Oxus Mining Plc
12 May 2003
Oxus Mining plc
Jerooy Licence Reinstated
Oxus Mining plc (OXS.L) ('Oxus') is pleased to announce, that following
successful negotiations with the Government of Kyrgyzstan and Oxus' partner JSC
'Kyrgyzaltyn', that the Licence to develop the Jerooy Gold Deposit in the Talas
Region of Kyrgyzstan, has now been reinstated. The Licence Agreement was signed
in Bishkek on 7 May 2003.
The Jerooy Gold Project has a total resource of 3.45 million ounces.
Oxus' subsidiary company Norox Mining Company Limited ('Norox') has already
resumed work on the Feasibility Study, which was at an advanced stage of
completion when the licence was annulled last year. The Feasibility Study is now
due for completion by September 2003. Oxus is fully committed to proceed with
the fastest possible development of the mine, and intends to commence gold
production by mid 2005.
The Feasibility Study is considering development of the mine, concurrently by
open pit and underground methods, based on the following provisional reserves :
Provisional reserve Reserve M tonnes Average grade g/t Contained gold M ounces
Open pit 4.04 4.9 0.64
Underground 5.84 9.3 1.75
Total 9.88 7.5 2.38
Testwork has demonstrated that the Jerooy ore is non-refractory and free
milling, and will be processed using a conventional crushing, milling and
carbon-in-pulp circuit. It is estimated that the recovery of gold will be in
excess of 90%.
At a production rate of 850,000 tonnes per year, Jerooy will produce on average
over 180,000 ounces gold per year, of which 110,000 ounces are attributable to
The cash cost of production is expected to be around $US 133 per ounce over the
12 year life of mine.
12 May 2003
Oxus Mining plc Tel: +44 (0)1483 714411
John Donald, COO Email: firstname.lastname@example.org
Brown Shipley Corporate Finance Tel: 44 (0)20 7606 9833
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