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Oxus Mining Plc (OXS)

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Tuesday 09 July, 2002

Oxus Mining Plc

Drilling Report

Oxus Mining Plc
9 July 2002


                                 Oxus Mining plc

                             JEROOY PROGRESS REPORT



  New Audited Mining & Development Report Confirms 2.0 Million Ounce Open Pit
              Mineable Reserve and Underground Resource at Jerooy



Oxus Mining plc (OXS.L) ('Oxus') announces that a new Audited Mining and
Development Report has been received from Wardell Armstrong for the Jerooy Gold
Project located in the Kyrgyz Republic. The June 30, 2002 report, funded by
Conquest Resources Limited ('YQR'  TSX-V) ('Conquest') under its option and
joint venture agreement with Oxus forms the first part of the Technical
Feasibility Study to be completed on the Jerooy deposit by mid-August 2002.



Wardell Armstrong has confirmed an open pit reserve and 'mineable' underground
resource totalling 2.0 million ounces of gold and has estimated a global
classified resource as follows:



   Wardell Armstrong, June 2002 - Global Classified Resource Jerooy Northwest Deposit

                                 Tonnage                 Gold (g/t)       Gold (kg)             Gold (Moz)

Measured                         3,478,465               6.40             22,260                0.72
Indicated                       13,786,000               2.67             36,790                1.18
Inferred                         7,952,021               5.17             41,140                1.32
TOTAL                           25,216,485               3.97            100,190                3.22



Under the terms of a joint venture agreement in May 2002, Conquest has the right
to earn a 66.67% interest in the Jerooy Project through the purchase, from Oxus,
of a 100% interest in the project holding company, Norox Mining Company ('Norox
').  To date, Conquest has earned a 4% interest in Norox, and Oxus holds the
remaining 96%.



As announced yesterday, the Kyrgyzstan Government's State Agency for Geology and
Mineral Resources has annulled the mining licence issued to Talas Gold Mining
Company ('Talas Gold') in respect of the Jerooy deposit.  Norox regards the
annulment of the mining licence as invalid and is disputing the matter. Talas
Gold is 66.67% owned by Norox and 33.33% owned by Kyrgyzaltyn, the State owned
mining company. Talas Gold was granted the exclusive rights to develop the
Jerooy gold deposit pursuant to a Joint Venture Agreement signed on 9 September
1998. The Joint Venture Agreement remains in full force and effect.  The
annulment of the mining licence does not affect Norox's rights to develop the
Jerooy project, and complete the bankable feasibility.



Oxus' principal project at Amantaytau in Uzbekistan is unaffected. Oxus remains
focused on concluding the project finance arrangements to enable the
construction of its Amantaytau Phase I mine.

Resources



Wardell Armstrong has estimated a Global Classified Resource for the Northwest
Zone at Jerooy of 17.26Mt at an average grade of 3.42g/t gold containing 1.90Moz
of gold in the measured and indicated categories together with a further 7.9Mt
at an average grade of 5.17g/t gold containing 1.32Moz in the inferred category.



The Wardell Armstrong resource estimate has considered a potential open pit area
above 3,400m elevation and an underground resource beneath this down to 3,080m
elevation.  However, the current study is the first to attempt to divide the
main core zone both from a geological and statistical standpoint. The Wardell
Armstrong classification is based upon the Australasian Code for Reporting of
Mineral Resources and Ore Reserves (the JORC Code, 1999) and complies fully with
Canadian National Policy 43-101.



Wardell Armstrong's study indicates an unclassified open pit resource for the
Northwest zone at Jerooy, above a 2.7g/t cut-off, of 6.0Mt @ 6.71g/t Au,
containing 40,593kg of gold (1.31Moz). From this, a classified resource within
the 2.7g/t wireframe (and applying a 2.7g/t cut-off) of 4.3Mt @ 7.98g/t
(1.10Moz) has been defined of which 93% is at the Measured and Indicated level.
A further 1.7Mt @ 3.61g/t (0.2Moz) within the 1.0g/t halo wireframe, above a
2.7g/t cut-off has also been estimated of which 73% is at the Measured and
Indicated level.



