Oriel Resources Plc ('Oriel', or the 'Company') (AIM:ORI, TSX:ORL) is pleased to confirm the completion of the previously announced transfer and sale of its gold related assets into Lero Gold Corporation (‘Lero’) (formerly ELE Capital Corporation – ‘ELE’). Lero is expected to resume trading on TSX Venture Exchange (TSX-V) on Thursday July 27, 2006 under the trading symbol “LER”.

The transaction represented a Reverse Takeover (as such term is defined in the TSX-V Corporate Finance Manual) of ELE Capital Corporation. Oriel currently holds 63.1% of the issued capital of Lero. Prior to the completion of the transaction, the shares in ELE have traded at C$0.60 valuing the Oriel investment at C$18.0m or US$15.66m.

Oriel’s shareholding in Lero is subject to TSX-V escrow conditions.

Executive Chairman of Oriel, Dr Sergey V. Kurzin said:

“I am pleased that the completion of this sale concludes our stated objective of divesting the Company of its non-core assets in order to provide additional focus on our chrome and nickel projects.”

“Oriel will continue to influence the current drilling program and benefit from the gold related assets through its investment in Lero, whilst simultaneously being able to focus its energies and resources on the aggressive development of its advanced ferroalloy projects in Kazakhstan.”

ENDS

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Notes to Editors:

Oriel Resources was incorporated in July 2003 with Dr Sergey V. Kurzin as Executive Chairman and CEO, with a primary focus on the acquisition, exploration and development of advanced and high quality nickel and gold projects in the countries of the Former Soviet Union (FSU).

The company was admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange in March 2004, raising GBP40.56 million. The Admission was at that time the largest funded mining IPO in the history of AIM and provided the company with a solid financial foundation.

Oriel subsequently listed on the Toronto Stock Exchange in February 2005, providing the company with access to the resource-oriented Canadian market and providing for greater liquidity for the Company's shares.
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For further information please contact:
Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Nick Clarke, Managing Director, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Gavin Dallas, Marketing and PR, Oriel Resources plc
Tel: +44 (0) 20 7514 0590
Michael Padley / Michael Spriggs, Bankside Consultants
Tel: +44 (0) 20 7367 8888
Keith Schaefer, Vanguard Shareholder Solutions
Tel: + 1-604-608-0824
www.orielresources.com