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Re: News Releases - Thursday, February 28, 2008
JOINT VENTURE WITH EUROPEAN GOLDFIELDS
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28 February 2008
AIM / PLUS Markets: AAU

JOINT VENTURE WITH EUROPEAN GOLDFIELDS

Ariana Resources plc ('Ariana' or 'the Company'), the gold
exploration company focused on Turkey, is pleased to announce that it
has signed a Heads of Agreement with European Goldfields Limited (TSX
/ AIM: EGU) for the joint development of Ariana's properties in
north-eastern Turkey, which include the Ardala copper-gold porphyry
and eleven other licences covering a total area of 168km2. Completion
of the Joint Venture and a related placing in Ariana is expected by
mid-April 2008, conditional upon satisfactory due diligence and the
signing of definitive agreements.

Highlights


* Joint venture to develop the Artvin properties, including the
Ardala Cu-Au Project



* Exploration programme to be funded by European Goldfields



* Significant projects to be advanced to Bankable Feasibility


Details of Joint Venture

The Joint Venture is focused on the Pontides region of Turkey, a
highly prospective geological terrain containing several major
deposits. The Ardala Cu-Au porphyry has been the subject of
reconnaissance drilling around the periphery of a porphyry intrusion,
which identified encouraging grades of copper and gold. It has a 600m
x 700m surface exposure centred on a magnetic high of 1,000m x 1,000m
extent. Copper-gold mineralisation has also been identified on other
properties in the vicinity of Ardala within granitoids and in the
surrounding country rocks.

Under the agreement, European Goldfields will initially own 51% of
the properties transferred by Ariana in to the Joint Venture.
European Goldfields will then fund all development costs of these
initial properties and any future properties located within a defined
area in North-eastern Turkey until completion of a Bankable
Feasibility Study, at which time European Goldfields' interest in
each relevant project will increase to between 80% and 90%,
respectively.

In addition, European Goldfields has agreed to subscribe for new
shares in Ariana at 5 pence per share in a private placement for a
total consideration of approximately �890,000, resulting in European
Goldfields owning 20% of the outstanding shares in Ariana following
the placement.

Dr. Kerim Sener, Managing Director, commented:

'We are delighted by the initiation of our partnership with European
Goldfields in North-eastern Turkey, which promises a robust and
effective approach to the exploration for large copper-gold and gold
deposits. This joint venture forms part of our strategy to advance
our existing ground-holding in north-eastern Turkey, without
detracting from our focused resource development programme in western
Turkey.'

'We are also very pleased to see European Goldfields become a
significant investor in the Company. The placement, at a premium to
market, is a strong vote of confidence, and funds us through the next
stages of our development of the Kiziltepe project and acquisition of
the Tavsan project.'

David Reading, CEO of European Goldfields, commented:

'We are excited at this opportunity of rapidly growing our business
into Turkey in partnership with Ariana Resources, which has a proven
track record of securing prospective exploration licences and
operating effectively in the country.'


Contacts:


+-------------------------------------------------------+
| Ariana Resources plc | Tel: 020 7407 3616 |
|----------------------------------+--------------------|
| Michael Spriggs, Chairman | |
|----------------------------------+--------------------|
| Kerim Sener, Managing Director | |
|----------------------------------+--------------------|
| | |
|----------------------------------+--------------------|
| Beaumont Cornish Limited | Tel: 020 7628 3396 |
|----------------------------------+--------------------|
| Roland Cornish | |
|----------------------------------+--------------------|
| | |
|----------------------------------+--------------------|
| Bankside Consultants | Tel: 020 7367 8888 |
|----------------------------------+--------------------|
| Michael Padley / Louise Davis | |
|----------------------------------+--------------------|
| | |
|----------------------------------+--------------------|
| Loeb Aron & Company Limited | Tel: 020 7628 1128 |
|----------------------------------+--------------------|
| Peter Freeman / Frank Lucas | |
|----------------------------------+--------------------|
| | |
|----------------------------------+--------------------|
| City Capital Corporation Limited | Tel: 020 7842 5867 |
|----------------------------------+--------------------|
| Charles Dampney | |
|----------------------------------+--------------------|
| | |
|----------------------------------+--------------------|
| King & Shaxson Capital Limited | Tel: 020 7426 5986 |
|----------------------------------+--------------------|
| | |
+-------------------------------------------------------+


Editors' note:

Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director of
Ariana Resources plc. A graduate of the University of Southampton in
Geology, he also holds a Master's degree from the Royal School of
Mines (Imperial College, London) in Mineral Exploration and a
doctorate from the University of Western Australia. He is a Fellow
of The Geological Society of London and has worked in geological
research and mineral consultancy in Southern Africa and Australia. He
has read and approved the technical disclosure in this regulatory
announcement.

About Ariana Resources

Ariana is a dynamic exploration company focused on the discovery and
development of epithermal gold-silver and porphyry copper-gold
deposits with multi-million ounce potential within the Tethyan
metallogenic belt of Turkey. The Company has a portfolio of
prospective licences selected on the basis of its advanced in-house
remote sensing database.

The Company's flagship asset is the Sindirgi Gold Project, which
targets a series of prospects, within a prolific mineralised district
in western Turkey. The project hosts over 45km of gold-silver
bearing epithermal quartz veins.

Loeb Aron & Company Limited, City Capital Corporation Limited and
King & Shaxson Capital Limited are joint brokers to the Company and
Beaumont Cornish Limited is the Company's nominated adviser.

For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.

Ends.

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Copyright (c) 2008 ARIANA RESOURCES PLC (AAU) All rights reserved.
For more information visit our website at
http://www.arianaresources.com/ or send mailto:info@arianaresources.com
Message sent on Wed Feb 27, 2008 at 11:09:21 PM Pacific Time
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