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Oxus Gold PLC (OXS)

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Monday 26 April, 2004

Oxus Gold PLC

Amantaytau Update

Oxus Gold PLC
26 April 2004


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')
in Uzbekistan.

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.'

Further enquiries:

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
            The company news service from the London Stock Exchange