Information  X 
Enter a valid email address

Oxus Gold PLC (OXS)

  Print      Mail a friend       Annual reports

Thursday 30 November, 2006

Oxus Gold PLC

Statement on reserves

Oxus Gold PLC
30 November 2006

news release

For release: 30 November 2006

                                   Oxus Gold plc

                    Mineral Resources and Ore Reserves Statement
                                    at 30 June 2006

LONDON: 30 November 2006 - Oxus Gold plc ('Oxus' or the 'Company') is pleased to
state an increase in JORC classified gold and silver Mineral Resources and gold
Ore Reserves at Amantaytau Goldfields and report on its Mineral Resources and
Ore Reserves statement as at the end of the Company's financial year.

The Ore Reserves show an overall increase in gold of 41,000 ounces as compared
to the previous year. Significantly, this is in addition to the 146,937 ounces
of gold mined during the year, hence the Ore Reserve ounces have been
replenished in excess of the rate of mining by the conversion of Mineral

Measured plus Indicated Mineral Resources have increased substantially by
743,000 ounces of gold and 14.48 million ounces of silver. This increase
provides a further platform for the Company's growth potential as it continues
to convert resources into reserves for future mining. Inferred Mineral Resources
have also increased substantially by 650,000 ounces of gold and 7.79 million
ounces of silver, and are planned to be upgraded by further exploration

During the year, 37,196 metres of exploration and development RC drilling, 942
metres of core drilling and 585 metres of trenching was completed on a number of
deposits of the AGF licence area. On the basis of this new information, enhanced
by data entry of Uzbek/Soviet sourced exploration results, resource modelling of
3 gold deposits at AGF has been completed. In addition, satellite based
structural and alteration interpretation of the AGF licence area has defined new
oxide targets. Significantly, Oxus has evaluated a number of deeper sulphide
extensions to the oxide pits and has increased the future growth potential of
the company.

The main Group changes occurred at Amantaytau Goldfields (AGF - 50% Oxus),

  • Attributable Measured plus Indicated Mineral Resources within the AGF
    licence area increased by 743,000 ounces to 2.49 million ounces of gold and
    silver increased by 14.48 million ounces to 19.33 million ounces, and
    attributable Inferred Resources increased by 650,000 ounces to 1.19 million
    ounces of gold and silver increased by 7.79 million ounces to 8.02 million
  • Attributable Ore Reserves within the AGF licence increased by 41,000
    ounces to 1.47 million ounces of gold and silver decreased by 939,000 ounces
    to 3.67 million ounces.

The changes at AGF described above in terms of the JORC Mineral Resources and
Ore Reserves were;

•         Following exploration and remodelling, the oxide Measured plus
Indicated Mineral Resources increased by 5.0 million tonnes containing a
reduction of 42,000 ounces of gold and an increase of 1.48 million ounces of
silver, and the  Inferred Mineral Resource increased by 1.38 million tonnes
containing 31,000 ounces of gold and 274,000 ounces of silver;

•         Following exploration of open pitable sulphide mineralisation below
the existing oxide resources and the reduction in cutoff grade at Amantaytau the
sulphide Measured plus Indicated Mineral Resources  increased by 26.9 million
tonnes containing 1.53 million ounces of gold and 27.47 million ounces of silver
and the Inferred Mineral Resource increased by 21.1 million tonnes containing
1.27 million ounces of gold and 15.3 million ounces of silver;

•         Following mining depletion, orebody remodelling and block model
adjustment as a result of grade control the Carbon-In-Pulp Plant (CIP) and Heap
Leach Ore Reserves reduced by 1.72 million tonnes containing 297,000 ounces of
gold and 1.88 million ounces of silver. The remaining CIP ore is at a lower
average grade of 1.56g/t gold compared with 2.09g/t gold reported previously,
and the average heap leachable silver grade dropped to 43.70g/t, from the 68.37g
/t previously reported;

•         Sulphide Ore Reserves increased by 4.24 million tonnes containing
378,000 ounces of gold as a result of a reduced cut-off grade to 3.5g/t gold
calculated for the new Amantaytau underground mine design, with a resultant
grade of 7.71g/t gold compared with 11.54g/t gold reported previously.

