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Oxus Mining Plc (OXS)

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Friday 15 November, 2002

Oxus Mining Plc

Directorate Change

Oxus Mining Plc
15 November 2002


          New business strategy unveiled including review of financing
                        of Amantaytau Goldfields Project

Oxus Mining plc (OXS.L) ('Oxus') announces changes to the board of directors of
Oxus and a review of the financing of the Group's Amantaytau project.

This follows a board meeting on 8 November 2002 at which representatives of MAED
Limited ('MAED'), a company with significant experience in mining industry
project management, made a presentation. The briefing covered plans for
resolving the funding delays on the Amantaytau Goldfields project, on which MAED
is the lead contractor, and on a new business strategy for the Group. Following
consideration of the MAED plan, the board decided that it would be in the best
interest of Oxus shareholders if MAED were allowed to have significant board

The board changes at Oxus follow MAED's recent increase in Oxus shareholder
voting rights controlled by it to 26.17 per cent.  On 29 October 2002, MAED
notified the Company that it had increased its control of Oxus shareholder
voting rights to 19.29 per cent.  It added to its initial holding of
approximately 9.4 million ordinary shares in Oxus by agreeing to buy 20 million
ordinary shares and acquiring the voting rights over 5.6 million ordinary shares
from Newmont Mining Australia Ltd and its subsidiaries.  On 5 November 2002,
MAED notified the Company that it controlled the voting rights over a further
6.88 per cent. of the issued share capital of Oxus.

Immediate changes to the board of Oxus Mining plc

William Trew, John Donald, Jonathan Kipps, and Richard Shead were appointed as
directors of Oxus on 14 November 2002.  On 14 November 2002, Roger Turner,
Charles Cooper, Guido Pas and Anthony Warrender resigned as directors of Oxus.

The board of Oxus now comprises Michael Beckett (non-executive chairman),
William Trew (chief executive), John Donald (chief operating officer), Richard
Wilkins (commercial director), Michael de Villiers (finance director), Mark
Wellesley-Wood (non-executive director), Jonathan Kipps (non-executive
director), and Richard Shead (non-executive director).

Amantaytau finance status and future strategy

As reported on 30 September 2002, a revised target of 8 November 2002 was set
for the achievement of all Conditions Precedent under the US$ 31 million Senior
Loan Facility offered by Societe Generale and the syndicate banks to enable Oxus
to drawdown on the senior project finance facility.  Oxus had satisfied, or was
in a position to satisfy, all the required conditions to drawdown on the senior
project finance facility except for the provision of a further US$16.8 million
(comprising US$15.3 million direct contribution to the project and US$1.5
million for cost overruns) to complete the construction funding requirement. As
all Conditions Precedent could not be met the facility offered by Societe
Generale and the syndicate banks has now lapsed.

Oxus reports that it has now presented a paper to Societe Generale and the
syndicate banks, for their consideration, in respect of a revised financing
strategy for its Amantaytau Phase 1 open pit gold mine.  The proposed new
strategy envisages a lower total capital cost for the project. It is proposed
that cost reductions be achieved through lease purchasing of equipment and
revised infrastructure and support requirements.

Arranging the required funding to finance the Amantaytau Goldfields project is a
priority for the new board. The board will also be reviewing a range of mining
and construction options to ensure that the mine becomes fully operational as
soon, and as cost effectively, as possible.

Corporate governance

MAED has given the Company, Brown Shipley and the board undertakings that all
commercial transactions and relationships between MAED (or any of its
associates) and the Oxus Group will be at arm's length and on a normal
commercial basis.

The board has appointed a committee of independent directors to deal with all
commercial proposals involving the Oxus Group, in which MAED has an interest or
where there may be a commercial conflict of interest between MAED and the Oxus

The directors intend, so far as is practicable given the Group's size, to
continue to comply with the Combined Code - the principles of good governance
and code of best practice appended to the UK Listing Authority's Listing Rules.

There is and will continue to be a clear division of responsibility at the head
of the company with a non-executive chairman and full time chief executive

The Combined Code states that the board should have a recognised senior
independent director to whom any concerns can be conveyed.  Richard Shead will
become the chairman of the committee of independent directors.  The new
Remuneration Committee of Oxus will be made up of Mark Wellesley-Wood and
Jonathan Kipps.  The new Audit Committee will be made up of Richard Shead and
Jonathan Kipps and the new Nominations Committee comprises John Donald, Richard
Wilkins and Jonathan Kipps.  The terms of reference of the Committees remain the

Bill Trew, the new chief executive of Oxus, commented:

'My colleagues and I are delighted to have been invited to join the Oxus Mining
Board. Our aim is to ensure that the Amantaytau Goldfields mine is brought into
production at the earliest possible opportunity, which will be of benefit to all

'Oxus needed new impetus and fresh thinking on how to finalise the financing and
bring the mine into production.  This new team has great ideas and is confident
that the necessary funding can be found to enable this very exciting deposit to
be brought into production in 2003, which will create value for shareholders.'

