK-based chartered engineer (CEng) and Fellow of the Institute of Materials, Minerals and Mining (FIMMM).
Oriel considers Tokhtazan to be a middle stage exploration play having a significant gold resource and that previous exploration has gone some way to allowing a properly quantified resource to be established. A 2000 resource statement by the previous licensee, Cameco, indicated that the resource fell into the Soviet C2 category, and that it consisted of 21.2 million tonnes at a grade of 1.57 g/t of gold at a cut-off grade of 0.5g/tAu. These resource estimates do not comply with the CIMM classification; however the resource has been reported by WAI to compare with the CIMM Inferred category. Oriel considers there to be upside potential for additional resource within the deposit itself and the surrounding areas.
An initial geological exploration programme on the license area has commenced with the construction of an access road, topographic surveying and detailed geological mapping. Geophysical surveys of the main mineralized areas of the licence have been undertaken, the results of which are currently being interpreted. Trenches across the main mineralized zones have been outlined and are currently being excavated. A 2005 drilling programme has been designed and planned to commence prior to the onset of the winter season.
Taboga Gold Project (Russian Federation)
The Company currently holds an option to acquire an indirect 50% undivided working interest in the Taboga Gold Project in the Magadan region of Russia in partnership with OAO Dukatskaya Gorno-Geologicheskaya Company. The option is over the entire issued share capital of Caledone Finance Limited, a company incorporated in Niue, holding a 50% interest in Taboga Gorno- Geological Company, which holds the resource rights to the Taboga Gold Project.
Consideration for the exercise of the option is the issuance to the optionor of such number of Oriel shares having a value of pnds stlg 500,000 or the payment of pnds stlg 500,000 in cash to the vendor at the sole discretion of Oriel.
On behalf of Oriel an exploration programme was undertaken, consisting of the drilling of three fences of three holes each across the main target profiles comprising in total 2,100m of diamond drilling. All holes intersected disseminated sulphide mineralisation; zones of quartz-sericite metasomatism; and quartz and quartz-carbonate veinlets. Assay results for all samples taken from the drilling campaign are awaited.
Olcha Gold Project (Russian Federation)
Caledone Finance Limited also has a 50% interest in the Korkodonskaya Mining Geological Company, on behalf of which an application has been made for certain licences relating to geological exploration in respect of the Olcha group of epithermal gold deposits. The application is still pending.
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Oriel Resources plc
Consolidated profit and loss account for the period ended 30 June 2005
-------------------------------------------------------------------------
Period Period
from from
6 months 2 July 2 July
ended 2003 to 2003 to
30 June 30 June 31 December
2005 2004 2004
Note (Unaudited) (Unaudited) (Audited)
pnds stlg pnds stlg pnds stlg
'000 '000 '000
Exploration expenses (655) (2,573) (7,481)
Other administrative expenses (634) (2,223) (4,200)
----------- ----------- -----------
Administrative expenses and
operating loss (1,289) (4,796) (11,681)
Interest receivable and similar
income 452 269 775
----------- ----------- -----------
Loss on ordinary activities (837) (4,527) (10,906)
Profit on disposal of
subsidiary undertaking 4 3,498 - -
----------- ----------- -----------
Profit/(loss) before taxation 2,661 (4,527) (10,906)
Taxation on profit/(loss) on
ordinary activities - - -
----------- ----------- -----------
Profit/(loss) after taxation 2,661 (4,527) (10,906)
Minority interest 33 143 394
----------- ----------- -----------
Retained profit/(loss) 2,694 (4,384) (10,512)
----------- ----------- -----------
----------- ----------- -----------
Earnings/loss per share
Basic earnings/(loss) per share 2 1.4p (5.4)p (9.7)p
Diluted earnings/(loss) per
share 2 1.4p (5.4)p (9.7)p
----------- ----------- -----------
All amounts relate to continuing activities.
