Oxus Gold PLC
26 April 2004
AMANTAYTAU GOLDFIELDS TRADING UPDATE
London, 26 April 2004 - Oxus Gold plc ('Oxus') (OXS.L) is pleased to present an
initial trading update on its phase 1 gold mine at Amantaytau Goldfields ('AGF')
First gold was poured in January 2004, followed by the commencement of
commercial operations on 1 February 2004. In the two months to 31 March 2004,
AGF produced 21,147 ounces of refined gold, all of which has been exported and
sold on the London market.
Initial cash operating costs of US$139/oz are expected to reduce to forecast
levels of US$110/oz with ongoing process optimisation and production build-up to
full design capacity.
April production is on target and Oxus is pleased to report that AGF will be in
a position to make the first repayment against the US$36 million project finance
loan on time at the end of April. In addition, by the end of April 2004, AGF
will already have discharged approximately 11% of its hedging obligations.
Bill Trew, CEO of Oxus, commented 'For a start-up operation, these are very
robust numbers from AGF which clearly demonstrate the quality of this mine. As
time goes on, I am confident that AGF will exceed its cost and production
targets. I wish to offer my congratulations to all concerned.'
Oxus Gold plc Russell & Associates:
Richard Shead London: Alex Buck
Tel: +44 (0)20 7907 2000 Tel +44 (0)7932 740 452
Williams de Broe Plc Johannesburg: Marion Brower
Joe Nally / Michael Shaw Tel: +27 (11)880 3924 / +27 (0)82 895 0698
Tel: +44 (0)20 7588 7511
This information is provided by RNS
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