For further information contact:

Daniel de Belder/Michael Holmes,

The Communication Group plc      Tel: 0207 630 1411

Biographies of the new Oxus board directors and information required by the AIM

William James Trew

Bill Trew has over 22 years' experience in the engineering and mining industry
and is a registered professional Engineer with the Engineering Council of South
Africa.  Mr Trew began his career in 1980 with Gold Fields of South Africa.  He
has been an engineer for various companies such as Chamber of Mines Research
Organisation, Dorbyl Heavy Engineering, and E.L. Bateman Limited.  He has been
project manager for various mine projects across Southern Africa.  In 1990, Mr
Trew founded MAED, and currently acts as its managing director.  Mr Trew will be
resigning from his employment and existing directorships with MAED with
immediate effect to take up his new full-time role with Oxus.  He has been
involved as project manager in many of the company's major projects, including
the Yatela Heap Leach project and the Syama Gold Mine project, both in Mali,
West Africa.  He holds a B.Eng. (Mech.) Hon. from the University of Wales
Institute Science and Technology, and an M.Eng. from Rand Afrikaans University,
Johannesburg.  He holds, or has held within the last five years, the following

Current                                               Past

Birkenhead Holdings Limted                            MAED Limited

Goldfields of West Africa Limited                     MAED Holdings Limited

Mechanical Analysis & Engineering Design Pty Ltd      MAED Group Laboratories Limited

ERSE Properties Limited

Core ConstructionLimited

ERF Properties Limited

L. F. Investments BVI Ltd.

Jonathan Arthur Kipps

Jonathan Kipps is a South African chartered accountant.  He ran the Project
Finance Division for the Nedcor Bank in Johannesburg for eight years and went on
to become partner and joint owner of Personal Trust Company Limited in Cape
Town, subsequently becoming Financial Director of Hornbeck Shipping, based in
the Isle of Man.  Mr Kipps established Corporate Offshore Limited on the Isle of
Man in 1994, and has been a director for eight years.  He established Corporate
Insurance Solutions Limited earlier this year, which specialises in the
professional indemnity and directors and officers insurance market, of which he
remains a director.  He holds, or has held within the last five years, the
following directorships:

Current                                              Past

A C C Consulting Limited                             Carnavalet Investments Limited

African Venture Holdings Limited                     Centaurus Properties Limited

Association of Corporate Service Providers Limited   Consulting Design Group Limited, The

Birkenhead Holdings Limited                          Dena International Limited

CA Solutions Limited                                 Enki Investments Limited

Capital Computers Limited                            Genaire Global (Southern Africa) Limited

Carnavalet (IOM) Limited                             Granite Properties Limited

Corporate Insurance Solutions Limited                LF Investments Limited

Corporate Offshore Limited                           Longmane Limited

Dancraig Wine and Spirits Trading Limited            Lydia Investments Limited

Exploration Ventures Limited                         Micon Tech Europe Limited

Ferrylane Limited                                    Opmin Limited

Foodstate Nutrients Limited                          Pearlman Trading Limited

Glotel Limited                                       Polar Investments Limited

Goldfields of West Africa Limited                    Senwood Limited

Gunner Software Solutions Limited                    Western Trading and Shipping Limited

Harmony Gold Limited

Health Resources Limited

Heritage Resources Limited

Imexco Resources Limited

JDR Investments Limited

Kassala Commodities Limited

Kirdale Investments Limited

Leblon Limited

LF Properties Limited

MaCaPs (I.O.M.) Limited

MacInc Limited

Maed Holdings Limited

Maed Limited

Mining Enterprises Limited

Monroe Minerals Holdings Limited

Munich Investments Limited

Outsourcing Management Services Limited

Pano Investment Company

Pyramid Properties Limited

Raynic Limited

Romica Resources Limited

Roxwil International Limited

Satori Business Solutions Limited

Sirius Marketing Communication Limited

SPP Holdings Limited

Strathearn Investments Limited

Thomas Chaloner Limited

Whenever Limited

Xhai Limited

Xpurt (IOM) Limited

Zing Energy (IOM) Limited

Richard Barry Shead

Richard Shead was appointed managing director of Southern Prospecting Limited, a
South African mineral exploration company in 1992, which has developed gold and
other mineral ventures in countries such as South Africa, Botswana and Canada.
He has since worked with two South African listed companies, Lydenburg
Exploration Limited as Managing Director and Benguela Concessions Limited as
Chief Executive Officer.  Mr Shead was also Chief Executive Officer of East
Daggafontein Mines Limited between 1997 and 2002. He was also responsible for
the merger of the company with Mvelaphanda Resources Limited in February 2002,
of which he remains a director.  He holds, or has held within the last five
years, the following directorships:

