Oriel Resources plc Announces Compulsory Acquisition of Shares and Cancellation From AIM

LONDON, UNITED KINGDOM--(Marketwire - Aug. 20, 2008) - Oriel Resources plc (TSX: ORL.TO)(AIM: ORI) announces that further to the takeover offer made on 26 March 2008 by Mechel OAO ("Mechel") for the entire issued and to be issued share capital of Oriel, Mechel has notified Oriel that it now intends to exercise its right under section 979 of the Companies Act 2006 to acquire the Oriel Shares held by the remaining shareholders. A notice has been sent to all non-assenting shareholders pursuant to section 980(1) of the Companies Act 2006. A copy of this notice is also available at www.orielresources.com.

Oriel announces that trading in its ordinary shares and warrants on AIM will be cancelled on or around 19 September 2008.

Contacts

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

Tania Tchedaeva
Oriel Resources plc
+44 (0) 20 7514 0590

Gavin Dallas
Oriel Resources plc
Investor Relations
+44 (0) 20 7514 0590
+44 (0)20 7514 0591 (FAX)
Email: info@orielresources.com
Website: www.orielresources.com

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