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Oxus Mining Plc (OXS)

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Friday 24 May, 2002

Oxus Mining Plc

Placing & Open Offer

Oxus Mining Plc
24 May 2002


                                OXUS MINING PLC
                           ('Oxus' or 'the Company')

            Placing and Open Offer of 50,000,000 new ordinary shares
                          of 1p each at 10p per share

Oxus Mining plc, the AIM traded gold mining exploration company, today announces
details of a Placing and Open Offer which will help to fund construction of
Phase I of its exciting gold mining project at Amantaytau in Uzbekistan.

•        The Placing and Open Offer, which is fully underwritten, will raise
£5.0 million, before expenses, comprising an offer to existing Shareholders and
an element already placed with investors

•        Qualifying Shareholders are entitled to apply for New Ordinary Shares
in the Open Offer on the basis of 1 New Ordinary Share for every 5 Ordinary
Shares held

•        Proceeds from the Placing and Open Offer will be used for working
capital and to help Oxus to raise the additional sum of $16.5 million required
by Societe Generale in relation to its offer for a $31 million project finance
facility, as announced on 3 April 2002

•        The Company is working towards satisfying the other conditions required
by Societe Generale in respect of the $31 million project finance facility and
towards agreeing terms for a Proposed Subordinated Insured Debt Facility which
will net $15 million, thereby providing the balance of the $16.5 million above

•        Assuming these financing arrangements are completed and the conditions
are satisfied, Oxus will have successfully raised the funds required to
construct its 1 million ounce heap leach gold mining project at Amantaytau in
Uzbekistan.  The Directors of Oxus believe the economics of this project are
extremely attractive and expect to be producing gold in mid 2003

•        A Prospectus in connection with the Placing and Open Offer is being
posted to Shareholders today



Roger Turner, Chief Executive of Oxus, said today:



 'We are naturally delighted to have made this advance towards our funding
package, especially as we have managed to keep shareholder dilution to a
minimum.  We now intend to move rapidly to satisfying the conditions outstanding
in respect of the project finance and commence the construction stage of Phase I
at Amantaytau and look forward with confidence to achieving significant returns
when we commence gold production.  In addition, the prevailing gold price now
substantially exceeds the price on which the original projections were based,
which is all the more reason for us to be encouraged.'



                                                                     24 May 2002


Enquiries:

Oxus Mining                                            Tel: +44 (0) 1483 714 411
Roger Turner, Chief Executive
Michael de Villiers, Finance Director
Sacha Borthwick, VP Corporate Development & IR

Brown Shipley & Co Limited                             Tel: +44 (0) 20 7282 3270
Bill Staple, Director
Martin Eales

Brown Shipley Securities                               Tel: +44 (0) 20 7282 3378
Craig Cowan
Gavin Haywood

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




    Further information can be obtained by visiting the Company's  website:



                             www.oxusminingplc.com



       The Company can also be contacted by e-mail: oxus@oxus.demon.co.uk





                                OXUS MINING PLC


            Placing and Open Offer of 50,000,000 new ordinary shares
                          of 1p each at 10p per share


Introduction

The Directors are pleased to announce details of the Placing and Open Offer.
The total amount raised under the Placing and Open Offer, which is fully
underwritten, will be £5.0 million, before expenses.  Qualifying Shareholders
are being given the opportunity to apply for 26,209,863 New Ordinary Shares
(representing 52.4 per cent. of the New Ordinary Shares) on the basis of 1 Offer
Share for every 5 Ordinary Shares held as at 22 May 2002.  The 23,790,137 New
Ordinary Shares which are not Offer Shares, together with 13,511,662 Offer
Shares which certain Qualifying Shareholders have undertaken not to subscribe
for, have been placed by Brown Shipley under the Placing.

The Placing and Open Offer is underwritten by Brown Shipley and dealings in the
new shares are expected to commence on 25 June 2002.

