Oriel Resources plc is pleased to announce that it has completed the sale of Althames Holdings Limited, the holder of its 14% interest in JSC Varvarinskoye the operating subsidiary of gold mining company European Minerals Corp.

The initial proceeds of the transaction, USD 5.0m in cash, have been received bringing total cash funds on deposit at Oriel to USD 50.1m at 21 June 2005. Oriel will receive the final balance of the consideration of USD 2.25m 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. Oriel intends to apply the cash to working capital balances.

Executive Chairman, Dr Sergey Kurzin said:

“Our interest in Varvarinskoye was acquired in March 2004 for £300,000 which was satisfied by the issue of Oriel shares. We have realised this investment, delivering significant value to our shareholders in a short space of time. The proceeds of the transaction will be re-invested into the core nickel and chrome projects.”

Ends


For further information, please contact:

Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc
Tel: +44 (0) 20 7514 0590

Dr 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

Vanguard Shareholder Solutions
Tel: 1-800 866-788-9288