Update on Cancellation of the Admission to Trading of Oriel Resources Shares on the AIM Market

Fri May 2, 12:29 PM

LONDON, UNITED KINGDOM--(Marketwire - May 2, 2008) - Oriel Resources Plc ("Oriel" or the "Company")

Update on Cancellation of the Admission to Trading of the Company's Shares on the AIM Market

Further to the announcement by Mechel OAO ("Mechel") on 17 April 2008, Oriel Resources plc (TSX: ORL.TO)(AIM: ORI) announces that the admission to trading of its shares on the Alternative Investment Market of the London Stock Exchange will not now be cancelled on 6 May 2008.

It is intended that cancellation of admission to trading of Oriel shares on AIM will now take effect on or around the end of June 2008. The exact revised date will be notified once ongoing discussions relating to Oriel's continuing financing arrangements have been concluded.

Contacts

David Swan
Oriel Resources Plc
Company Secretary
+44 (0) 20 7514 0590

Gavin Dallas
Oriel Resources Plc
Marketing and PR
+44 (0) 20 7514 0590
Email: info@orielresources.com
Website: www.orielresources.com

Michael Padley / Michael Spriggs
Bankside Consultants
+44 (0) 20 7367 8888

Ryan Gaffney
Canaccord Adams Limited
+44 (0) 20 7050 6500

Keith Schaefer
Vanguard Shareholder Solutions
(604) 608-0824