Oriel Resources is committed to the principle of best practice in corporate governance.

The Oriel Resources Board (“the Board”) establishes the strategic direction of the company, which the management team then implements.

The Directors support the highest standards of corporate governance and observe the requirements of the Combined Code to the extent they consider appropriate in light of the Company’s size, stage of development and resources.

Dr Kurzin is the Executive Chairman of the Company and there is currently no Chief Executive Officer. However, the Existing Directors feel that the appointment of Mr Clarke as Managing Director provides a sufficient split of responsibilities with the Executive Chairman in accordance with the Combined Code.

The Company holds timely board meetings periodically as issues arise which require board attention. The Directors are responsible for formulating, reviewing and approving the Group’s strategy, budget, major items of capital expenditure and senior personnel appointments.

On 13 February 2004, the Company set up Remuneration, Nomination and Audit & Corporate Governance committees with formally delegated duties and responsibilities.