Oriel Resources plc

Oriel Resources plc

June 09, 2008 10:13 ET

Oriel Resources Announces Director Resignations

LONDON, UNITED KINGDOM--(Marketwire - June 9, 2008) - Oriel Resources plc ("Oriel" or the "Company") (TSX:ORL)(AIM:ORI) announces that further to the announcement on 17 April 2008 by Mechel OAO, Russia ("Mechel") that the recommended cash offer made by Mechel for the entire issued and to be issued ordinary share capital of Oriel had been declared unconditional in all respects, the following members of the Oriel Board of Directors have resigned: Messrs Geoffrey Bush, John Reynolds, Alexander Nesis, Roger Richer, Neil Woodyer and Ehud Rieger. All resignations are of immediate effect.

Mr Takhir Baratov remains Executive Director of Oriel whilst during the transition period, Dr Sergey V Kurzin and Mr Nick Clark will remain as Non-Executive Directors.

Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.

Contact Information

  • Mechel OAO
    Alexander Tolkach
    Head of International Relations & Affairs Relations
    +7 495 221 8888
    Oriel Resources Plc
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7514 0590
    :+44 (0)20 7514 0591 (FAX)
    Email: info@orielresources.com
    Website: www.orielresources.com
    Canaccord Adams Limited
    Ryan Gaffney
    +44 (0) 20 7050 6500