In the underground domain, down to 3,080m elevation, an unclassified resource
estimate for the Northwest zone, above a 5.0g/t cut-off of 3.35Mt @ 11.17g/t Au,
containing 37,446kg of gold (1.2Moz) has been defined. From this, a classified
resource estimate, excluding outlying veins, within the main 5g/t wireframe of
1.94Mt @ 12.73g/t (0.79Moz) has also been estimated, although only 24% of the
tonnage is at the Measured and Indicated level.



The Wardell Armstrong report indicates the importance of recognising that the
application of cut-off grades at the resource level is for illustrative purposes
only, as the reserve optimisation process will consider the entire block model
and calculate a true cut-off based on relevant economic and mining parameters.
Thus, more applicable is an estimation of a global classified resource, as
outlined in the earlier table.



An analysis of the distribution of the classified resources shows that the vast
majority of tonnage suitable for transfer to reserves is located in the open pit
area, whilst the bulk of the underground resource is at the Inferred level.



Additional resource potential exists in the Southeast, Central, Southern
Stockwork, Apophysis, Western and Northern zones but these require further
exploration and investigation.



Reserves



The new resource model was used to determine an optimal economic pit shell based
on refined economic and technical parameters.   The effect of an underground
operation on the economic shell was also determined based on an estimated
underground mining cost.



This study used the complete resource down to 3,040m, with no cut-off applied,
so as to determine the true economic depth of the open pit.   Only Measured and
Indicated resources were considered as potential ore in the optimisation
process.



Open pit reserves for the deposit have been estimated at 7.731Mt @ 5.22g/t,
containing 40,359kg of gold (1.30Moz). Of this some 5.332Mt @ 6.61g/t,
containing 35,248.8kg (1.13Moz) of gold, is contained within the high and medium
grade material.



As stated earlier, the uncertainty of the underground resource has led to its
exclusion from the reserve inventory. However, grade and tonnage estimates down
from the 3,380m level, and using a 5.0g/t Au cut-off and 2.7g/t cut-off for
internal waste, indicates a provisional economic base to the underground
resource at 3,060m. The underground resource thus defined is 1.744Mt at an in
situ grade of 12.52g/t Au in the Measured, Indicated and Inferred categories,
but excluding peripheral veins (below 2m in width).



Wardell Armstrong suggests a 'mineable' underground resource, allowing for
losses and dilution, of 1.807Mt at 11.62g/t Au, containing 20,997kg of gold
(0.68Moz). The 'mineable' resource cannot be classified as a reserve owing to
the inclusion of Inferred material and uncertainty in the geological continuity
between the currently explored and sampled 80m adits. Further underground
exploration prior to detailed mine planning is required to raise the level of
certainty of this material to full reserve status.



                          Wardell Armstrong, June 2002

       Open Pit Reserves (Measured & Indicated) Jerooy Northwest Deposit

                                               Tonnage               Gold (g/t)     Gold (kg)           Gold (Moz)

High/medium grade open pit                     5,332,000             6.61           35,249              1.13
Low grade open pit                             2,399,000             2.13            5,110              0.17
TOTAL                                          7,731,000             5.22           40,359              1.30


                          Wardell Armstrong, June 2002

 Underground Resource (Measured, Indicated & Inferred) Jerooy Northwest Deposit

                                               Tonnage              Gold (g/t)      Gold (kg)           Gold (Moz)

Underground resource                           1,744,000            12.52           21,835              0.70

'Mineable' underground resource with           1,807,000            11.62           20,997              0.68
dilution



Roger Turner, Chief Executive of Oxus, said today:



'We are pleased with the findings yielded to date and we look forward to
receiving the full results from the study later in August.'



9 July 2002


Enquiries:

Oxus Mining plc                                                                      Tel: +44 (0) 1483 714 411
Roger Turner, CEO
Sacha Borthwick, VP Investor Relations

Brown Shipley Corporate Finance                                                      Tel: +44 (0) 20 7606 9833
Bill Staple, Director

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




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            The company news service from the London Stock Exchange