Oriel Resources plc
Consolidated balance sheet at 30 June 2005
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At 31
At 30 June At 30 June December
2005 2004 2004
Note (Unaudited) (Unaudited) (Audited)
pnds stlg pnds stlg pnds stlg
'000 '000 '000
Fixed assets
Tangible assets 831 1,312 771
Intangible assets 29,187 12,667 12,068
Fixed asset investments 806 784 300
----------- ----------- -----------
30,824 14,763 13,139
Current assets
Debtors: amounts due within -----------------------------------
one year 359 108 432
Debtors: amounts due after
one year 1,234 - -
-----------------------------------
1,593 108 432
Cash and short term deposits 27,078 30,430 26,212
----------- ----------- -----------
28,671 30,538 26,644
----------- ----------- -----------
Creditors: amounts falling
due within one year (586) (144) (532)
----------- ----------- -----------
Net current assets 28,085 30,394 26,112
----------- ----------- -----------
Total assets less current
liabilities 58,909 45,157 39,251
Creditors: amounts falling due
after more than one year (1,160) (1,185) (1,086)
Provisions for liabilities and
charges (200) - (200)
----------- ----------- -----------
Net assets 57,549 43,972 37,965
----------- ----------- -----------
----------- ----------- -----------
Capital and reserves
Called up share capital 2,016 1,635 1,645
Share premium account 5 52,568 40,596 40,710
Merger reserve 5 9,744 5,099 5,099
Profit and loss account 5 (7,541) (4,384) (10,305)
----------- ----------- -----------
Shareholders' funds - equity 56,787 42,946 37,149
Minority interests - equity 762 1,026 816
----------- ----------- -----------
57,549 43,972 37,965
----------- ----------- -----------
----------- ----------- -----------
Oriel Resources plc
Consolidated cash flow statement for the period ended 30 June 2005
-------------------------------------------------------------------------
Period Period
from from
6 months 2 July 2 July
ended 2003 to 2003 to
30 June 30 June 30 December
2005 2004 2004
Note (Unaudited) (Unaudited) (Audited)
pnds stlg pnds stlg pnds stlg
'000 '000 '000
Net cash outflow from operating
activities 6 (2,399) (6,452) (10,018)
Returns on investments and
servicing of finance
Interest received 452 269 775
----------- ----------- -----------
Net cash inflow from returns on
investments and servicing of
finance 452 269 775
----------- ----------- -----------
Capital expenditure and
financial investment
Purchase of tangible fixed assets (99) (1,335) (1,459)
Purchase of fixed asset investment (806) - -
Purchase of intangible assets (2,864) - (1,128)
----------- ----------- -----------
Net cash outflow from capital
expenditure and financial
investment (3,769) (1,335) (2,587)
----------- ----------- -----------
Acquisitions and disposals
Purchase of subsidiary
undertakings (8,640) (3,085) (3,085)
Disposal of subsidiary
undertaking 4 2,564 - -
----------- ----------- -----------
Net cash outflow from
acquisitions and disposals (6,076) (3,085) (3,085)
----------- ----------- -----------
Cash outflow before management
of liquid resources and
financing (11,792) (10,603) (14,915)
Movement of liquid resources
Movement on deposits (8,724) (25,615) (15,541)
Purchase of trade investments - (917) (917)
Sale of trade investments - - 484
----------- ----------- -----------
Cash outflow from management of
liquid resources (8,724) (26,532) (15,974)
----------- ----------- -----------
Financing
Issue of ordinary shares 12,076 41,800 41,800
Exercise of share options and
warrants 50 150 275
----------- ----------- -----------
Cash inflow from financing 12,126 41,950 42,075
----------- ----------- -----------
----------- ----------- -----------
(Decrease)/increase in cash for
the period 7 (8,390) 4,815 11,186
----------- ----------- -----------
----------- ----------- -----------
Oriel Resources plc
Notes to the Interim Report for the period ended 30 June 2005
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1 Accounting policies
Basis of preparation of Financial Statements
The interim financial information set out in pages 9 to 14 has been
prepared on the same basis and using the same accounting policies as
were applied in drawing up the Group's statutory financial statements
for the period ended 31 December 2004 and have been prepared under
the historical cost convention, unless stated otherwise and in
accordance with applicable accounting standards.
