Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

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Oxus Gold PLC (OXS)

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Friday 23 January, 2009

Oxus Gold PLC

Corporate Update

RNS Number : 1282M
Oxus Gold PLC
23 January 2009
 

OXUS GOLD PLC


Status Report

Highlights:


  • Sale of 60,000 ounces of gold equivalent from AGF by end of Q4 2009

  • Sufficient capital resources

  • Addition to the existing bankable feasibility study of accelerating development of Phase 2 to reduce CAPEX

  • Company begins negotiations with a major Asian contracting and financing group


LONDON: 23 January 2009 - the Board of Oxus Gold plc ('Oxus' or the 'Company') (OXS.L) notes the current fall in the Company's share price. The directors are not aware of any specific reason for this fall, other than general market sentiment.


The Board wishes to reassure shareholders that the Company's 50% owned Amantaytau Goldfields joint venture ('AGF') is expected to sell approximately 60,000 ounces of gold equivalent during 2009 from its ongoing gold and silver open pit (oxide) operations. 


With the exception of 250,000 tonnes of higher grade (3.5 g/t) Sarybatyr oxide ore, AGF's existing open pit operations will in future be processed entirely by heap leach, which is more cost effective for the lower grade material being mined. This Sarybatyr ore is expected to be processed through the existing carbon-in-leach ('CIL') processing plant during Q2 2009, following which the CIL plant will be modified to treat sulphide ore from AGF's proposed underground expansion project ('Phase 2').


The Company recognises the difficulties currently facing the international financial sector and continues to work closely with the Royal Bank of Scotland and other banks in respect of the proposed finance for Phase 2.


However, the Company is currently preparing an addendum to the existing bankable feasibility study  ('BFS') for Phase 2. This addendum envisages the accelerated development of Phase 2 at a very significantly reduced capital cost


It is proposed that the high grade (approx 10 g/t) underground sulphide ore at Severny is accessed via the existing Shaft 10 rather than via declines. In addition, the deeper sulphide ores (approx 3.5 g/t) at  Asaukak and Sarybatyr would be mined via an extension to the existing oxide open pits. It is proposed to process these sulphide ores initially using flotation followed by an ultra fine grinding and cyanide leaching circuit which would be incorporated into the existing CIL plant.  Confirmatory  metallurgical  testwork with regard to this process is currently underway. 


The accelerated development of Phase 2 is expected to produce approximately 100,000 ounces of gold annually by 2010, increasing AGF's production to an estimated 160,000 ounces annually, prior to completion of the final stage of Phase 2 which would further increase AGF's production to over 250,000 ounces annually, in line with the existing BFS.


Negotiations have also commenced with a major Asian contracting and financing group, with a view to concluding a cooperation agreement to develop and finance the underground sulphide project.


Richard Wilkins, CEO of Oxus, commented: 'The Board is determined to see the Company safely through these unprecedented and difficult times. We have taken measures to cut costs, and we will continue to do so as appropriate. The Company has cash in the bank and will continue to receive repayments from AGF's ongoing operations against approximately $30 million of shareholder loans advanced to AGF by OxusWe remain confident that  AGF's  reserves and resources, and production potential from the Phase 2 expansionwill enable the Company to develop a very significant and profitable business. Discussions will continue in both the western and eastern financial markets, and within Uzbekistan, to ensure that gold production from the sulphide ores will commence during the first half of 2010.'


For further information, please contact:


Oxus Gold plc

Richard Wilkins                                           Tel:  +44 (0) 20 7907 2000

Jonathan Kipps   


Fairfax I.S. PLC

Ewan Leggat                                               Tel:  +44 (0) 20 7598 5368


Conduit PR.

Ed Portman/Fiona Hyland                           Tel:  +44 (0)20 7429 6666


END







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