Oxus Gold PLC
02 January 2007
Oxus Gold plc
Amantaytau Goldfields Update
LONDON: 2 January 2007 - Oxus Gold plc (OXS.L) is pleased to announce that its
Amantaytau Goldfields ('AGF') joint venture in Uzbekistan has successfully
appealed against the fines and penalties imposed by a regional court at the end
of October 2006.
As a result of the appeal, which was heard in the regional court on 28 December
2006, fines and penalties totalling approximately $208 million are no longer
payable. In addition, various restrictions imposed on AGF's operations as a
result of the earlier ruling, have also been lifted.
The State Tax Authority can appeal the decision of the Regional Appeal Court
although it is not yet known if they intend to do so.
AGF continues to appeal approximately $17 million of taxes and customs duties
claimed by the regional authorities. This amount includes approximately $7
million of recoverable VAT. It is expected that these appeals will be heard
during January 2007.
AGF also reports that its permit to mine precious metals, which is reviewed
every five years, was extended on 27 December 2006. This permit was initially
issued in 1996, renewed in 2001, and has now been renewed again in 2006 and
indicates that government authorities are satisfied that AGF is properly
conforming to mining, environmental, and health and safety regulations in its
Oxus Gold plc
Richard Wilkins Tel: +44 (0)20 7907 2000
Bankside Consultants Ltd.
Keith Irons/Oliver Winters Tel: +44 (0)20 7367 8873
This information is provided by RNS
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