Reasons for and background to the Placing and Open Offer

Oxus's immediate priority is to complete the development, construction and
commissioning of the mine and processing facilities for the oxide deposits at
Amantaytau ('Amantaytau Phase I' or 'Phase I') in Uzbekistan.  The Company has
estimated the cost to complete the construction and commissioning of Amantaytau
Phase I to be approximately US$41.5 million, which includes additional financing
costs and pre-production interest.

Societe Generale has offered to provide the Amantaytau Goldfields project ('AGF
') in which Oxus has a 50 per cent. interest, with a project finance facility of
US$31 million subject to entering into a legally binding loan agreement on or
before 30 June 2002 (the 'Proposed Senior Bank Facility').  The loan agreement
will be subject to material conditions precedent including a requirement for
Oxus to make a contribution of US$16.5 million to the project.  Oxus intends
that US$15 million of this requirement will be met by the Proposed Subordinated
Insured Debt Facility and US$1.5 million from the proceeds of the Placing and
Open Offer.

It should be noted that although Oxus has been working to ensure that the
Proposed Senior Bank Facility and the Proposed Subordinated Insured Debt
Facility are available, it may not prove possible for the relevant parties to
enter into agreements for the provision of this finance or to satisfy the
conditions as to their availability.

The Placing and Open Offer is not conditional upon agreements being entered into
to provide the Proposed Senior Bank Facility or the Proposed Subordinated
Insured Debt Facility or for the conditions to their availability being
satisfied.

The Placing and Open Offer will raise £5.0 million before expenses.  Of this
amount, approximately £1.0 million will be used as part of the Proposed Phase I
Financing and £4.0 million will be used for working capital and for further
exploration to increase Oxus's resource base.  In the event that the other
components of the Proposed Phase I Financing are not completed, the proceeds of
the Placing and Open Offer will be used for working capital and for further
exploration while the Company seeks alternative sources of funding for the
financing of Phase I.

Amantaytau Phase I

Amantaytau Phase I is now ready for construction, subject to completing the
necessary financing which is explained in a Prospectus to be posted to
Shareholders today.  The planned construction time is ten months, with full
production planned to be two months later.  The bankable feasibility study
completed on Phase I proposes the development of the oxide deposits of
Amantaytau Centralny, Uzunbulak and Vysokovoltnoye by open pit mine and heap
leach processing.  In Phase I, AGF plans to extract a total of 8.6 million
tonnes of ore at an average gold grade of 3.16 grammes per tonne and an average
silver grade of 37.71 grammes per tonne.  Over the first three years of
operation the average gold grade is estimated to be 5.75 grammes per tonne.  The
total mine life of the current reserves for Phase I is estimated to be
approximately 10 years (including one year pre-production).  The total gold and
silver recoverable over the mine life is estimated by CSMA to be 637,497 ounces
of gold and 6.624 million ounces of silver.

During the first four years of production, Phase I is projected to recover
508,380 ounces of gold which would represent 80 per cent. of the total oxide
gold expected to be produced.  The remaining 129,117 ounces of gold and 6.624
million ounces of silver are expected to be recovered in the remaining five
years.  Silver production, which is planned to start in year six and run through
to the end of the oxide mine life, will be produced from the Uzunbulak and
Vysokovoltnoye deposits.

The Company has estimated the cost to complete the construction and
commissioning of Amantaytau Phase I to be approximately US$41.5 million which
includes additional financing costs and pre-production interest.  At a US$285
per ounce gold price, and based on the production rates set out in the Bankable
Feasibility Study the project would have an ungeared IRR to Oxus of 33.9 per
cent. The estimated cash cost of production is US$118 per ounce of gold and on a
taxed and ungeared cost basis the estimated production cost is US$185 per ounce
of gold.

The Directors therefore believe that the economics of AGF are highly attractive
and are of the opinion that the funding proposals announced today are in the
best interests of Shareholders.

