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Oxus Mining Plc (OXS)

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Monday 10 December, 2001

Oxus Mining Plc

Drilling report

Oxus Mining Plc
10 December 2001

OXUS MINING PLC

Oxus Completes Drilling Programme at Khandiza
Resource Updated

Oxus Mining plc (Oxus) (OXS.L), after the completion of an additional 31 hole
diamond drilling programme, has restated the base metal 'measured and
indicated' resources of its zinc-silver-gold-copper-lead deposit at Khandiza
in Uzbekistan.

The additional drilling data has been combined with the results of some
77,000 metres of drilling completed in 1974 during Soviet exploration as well
as channel and bulk sampling from 23 kilometres of underground exploration
workings. By increasing the cut-off grade from 4%, as used in the preliminary
feasibility study, to 5% zinc there is a significant increase in the grades
of zinc, lead, copper and silver but a decreased resource tonnage. The
potential for a smaller higher-grade mine at a lower capital cost will now be
evaluated. However, the funding and development of the Amantaytau gold
project remains as the Company's only short-term construction and development
objective.

The new resources have been independently audited by CSMA Consultants Limited
(CSMA) and are summarised below and compared to the previous resources used
in the September 1998 preliminary feasibility study:

                                                                              
                    Tonnes     Zinc    Lead        Copper        Silver   Gold
                   Millions       %       %             %        grams/ grams/  
                                                                  tonne  tonne  
 
  Preliminary Feasibility Study Resources                                     

  Measured &          13.07    8.31    3.27          0.94           146   0.36
  Indicated                                                                   

  New Resources                                                               
  Measured             2.39   14.13    5.87          1.71           216   0.54
  Indicated            4.46   13.89     7.1          1.67           261   0.57

  Total New            6.85   13.97    6.67          1.68           245   0.56
  Resources                                                                   

       Change          -48%    +68%   +104%          +79%          +68%   +56%
                                                                             
 
  Contained        Tonnes        Zinc      Lead    Copper    Silver       Gold
  Metal         Resources      Tonnes    Tonnes    Tonnes   Thousand    Ounces
                                                             Ounces  
         
  Preliminary  13,070,000   1,086,000   427,000   123,000     61,000   151,000
  Feasibility                                                                 

  New           6,850,000     957,000   457,000   115,000     54,000   123,000
       Change  -6,220,000    -129,000   +30,000    -8,000     -7,000   -28,000


Khandiza is included in a 6,000 square kilometre exploration area which is
part of a major base metal and gold province on the southern margin of the
Tien Shan Gold Belt in Uzbekistan. The proposed mining licence area around
Khandiza covers an area of 145 square kilometres within which there are a
further 10 known base metal exploration targets. CSMA states that there is
'potential to significantly increase the Khandiza resource base'.

The following drill hole intersections are the most significant in the 31
hole drill programme at Khandiza:

                                                                              
  Drill hole       Intersection    Zinc    Lead   Copper      Silver      Gold
  Number        width in meters       %       %        %      grams/    Grams/
                                                               tonne     tonne

  OXK001                   24.6    8.70    3.28     1.26          82      0.57
  OXK004                   28.6    8.38    3.10     0.86          57      0.07
  OXK006A                  29.8   15.42    5.40     1.22          81      1.19
  OXK009A                  27.6    8.46    3.57     0.74          58      0.69
  OXK011                   30.4    7.64    2.77     0.46          78      0.33
  OXK013                   42.8    7.99    3.96     0.70          79      0.04
  OXK015                   35.0   12.71    6.00     1.19         237      0.32
  OXK021                   21.4   10.81    3.88     1.57         237      0.85
  OXK22A                    8.8   35.52   10.17     1.42         133      0.51


                                                              10 December 2001

                                                                           
      Enquiries:                                                           

      Oxus Mining                                 Tel: +44 (0)1483 714411  
      Roger Turner, CEO                                                    
      Michael de Villiers, Finance Director                                
      William Charter, VP Geology & Exploration                            

      Old Mutual Securities                       Tel: +44 (0)20 7002 4618 
      Frank Moxon, Director                                                

      College Hill                                Tel: +44 (0)20 7457 2020 
      Archie Berens                                                        
      Kate Aquila                                                          

      Oxus Mining plc website                     www.oxusminingplc.com