AIM: ORI

TSX: ORL

PRESS RELEASE

28 May 2008

Oriel Resources plc

 Final Results for the year ended 31 December 2007

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Oriel Resources plc, ("Oriel", or the "Company") the London-based chrome and nickel mining and processing company, announces its unaudited results for the year ended 31 December 2007. All amounts are presented in US Dollars.

Financial highlights

• Total of $60.0m drawn down from Voskhod funding.

• Commencement of smelting at the Company's Tikhvin ferrochrome smelting plant

Post year-end

• Mechel cash offer for all of the shares in Oriel goes unconditional

The annual general meeting of the Company will be held at Ground Floor, 1 Red Place, London W1K 6PL at 12.00 noon on Friday 29 August 2008.

Executive Chairman, Dr Sergey V Kurzin commented:

"2007 and the first five months of 2008 have proved to be yet another significant period of development for Oriel Resources.

From the continuing development at the Voskhod chrome project, the successful commissioning of the four furnaces at the Tikhvin high carbon ferrochrome ("HC FeCr") smelter ("Tikhvin"), the completion of a US$96 million private share placement for the assessment, evaluation and engineering works for additional FeCr production and further progressing of the Shevchenko project, the choice of continuous atmospheric tank leach technology to process Shevchenko ores, the initial sale of HC FeCr product from Tikhvin and the signing of a chrome ore off take contract from Voskhod, the completion of a US$50 million secured debt facility for working capital requirements of Tikhvin to, of course, the wholly unconditional acceptance by Oriel's shareholders of the cash offer from Mechel for the entire issued share capital of Oriel."

Executive Chairman's Statement

Emergence of a new, integrated stainless steel industry supplier

I am pleased to present Oriel Resources plc's financial results for the year ended 31 December 2007. Needless to say, the Company's directors and I are extremely pleased to confirm that the Cash Offer from Mechel for the entire issued share capital of Oriel has been accepted by the shareholders.

The Offer values the entire issued and to be issued share capital of Oriel at approximately US$1,498 million (£749 million).

In the four years since Oriel's formation, management has successfully built a valuable portfolio of significant ferroalloy assets and a platform to become a premier supplier to the stainless steel industry. It was against this background the Directors believed the Offer from Mechel provided an attractive opportunity for Oriel shareholders to realise their investment.

In addition to negotiating and completing the Mechel Offer, this has been an immensely busy and challenging year for Oriel.

Period and post period highlights include:

• the on-going development of the Voskhod chrome project,

• the commencement of high carbon ferrochrome production at the Tikhvin smelter and successful commissioning of all four furnaces,

• the choice of atmospheric acid tank leach technology to process Shevchenko ores,

• the completion of a US$96 million private placement for general working capital and for the assessment, evaluation and engineering works for additional FeCr production at Tikhvin and further progressing of Shevchenko project and;

• the securing of a US$50 million loan for the continuing development of the Tikhvin plant.

Mechel Offer

On 26 March 2008, Mechel offered a cash payment of 219.86 US cents for each Oriel share. The Offer valued the entire issued and to be issued share capital of Oriel at approximately US$1,498 million (£749 million) and represented a premium of approximately 13.7% to the closing price of 96.75 pence per Oriel share on 29 February 2008 and a premium of approximately 90.2% to 57.83 pence, being the average closing middle market price of an Oriel share for the six-month period prior to the same date.

Further to Mechel's announcement on 17 April which advised the market that the cancellation of admission to trading of Oriel shares on The London Stock Exchange was to take effect on or around 6 May 2008, Oriel released an update on 2 May, advising that the trading will not be cancelled on that date, but is now intended to take effect at or around the end of June 2008. Oriel is due to notify the market of the revised date once ongoing discussions relating to the Company's continuing financing arrangements have been concluded.

Development continues at Voskhod

I am very pleased to report that on-going development of the Voskhod chrome project is advancing exceptionally well. Subsequent to the completion of the box-cut in Q4 2006 and installation of supporting steel arches, development of the decline face has now reached 1,386m from the surface portal. Thanks to Central Asia Mining's aggressive work schedule, current decline advancement rates are in excess of scheduled forecasts. In that light the project is on track to achieve first production and sales during Q3 2008. The installation of power infrastructure as well as of temporary roads, offices, fuel tank farm and a concrete batching plant has been completed. Considerable progress is being made in the construction of process plant buildings, permanent roads, tailings dam, railhead and railhead access road. Construction of the plant is on schedule to start production in Q3 2008.

Production and revenue generation commences at Tikhvin

Following commencement of high carbon ferrochrome production at Tikhvin in April 2007 and subsequent generation of Oriel's first revenue, Tikhvin's management worked extremely hard to ensure that the operation's production successfully increased with construction completion on furnaces three and four and start up of furnace two during the year. As reported in 2007, the global chromite ore shortages made it difficult for the smelter to source at reasonable process, but by the end of Q1 2008, ore was procured and the last two furnaces started operation. Overall the operation is continuing its ramp up towards full capacity which should be reached when ore from the Voskhod mine arrives in Q3 2008.

Shevchenko process technology chosen

After extensive comparative analysis of all appropriate technologies for the processing of Shevchenko ores, the Board announced in October 2007 the decision to proceed with continuous atmospheric acid tank leach technology, as it provided significantly better economic and technical performance compared to other technologies. Leach tests indicated up to 90% nickel recovery on screened and upgraded Shevchenko ores.

Management and Staff

I would like to thank Oriel's staff, management and consultants for their hard work, dedication and drive during 2007 and 2008. Not only is the London team to be congratulated, but staff, management and contractors at Tikhvin and Voskhod have worked tirelessly and in some cases, under extremely tough conditions to have successfully brought the projects to the stages the market finds them at today. In particular, my thanks go to Nick Clarke, Randy Reichert, Dr Nic Barcza, Petro Mychalkiw and David Swan in London and to Takhir Baratov, Ray Oates and Chris Power at the Voskhod project in Kazakhstan and Yvgeny Neshcheret at the Tikhvin plant near St Petersburg.

Dr Sergey V Kurzin

Executive Chairman

28 May, 2008

Oriel Resources Plc

Consolidated income statement for the year ended 31 December 2007

All amounts above relate to continued operations.

Oriel Resources Plc

Consolidated statement of recognised income and expenditure for the year ended 31 December 2007

Oriel Resources Plc

Consolidated balance sheet at 31 December 2007

Oriel Resources Plc

Consolidated cash flow statement for the year ended 31 December 2007

Oriel Resources Plc

Notes forming part of the financial statements for the year ended 31 December 2007