Subject to licence approvals at Ayirak and Tamdy areas in Uzbekistan and
international arbitration at Jerooy, Kyrgyzstan;

  • The Company's attributable JORC compliant Mineral Resources (Measured plus
    Indicated) are 41.69 million tonnes at 2.96g/t gold and 14.42g/t silver for
    3.97 million ounces of gold and 19.33 million ounces of silver, and Inferred
    Resources are are 32.96 million tonnes at 2.53g/t gold and 7.57g/t silver
    for 2.68 million ounces of gold and 8.02 million ounces of silver.
 •  The total attributable JORC compliant Ore Reserves (Proven plus Probable)
    for the Company are 18.91 million tonnes at 4.18g/t gold and 6.03g/t silver
    for 2.54 million ounces of gold and 3.67 million ounces of silver.
  • The total attributable JORC compliant Exploration Results for the Company
    are 4.01 million ounces of gold and 36.40 million ounces of silver.
  • In addition to the JORC resources, the attributable Soviet classified P1
    category is 5.22 million ounces of gold and 158.91 million ounces of silver,
    and Soviet P2 category is 6.93 million ounces of gold and 25.11 million
    ounces of silver, which will be future targets for conversion to JORC
    classified resources

A detailed listing of results of all the exploration work carried out during the
year will be presented on the Company's website (, including
exploration drillhole results, the exploration trenching methodology and
results. In addition, an explanation of the resource classifications used will
also be presented.

It is the intent of the company to continue to define additional resources and
to upgrade the existing resources for conversion into reserves, with the aim to
assess the potential to extend or increase ore throughput at AGF's existing CIP
process plant. The possibility of further heap leach units to exploit lower
grade oxide material is also under consideration.

As part of the Group's long term exploration strategy, cost effective value
added exploration programmes are envisaged. Core drilling will be utilised for
specific projects such as deep sulphide drilling, Amantaytau sulphide 'superpit'
evaluation, geotechnical and metallurgical drilling. Oxus intend to continue
advancing the exploration of the AGF licence area to evaluate the remaining
targets in order to define the upside potential and develop a robust future
mining plan.

The current Oxus Group's resources and reserves are summarized below.

A detailed exploration year end report including the detailed tabulation of
resources and reserves will also be presented on the website.

The resources and reserves are stated in accordance with the AIM Guidance for
Mining, Oil and Gas Companies for reporting, and adopt the 'JORC Code'
(Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves prepared by the Joint Ore Reserves Committee) classification as
well as the Russian system of classifying resources and reserves where
applicable. In accordance with the rules, the total project and Oxus
attributable ounces of gold and silver are presented.

The resources and reserves stated in this report have been compiled by the
following Competent Persons:

P S Newall, BSc, ARSM, PhD, CEng, FIMMM
Wardell Armstrong International Ltd

P Newall, is Senior Consulting Geologist and Director with WAI and has practiced
his profession as a mine and exploration geologist for over twenty years for
both base and precious metals.

Stephen John Westhead, BSc, MSc, PhD, CGeol, FGS, MIMM

Steve Westhead is the Oxus Gold plc group Chief Geologist, has over 17 years
experience in the exploration and mining industry, with experience in Europe,
India, and Central Asia. Following PhD graduation, he worked in India for 4
years and was a founder member of Fluor Daniel India, Stephen has been employed
within the Oxus Group since 1997.

Gordon Wylie BSc (Hons) Geology, MAusIMM, FGSSA

Gordon Wylie is a consultant and non-executive Director of Oxus Gold plc. Gordon
has over 30 years experience in the mining and exploration industry. From 1998
to 2005 Gordon was in charge of AngloGold and latterly, AngloGold Ashanti's
global exploration programme and was appointed Executive Officer in early 2004.

William J Charter, BSc, CGeol, FGS, CEng, MIMM

Bill Charter has over 28 years experience in mining and exploration industry.
Having gained experience with Anglo American Corporation (in Fiji and South
Africa), then worked in Central Asia and other locations worldwide. Started work
with the Oxus Group in 1996. In November 2003 was appointed as Technical
Director of Marakand Minerals Limited, also acting as Geological Consultant to
Marakand's parent company Oxus Gold plc.

To view the tables showing Oxus Gold PLC's Precious Metal Resources as of 30th
June 2006, please click on the link below:

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