Sale of gold assets

RNS Number:7907G
Oriel Resources PLC
26 July 2006


                                                                        AIM: ORI
                                                                        TSX: ORL
                                                                   PRESS RELEASE

                                                                   July 26, 2006


                              Oriel Resources plc


  Oriel Resources plc confirms the sale of gold assets enhancing focus on its
                  Kazakhstan-based chrome and nickel projects
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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: [phone]

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

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

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

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

www.orielresources.com
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                      This information is provided by RNS
            The company news service from the London Stock Exchange

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