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Oxus Gold PLC (OXS)

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Wednesday 18 August, 2004

Oxus Gold PLC

Jerooy Licence

Oxus Gold PLC
18 August 2004

18 August 2004

News Release

                                 Oxus Gold Plc

                                 Jerooy Licence

London: 18 August 2004 - Oxus Gold plc ('Oxus' or 'the Company') (OXS.L) has
noted the recent announcement by the State Agency for Geology and Mineral
Resources of the Kyrgyz Republic of a purported 'annulment' of the licence held
by Oxus' subsidiary, Talas Gold Mining Company, for the Jerooy Gold Project in
Kyrgyzstan. This purported 'annulment' is regarded by the Company and its
lawyers as utterly without foundation in law or fact, and the Company is using
all its efforts to ensure that the Kyrgyz Government corrects this error.
Accordingly, construction of the Jerooy mine, which began in September 2003 will
continue unabated, with scheduled completion in 2005. The Company will notify
its shareholders if it concludes that this incident may lead to a delay in the
development of the mine.

Bill Trew, CEO of Oxus, said:

'It is disappointing that once again we are having to resolve issues relating to
the Jerooy licence. We are continuing to dispatch, as scheduled, equipment and
steel for the construction of the mine and we are determined not to let these
administrative matters delay the progress of this project.'

Further enquiries

Oxus Gold plc:
Richard Shead  , Director
Tel:  + 44 (0)20 7907 2000

Williams de Broe Plc
Michael Shaw
Tel:  + 44 (0)20 7588 7511

Bankside Consultants
Simon Rothschild
Tel:  + 44 (0)207 444 4153

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