Details of the Placing and Open Offer

Included within the Prospectus being despatched to Shareholders today, Brown
Shipley invites Qualifying Shareholders to apply for up to 26,209,863 New
Ordinary Shares at the Offer Price on the basis of:

                1 New Ordinary Share for every 5 Ordinary Shares

held as at close of business on 22 May 2002.  Fractions of New Ordinary Shares
will not be allocated to Qualifying Shareholders.  The New Ordinary Shares will,
when issued and fully paid, rank pari passu in all respects with the existing
Ordinary Shares.

Brown Shipley, as agent for Oxus, has agreed conditionally to use all reasonable
endeavours to procure subscribers for the New Ordinary Shares with certain
institutional and other investors at the Offer Price, subject to the rights of
Qualifying Shareholders to apply to subscribe for the Offer Shares under the
Open Offer.  Brown Shipley has placed the 23,790,137 New Ordinary Shares which
are not Offer Shares and a further 13,511,662 Offer Shares which certain
Qualifying Shareholders have irrevocably undertaken not to subscribe for under
the Open Offer.  Brown Shipley has conditionally agreed to subscribe as
principal for the New Ordinary Shares to the extent that the same are not
subscribed for under the Placing or Open Offer.

Certain Directors and other Qualifying Shareholders have given irrevocable
undertakings to the Company and Brown Shipley that they will not apply to
subscribe for Offer Shares under the Open Offer.  The Offer Shares to which they
would be entitled will not be offered to Qualifying Shareholders but have been
placed by Brown Shipley pursuant to the Placing.

The Placing and Open Offer is conditional, inter alia, on the Placing Agreement
having become unconditional in all respects and not having been terminated in
accordance with its terms.  The Placing Agreement is conditional, inter alia, on
the passing of the Resolution at the EGM and the admission of the New Ordinary
Shares to trading on AIM.  It is expected that admission will become effective
and dealings in the New Ordinary Shares will commence on 25 June 2002.


Timetable

Record Date for the Open Offer                                         close of business on 22 May 2002

Preliminary Announcement of results, publication of                                         24 May 2002
Prospectus and despatch of Application Forms

Latest time and date for splitting Application Forms (to                         3.00pm on 14 June 2002
satisfy bona fide market claims only)

Latest time and date for receipt of Forms of Proxy                              11.00am on 17 June 2002

Latest time and date for payment in full in respect                              3.00pm on 18 June 2002
of the Open Offer

Extraordinary General Meeting                                                   11.00am on 19 June 2002

Commencement of dealings in New Ordinary Shares                                            25 June 2002

Despatch of definitive share certificates or CREST                                       by 1 July 2002
Stock Accounts credited

General

This announcement has been issued by Oxus and has been approved solely for the
purposes of section 21 of the Financial Services and Markets Act 2000 by Brown
Shipley.

Brown Shipley, which is regulated by The Financial Services Authority, is acting
as nominated adviser and nominated broker to Oxus.  Brown Shipley is not acting
for any other persons and will not be responsible to anyone other than Oxus for
providing the protections afforded to customers of Brown Shipley or for
providing advice in relation to the Placing and Open Offer.

The formal documentation relating to the Placing and Open Offer will be
despatched to Shareholders today and will be subject to the conditions contained
therein.  All definitions contained in the Prospectus shall apply to this
announcement.  The availability of the Placing and Open Offer to persons not
resident in the UK may be affected by the laws of the relevant jurisdictions.
Persons who are not resident in the UK should inform themselves of, and observe,
any applicable requirements.  The Offer will not be made, directly or
indirectly, in or into the US, Canada, Australia or Japan by use of the mails
of, or by any means or instrumentality of inter-state or foreign commerce of, or
any facilities of a national securities exchange of, the US.  This includes, but
is not limited to, facsimile transmission, telex and telephone.  Accordingly,
copies of this press announcement, the Prospectus and any related documentation
will not be, and must not be, mailed or otherwise distributed or sent in or into
the US, Canada, Australia or Japan.


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