Current                                              Past

Craighall Nominees (Pty) Limited                     Benguela Concessions Limited

East Daggafontein Mineral Holdings (Pty) Limited     Benguela Operations (Pty) Limited

High-Tech Nominees (Pty) Limited                     Benguela Concessions (Namibia) (Pty) Limited

Inhlasi Mining (Pty) Limited                         Benguela Nominees (Pty) Limited

Mbewu Resources (Pty) Limited                        Dumpco Limited (in voluntary liquidation)

MFC Exploration (Pty) Limited                        East Daggafontein Mines, Ltd (in voluntary

Mineral Enhancement S.A. (Pty) Limited               East Daggafontein Mines Limited

Mvelaphanda Resources Limited                        Exploration and Prospecting Management Services (Pty)

Northridge Field Operations (Pty) Limited            Incentive Holdings (Pty) Limited

Portion 2 of ERF 206 Bedfordview CC                  Industrial & Commercial Holdings Group Ltd

R N H Style Management Services (Pty) Limited        Kroondal Platinum Mines Ltd

Southern Prospecting (Pty) Limited                   Marine West Diamond Concessions Holders (Pty) Limited

Southern Prospecting Holdings (Pty) Limited          Moonstone Diamonds S.A. Pty Limited

Southern Prospecting Management Services (Pty)       Moonstone Diamonds (Namibia) (Pty) Limited

                                                     Ocean Diamond Mining 6C (Pty) Limited

                                                     Ocean Diamond Mining 14C (Pty) Limited

                                                     Southern Prospecting Field Operations (Pty) Limited

                                                     S P Mineral Rights (Pty) Limited

                                                     Stand 129 Nettleton Road (Pty) Ltd

                                                     Transvaal Sand Supply Company (Pty) Ltd

                                                     Vallivue (Pty) Limited

                                                     Venmil Limited

John Clow Donald

John Donald has 31 years experience in the mining industry and is a member of
the Association of Mine Managers in South Africa. He began his career with
Anglogold in 1970, where he worked for 17 years. Mr Donald then moved to
Consolidated Mining Corporation as operations director, and also worked with
Randgold Resources as a general manager. Since 1998, he has worked with various
companies as consultant and contractor, including with MAED Limited on the
Yatela project, and with Anglogold on their Ergo Operations. At present, he
works with MAED full-time as projects manager.  Mr Donald will be resigning from
his employment with MAED and his existing executive directorships with immediate
effect to take up his new full-time role with Oxus.  He holds, or has held
within the last five years, the following directorships:

Current                                              Past

Thistle Minerals CC                                  Nigel Gold Mining Co. Ltd.

                                                     Benoni Gold Holdings Ltd.

                                                     Witwatersrand Nigel Ltd.

                                                     West Witwatersrand Gold Mines (Pty) Ltd.

                                                     West Witwatersrand Gold Holdings Ltd.

                                                     Libra Assay (Pty) Ltd.

Save as disclosed below there is no further disclosure required in accordance
with Schedule 2, paragraph (f) of the AIM Rules in respect of the above

In 1990, Jonathan Kipps was a director of Pepsi Cola SA (Pty) Limited which was
placed in compulsory liquidation when its franchisor withdrew from the South
African market as a result of anti apartheid pressure.  Also in 1990, Mr Kipps
was a director of Shemara Limited which was placed in compulsory liquidation
after political violence interrupted access to a development site.  An enquiry
attached no blame to Mr Kipps.

In 1990, John Donald was a director of Nigel Gold Mining Company Ltd. which was
placed in voluntary liquidation with a deficit of approximately 3 million South
African Rand.  The company has subsequently recommenced trading solvently since

Note to Editors

MAED Limited

Formed in 1986, MAED is a company with significant experience in project
management and engineering design, specialising in mineral processing and
materials handling.

MAED has been extensively involved in mining, in particular gold mining, having
successfully completed a range of contracts for many of South Africa's leading
gold mining companies, including Anglogold, Randgold and Durban Roodepoort Deep.
MAED has completed a number of major mining projects including the Yatela Gold
mine, the second largest in Mali, and supplied the total infrastructure for the
mine.  MAED has also carried out extensive project work at the Syama mine, one
of the largest open pit gold mines in West Africa.

The company is the main contractor for Oxus Mining's Amantaytau Goldfields.
MAED is the overall project manager for the construction and design of the
process plant and infrastructure at the site.

Oxus Mining plc

Oxus Mining was formed in 1996 to explore, develop and mine precious and base
metal projects in Central Asia. It was listed on the London AIM market in July
2001. The company's most advanced gold project is Amantaytau Goldfields, a gold
mining operation in Uzbekistan, with estimated reserves of 3 million ounces.

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

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