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

Thu Jul 3, 2:00 AM

LONDON, UNITED KINGDOM--(Marketwire - July 3, 2008) - Oriel Resources Plc ("Oriel" or the "Company") (TSX: ORL.TO)(AIM: ORI), the London-based chrome and nickel mining and processing company, announces an update to its announcement on 2 May 2008 regarding the timing of cancellation of the admission of the Company's shares on the AIM market. Oriel's issued ordinary share capital, which is currently 99.7 per cent owned by Mechel OAO, a New York Stock Exchange listed company, will not be cancelled from trading on AIM in the immediate future. Oriel is currently considering its corporate and strategic options and a further announcement will be notified to the market in due course.

Contacts

Alexander Tolkach
Mechel OAO
Head of International Relations & Affairs Relations
+7 495 221 8888

Dmitry Prokopyuk
Oriel Resources Plc
Company Secretary
+7 495 221 8888

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

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