Shares in Mining group Oriel Resources start trading today, the company having been admitted to the Alternative Investment Market of the London Stock Exchange. The company has raised £ 40.56 million and, after placing 62.4 million shares of 1p each at a market price of 65p per share, the group will initially be valued at £104.5 million. The Nominated Adviser and broker to the company is Canaccord Capital (Europe) Limited.

Oriel was formed in July 2003 by Sergey Kurzin and Stephen Dattels for the purpose of acquiring and developing early and advanced stage mineral deposits in the Russian Federation and other republics of the former Soviet Union.

Dr Sergey Kurzin, executive chairman, has over ten years experience in the international mining industry. He will use a wide network of professionals to acquire mining properties for the company in Russia and Central Asia. He will be assisted by Stephen Dattels, who has been involved in a number of successful mining ventures. They include Barrick Gold Resources Corporation, International Gold Resources Corporation and Caledon Resources PLC.

So far Oriel has interests in four projects.

The first, a 51% interest (with the right to increase to 90%), is a nickel project called Shevchenko in Kazakhstan, where the exploration phase is largely complete. Given the current high demand and shortage of supply for nickel the company aims to bring the project into production in the shortest practicable time.

Oriel has an interest in three gold projects. At Urup in the Kurile Islands, north of Japan, it has 89% (with the right to increase to 95%) control over a 70 square kilometre concession where a zone of bonanza grade gold mineralisation has been outlined by trench sampling. The company has also acquired the option to purchase a 95% interest in the Togoluk deposit in Kyrgystan. It plans to explore for additional mineralisation along strike of the existing resource. Finally, Oriel has acquired a 14% interest in the Varinskoye gold-copper skarn deposit in northern Kazakhstan.

Sergey Kurzin said today: "We have done an excellent job in a very short time forming the company, acquiring properties and bringing Oriel to the market. My team in London, Russia and Kazakhstan is totally dedicated to achieving results and to creating the best possible value for the company and its shareholders."