Voskhod financing completed

RNS Number:1337O
Oriel Resources PLC
18 December 2006





                                                                        AIM: ORI

                                                                        TSX: ORL

                                                                   PRESS RELEASE

                                                               December 18, 2006


                              Oriel Resources plc


      Voskhod Chrome Project Closes Financing Commitment of US$120 million
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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 the closing of a US$120 million loan facility ("Facility") for the
Voskhod chrome project ("Voskhod") in Kazakhstan.


Oriel is delighted to announce that on the December 15 it closed the US$120
million loan facility with Eurasian Development Bank ("EDB"), UniCredit Markets
& Investment Banking acting through Bayerische Hypo- und Vereinsbank AG
("UniCredit Group (HVB)") and WestLB AG ("WestLB"). These institutions have
agreed to provide loan facilities totalling US$120 million for Oriel's Voskhod
Chrome Project. The Facility consists of two tranches:


   * Tranche 1 - US$100 million for the construction, development and
    operation of Voskhod; and
      + * Tranche 2 - US$20 million for potential overruns related to capital
        and working capital costs at Voskhod.


        Drawdown is expected during Q1, 2007 following the satisfaction of the
        remaining conditions precedent to the Facility.


        Endeavour Financial acted as Financial Adviser to Oriel.


        Dr Sergey V Kurzin, Executive Chairman of Oriel commented:


    "The Board is extremely pleased to have closed the financing in such short a
    time frame and to have the support of EDB, HVB and WestLB. We welcome EDB's
    involvement in our Voskhod Project and are delighted to be involved as one
    of its first major financings. We look forward to long-term cooperation with
    EDB on other projects within the region. Our thanks also go to Endeavour
    Financial for their hard work in arranging the Facility for us."



    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]


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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