The financial information for the 6 months ended 30 June 2005 and
period ended 30 June 2004 is unaudited and within the meaning of
section 240 of the Companies Act 1985, such accounts do not
constitute full statutory accounts of the Group.
Where purchase consideration has included the issue of shares in the
parent company, Oriel Resources Plc, the purchase price has been
adjusted to reflect the fair value of the consideration on the date
of purchase.
2 Basic and diluted earnings/(loss) per share
The basic earnings per share of 1.4 pence (2004: 5.4 pence loss) is
calculated in accordance with FRS22 (Earnings per share), on a profit
on ordinary activities after tax of pnds stlg 2,693,613 (2004:
pnds stlg 4,383,850 loss) and on 193,004,841 ordinary shares (2004:
80,947,137), being the weighted average number of ordinary shares in
issue during the period.
The diluted earnings per share of 1.4 pence is calculated in
accordance with FRS22 (Earnings per share), on a profit on ordinary
activities after tax of pnds stlg 2,693,613 and on 198,181,600
ordinary shares, being the weighted average number of dilutive
potential ordinary shares in issue during the period.
3 Dividends
The directors do not recommend the payment of a dividend for the
period.
4 Disposal of subsidiary undertaking
On 19 May 2005 the Group disposed of its subsidiary Althames Holdings
Limited for $7,250,000, representing a profit on disposal of
pnds stlg 3,498,000. $2,250,000 of the consideration will be received
at the earlier of the 15th business day following the date of the
first gold pour at the Varvarinskoye mine or 31 December 2006.
5 Reserves
Share Profit
premium Merger and loss
account reserve account Total
pnds stlg pnds stlg pnds stlg pnds stlg
'000 '000 '000 '000
At 1 January 2005 40,710 5,099 (10,305) 35,504
Issue of shares 13,032 4,645 - 17,677
Profit for the period - - 2,694 2,694
Translation differences
on foreign currency net
investments in subsidiary
undertakings - - 70 70
Share issue costs (1,174) - (1,174)
---------- ---------- ---------- ----------
At 30 June 2005 52,568 9,744 (7,541) 54,771
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
6 Reconciliation of operating loss to net cash outflow form operating
activities
6 months Period Period
ended ended ended
30 June 30 June 30 December
2005 2004 2004
pnds stlg pnds stlg pnds stlg
'000 '000 '000
Operating loss (1,289) (4,796) (11,681)
Depreciation 41 23 142
Decrease/(increase) in debtors 73 (109) (432)
Increase/(decrease) in creditors 155 (1,991) (1,864)
Provision for rehabilitation - - 200
Provision for impairment - 433 2,663
Loss on disposal of listed
investments - - 433
Foreign exchange differences (1,379) (12) 521
----------- ----------- -----------
Net cash outflow from operating
activities (2,399) (6,452) (10,018)
----------- ----------- -----------
----------- ----------- -----------
7 Reconciliation of net cash flow to movement in net funds
6 months Period Period
ended ended ended
30 June 30 June 31 December
2005 2004 2004
pnds stlg pnds stlg pnds stlg
'000 '000 '000
(Decrease)/increase in cash in the
period (8,390) 4,815 11,186
Cash flow from management of liquid
resources 8,724 25,606 15,541
Exchange differences 532 9 (515)
----------- ----------- -----------
866 30,430 26,212
Net funds at beginning of period 26,212 - -
----------- ----------- -----------
Net funds at the end of period 27,078 30,430 26,212
----------- ----------- -----------
----------- ----------- -----------
>>
For further information: please contact: Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc, Tel: +44 (0) 20 7514 0590; Nick Clarke, Director of Mining, Oriel Resources plc, Tel: +44 (0) 20 7514 0590; Jonathon Brill, Billy Clegg, Financial Dynamics, Direct: + 44 (0) 20 7831 3113; Paul Lathigee, Vanguard Shareholder Solutions, Direct: (604) 608-0824
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