ORI Oriel Res.

RNS Number:5200S
Mechel OAO
17 April 2008



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION



                                                                   17 April 2008



          RECOMMENDED CASH OFFER BY MECHEL OAO FOR ORIEL RESOURCES PLC

               OFFER UPDATE - OFFER DECLARED WHOLLY UNCONDITIONAL



Mechel announces the following update in relation to the recommended cash offer
made by Mechel for the entire issued and to be issued ordinary share capital of
Oriel by means of an offer document dated 26 March 2008 (the "Offer Document").

The Board of Mechel is pleased to announce that all the conditions of the Offer
have now been satisfied or waived and that, accordingly, the Offer is today
declared unconditional in all respects.


1.         Level of acceptances

The Board of Mechel announces that, as at 1.00 p.m. (London time) on 16 April
2008, the first closing date of the Offer, valid acceptances had been received
in respect of a total of 611,660,984 Oriel Shares, representing approximately
95.69 per cent. of Oriel's existing issued ordinary share capital.

The Board of Mechel is therefore pleased to announce that the 90 per cent.
acceptance condition in respect of the Offer has been satisfied.

As set out in the Offer Document, Mechel had received irrevocable undertakings
to accept the Offer in respect of a total of 296,698,351 Oriel Shares,
representing approximately 46.4 per cent. of Oriel's existing issued ordinary
share capital.  As at 1.00 p.m. (London time) on 16 April 2008, valid
acceptances of the Offer (all of which are included in the total of valid
acceptances referred to above) had been received in respect of all of these
Oriel Shares.

Save as disclosed above and in the Offer Document, neither Mechel nor any person
acting in concert with Mechel for the purposes of the Offer is interested in or
has any rights to subscribe for any Oriel Shares nor does any such person have
any short position or any arrangement in relation to Oriel Shares.  For these
purposes "arrangement" includes any agreement to sell or any delivery obligation
or right to require another person to purchase or take delivery of, and
borrowing or lending of, Oriel Shares.  An "arrangement" also includes any
indemnity or option arrangement, any agreement or understanding, formal or
informal, of whatever nature, relating to Oriel Shares which may be an
inducement to deal or refrain from dealing in such securities. "Interest"
includes any long economic exposure, whether conditional or absolute, to changes
in the prices of securities and a person is treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.


2.         Settlement

The consideration due to Oriel Shareholders who have provided valid and complete
acceptances under the Offer on or before the date of this announcement will be
dispatched by 30 April 2008.  The consideration due to Oriel Shareholders who
provide valid and complete acceptances under the Offer after the date of this
announcement but while the Offer remains open for acceptance will be dispatched
within 14 days of such receipt.


3.         Offer open for acceptance


The Offer will remain open for acceptance until further notice.



4.         Further acceptances


Oriel Shareholders who have not yet accepted the Offer are urged:


(i)         in respect of Oriel Shares held in certificated form, to complete,
sign and return the relevant Form of Acceptance, in accordance with the
instructions set out in the Offer Document and in the Form of Acceptance, so as
to be received as soon as possible;


(ii)        in respect of Oriel Shares held in CREST, to accept electronically
through CREST so that the TTE instruction settles as soon as possible; and


(iii)       in respect of Oriel Shares held through a participant of CDS, to
accept by following the procedures for a Book-based Transfer established by CDS
as soon as possible, or otherwise as described in the Offer Document.


Full details of how to accept the Offer in respect of certificated and
uncertificated Oriel Shares are set out in the Offer Document and, in the case
of certificated Oriel Shares, the accompanying Form of Acceptance.  Copies of
the Offer Document and the Form of Acceptance can be obtained by contacting
Computershare Investor Services PLC on telephone number + 44 870 707 1214.



5.         Compulsory acquisition and cancellation of trading

Mechel intends to apply the provisions of sections 979 to 982 of the Companies
Act 2006 to acquire compulsorily any Oriel Shares that have not accepted the
Offer on the same terms as the Offer.

Mechel is taking steps to procure the making of an application by Oriel to the
London Stock Exchange for the cancellation of admission to trading of Oriel
Shares on AIM.  It is anticipated that the cancellation of admission to trading
will take effect approximately 20 business days after the date of this
announcement.  Accordingly, it is expected that such cancellation will take
effect on or around 6 May 2008 or as soon as practicable possible thereafter.

Subject to applicable law, Mechel intends to take steps to procure Oriel to 
delist the Oriel Shares from the Toronto Stock Exchange and apply to the 
Ontario Securities Commission for a decision that Oriel has ceased to be a 
reporting issuer in Ontario. 

This cancellation and delisting will significantly reduce the liquidity and
marketability of any Oriel Shares not assented to the Offer.


6.         Other

Terms used in this announcement shall have the meaning given to them in the
Offer Document, unless the context requires otherwise.





Enquiries


MECHEL                                          Telephone: +7 (495) 221 8888
Alexander Tolkach, Head of International 
Affairs and Investor Relations


MERRILL LYNCH                                   Telephone: +44 (0) 20 7628 1000
Kevin Smith
Mark Echlin
George Close-Brooks





Further Information

This announcement does not constitute, or form part of, an offer or solicitation
of any offer to sell or an invitation to purchase any securities or the
solicitation of an offer to buy any securities, pursuant to the Offer or
otherwise.  The Offer is made solely by the Offer Document and the Form of
Acceptance, which contain the full terms and conditions of the Offer, including
details of how the Offer may be accepted.  Any acceptance or other response to
the Offer should be made on the basis of the information in the Offer Document
and the Form of Acceptance.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdiction in which they
are located. Persons who are not resident in the United Kingdom should inform
themselves about, and observe, any applicable legal or regulatory requirements.

The release, publication or distribution of this announcement in jurisdictions
other than the UK may be restricted by law and therefore any persons who are
subject to the laws of any jurisdiction other than the UK should inform
themselves about, and observe, any applicable requirements. Any failure to
comply with the applicable requirements may constitute a violation of the
securities laws of any such jurisdiction. This announcement has been prepared
for the purpose of complying with English law and the Code and the information
disclosed may not be the same as that which would have been disclosed if this
announcement had been prepared in accordance with the laws of jurisdictions
outside the UK.

Any persons (including, without limitation, any custodian, nominee or trustee)
who would, or otherwise intend to, or who may be under a contractual or legal
obligation to, forward this announcement and/or the Offer Document and/or any
other related document to any jurisdiction outside the UK should inform
themselves of, and observe, any applicable legal or regulatory requirements of
their jurisdiction.

Further details in relation to overseas shareholders are contained in the Offer
Document.

Merrill Lynch, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Mechel in connection with the
Offer and no-one else and will not be responsible to anyone other than Mechel
for providing the protections afforded to clients of Merrill Lynch or for
providing advice in relation to the Offer or any other matters referred to in
this announcement.




--------------------------


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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