EGM Statement

RNS Number:3598N
Oriel Resources PLC
06 December 2006


                                                                        AIM: ORI
                                                                        TSX: ORL
                                                                   PRESS RELEASE

                                                                December 6, 2006

                              Oriel Resources plc
                  Shareholders approve formation of new Oriel
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The Directors of Oriel Resources Plc ("Oriel" or "the Company"), the
London-based chrome and nickel mining and processing company, are pleased to
announce that at an Extraordinary General Meeting held at 11am this morning,
shareholders approved all resolutions proposed in connection with the
acquisition by the Company of IPH Polychrom Holdings B.V. ("IPH") and Croweley
International Limited ("Croweley"), including resolutions approving:

  * the waiver by the Panel on Takeovers and Mergers of the requirement that
    would otherwise have arisen under Rule 9 of The City Code for the
    shareholders of IPH and certain of the shareholders of Croweley to make a
    cash offer to the shareholders of the Company;

  * the acquisition by the Company of the entire issued share capital of IPH
    and Croweley pursuant to agreements dated 15 October 2006 and the issue of a
    total of 351,851,598 ordinary shares in the Company to the shareholders of
    those companies as consideration, representing 63.3% of the enlarged issued
    share capital of the Company;

  * the election of Neil Woodyer, Alexander Nesis and Ehud Rieger as
    Directors of the Company;

  * increasing the authorised share capital of the Company from #6,000,000
    to #10,000,000 by the creation of an additional 400,000,000 ordinary shares
    of 1p each; and

  * authorities to allot ordinary shares up to an aggregate nominal amount
    of #5,200,000 and to allot ordinary shares on a non pre-emptive basis up to
    an aggregate nominal amount of #1,000,000.

Admission of the ordinary shares and warrants of the Company to AIM is expected
to take place at 8.00am on 7 December 2006, at which point the proposed
acquisitions of IPH and Croweley will be complete and IPH and Croweley will
become subsidiaries within the enlarged Oriel group ("New Oriel"). At this time
and on an issued share basis, existing Oriel shareholders will hold
approximately 36.7% of New Oriel, while the IPH shareholders hold approximately
44.8% and the Croweley shareholders hold approximately 18.5%.

The listing of the Ordinary Shares in Canada remains subject to the approval of
the Toronto Stock Exchange. It is anticipated that the new listings committee of
the Toronto Stock Exchange will review Oriel's application today and Oriel
expects to announce the outcome of this review shortly.

As permitted under the terms of the Croweley acquisition agreement, prior to
closing Quotan International Limited sold 50 per cent. of the shares in Croweley
to Eanermoon Limited, a company connected to Petr Kellner, and 12.5 per cent. of
the shares in Croweley to A&NN Properties Limited, which is beneficially owned
by Alexander Mamut.

Following completion, the IPH shareholders and the Croweley shareholders will
therefore hold the following ordinary shares in the Company:

                               Number of Ordinary         Percentage
                                      Shares                holding

A&NN Properties Limited               75,102,827              13.5
Baran-Alrig Limited                   32,366,232               5.8
Baran Group Limited                   14,938,261               2.7
Polyprom Holdings BV                 124,485,507              22.4
Ehud Rieger                            4,979,420               0.9
Dina Rieger-Weiss                      4,979,420               0.9
Shaul Rieger                           4,979,420               0.9
Quotan International Limited          38,580,219               6.9
Eanermoon Limited                     51,440,292               9.3


Dr Sergey V Kurzin, Executive Chairman of Oriel commented:

"Following the approval of shareholders at today's EGM, the Board is extremely
pleased that the Company can now proceed with its planned expansion into a
vertically integrated ferroalloy business through the acquisition of the Tikhvin
smelter project, Russia and the further development of the Voskhod chrome
project and processing plant, Kazakhstan.

"The new Directors' skills and expertise will enhance New Oriel and compliment
those of the current Board. We have a strong financial base from which to
develop the Shevchenko nickel project and explore further growth opportunities,
both vertically and horizontally, in the ferroalloy and stainless steel
industries."


ENDS
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Notes to Editors:

Oriel Resources was formed in July 2003 with Dr Sergey V. Kurzin as Executive
Chairman and CEO and is a London-based chrome and nickel mining and processing
company with its Ordinary Shares and Warrants admitted to trading on the
Alternative Investment Market (AIM) and its Ordinary Shares listed on the TSX
Stock Exchange.

Its primary focus is on the identification, acquisition, exploration and
development of advanced chrome, nickel, and other alloying opportunities in the
countries of the FSU, including The Republic of Kazakhstan and The Russian
Federation. The Oriel group currently has three projects, namely the Tikhvin
smelter project, Russia, the Voskhod chrome project and the Shevchenko nickel
project, both situated in north-western Kazakhstan. Following the results of
recent feasibility studies for the Russia and Kazakh-based projects and given
the current high demand for chrome and nickel products, the directors are
fast-tracking the Voskhod chrome and Tikhvin smelter projects into production
while further developing the Shevchenko nickel project.
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For further information please contact:

Dr Sergey V Kurzin, Executive Chairman, Oriel Resources plc
Tel: [phone]

Nick Clarke, Managing Director, Oriel Resources plc
Tel: [phone]

Gavin Dallas, Marketing and PR, Oriel Resources Plc
Tel: [phone]

Robin Birchall, Canaccord Adams Limited
Tel [phone]

Michael Padley / Michael Spriggs, Bankside Consultants
Tel: [phone]

Keith Schaefer, Vanguard Shareholder Solutions
Tel: + 1 604 608 0824

www.orielresources.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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