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Oxus Gold PLC (OXS)

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Tuesday 23 November, 2004

Oxus Gold PLC

Issue of Debt

Oxus Gold PLC
23 November 2004

news release

For immediate release: 23 November 2004

                                 Oxus Gold plc
                           ('Oxus' or the 'Company')


Oxus Pursues Jerooy Financing

London: 23 November 2004 - Oxus reports today that it is has entered into
discussions with the Prime Minister's Office of the Kyrgyz Republic regarding
the status of the Jerooy license, held by Oxus' 67%-owned subsidiary, Talas Gold
Mining Company. Following a meeting with Prime Minister Tanaev on 8 November
2004, Oxus was presented with a letter signed by the Prime Minister outlining
certain issues to be negotiated in order for the Jerooy license to be made fully
effective. Oxus is in discussions with the Prime Minister's Office in relation
to these issues.

In particular, the Prime Minister's Office has requested clarification on Oxus'
current plans with respect to development of the project, including the
financing thereof. As a result, Oxus is currently pursuing a placement of debt
and/or equity securities with the objective of raising approximately US$55
million. The Directors are proposing to use a bookbuilding process in connection
with any issues of securities so as to maximize the issue price and have
mandated RBC Capital Markets as lead manager of any offering.

In order to preserve the maximum flexibility for the Company with regards to the
structure of the financing, the Board has determined to convene an Extraordinary
General Meeting of the Company for 16 December 2004 to obtain authority to issue
new ordinary shares on a non-pre-emptive basis.

Oxus is confident that its current development plans, which have been signed off
by a number of Kyrgyz state authorities, are sufficient to meet the other
conditions outlined by the Kyrgyz government.

As announced on 18 August 2004, construction of the Jerooy mine, which began in
September 2003 will continue unabated, with scheduled completion and initial
gold production is still expected by the end of 2005.

Bill Trew, CEO of Oxus, said:

'We believe that our meeting with, and the subsequent letter from, the Prime
Minister evidence the goodwill and strong intent of both parties to resolve the
status of the Jerooy license and allow us to rapidly progress towards
development of this exciting project.'

Further enquiries

Oxus Gold plc:
Tel: + 44 (0)20 7907 2000
Richard Wilkins, Company Secretary

Tel: + 44 (0)207 444 4155
Keith Irons, Chairman

RBC Capital Markets
Tel: + 44 (0)207 653 4580
Patrick Meier, Managing Director

This announcement shall not constitute or form any part of any offer or
invitation to subscribe for, underwrite or otherwise acquire, or any
solicitation of any offer to purchase or subscribe for, securities including in
the United States.

This announcement does not constitute an offer of securities for sale in the
United States of America. Neither this announcement nor any copy of it may be
taken or distributed into the United States of America or distributed or
published, directly or indirectly, in the United States of America. Any failure
to comply with this restriction may constitute a violation of US securities law.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States unless they are registered under the
Securities Act or pursuant to an available exemption therefrom. No public
offering of securities of is being made in the United States.

This announcement has been issued by and is the sole responsibility of the
Company. Royal Bank of Canada Europe Limited ('RBC') is regulated by the
Financial Services Authority and is acting for the Company only. RBC is not
acting, or responsible for, any person other than the Company for providing the
protections afforded to customers of RBC.

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

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