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Oxus Gold PLC (OXS)

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Tuesday 29 April, 2008

Oxus Gold PLC

Re: Convertible Loan Notes

Oxus Gold PLC
29 April 2008

                                 OXUS GOLD PLC

                  Proposed Placement of Convertible Loan Notes
                              Issue of New Shares

LONDON: 29 April 2008 - Oxus Gold plc ('Oxus' or the 'Company') (OXS.L) is
pleased to announce its intention to place between US$25 million and US$35
million of convertible loan notes (the 'Notes'). The Company is also in the
process of finalising a mandate with a leading international bank to arrange
approximately $150 million in project finance (the 'Project Finance Facility')
for Amantaytau Goldfields ('AGF') in order for AGF to develop its Phase 2
underground sulphides project.

The Notes will carry an 8% coupon and will be convertible into new ordinary
shares of the Company at 37 pence per share. At the holder's option the Notes
may be converted on the earlier of a written request from the holder to convert,
or first drawdown on the Project Finance Facility. The Notes may also be
redeemed on the earlier of first drawdown on the Project Finance Facility, or
after two years from the date of issuance. It will be a condition precedent to
drawdown on the Notes that the mandate to arrange the Project Finance Facility
has been signed.

The proceeds of the Notes will be used (i) to finance the construction of a one
million tonnes per year heap leach operation at AGF's Asaukak deposit, to
produce approximately 30,000 ounces of gold per year at an estimated cash cost
of $400 per ounce, commencing in early 2009; (ii) to commence initial
development of the underground sulphides project at AGF and to place orders for
certain long-lead time items of equipment; (iii) to finance the proposed
exploration programme at AGF for 2008; and (iv) for general working capital.

First drawdown on the Project Finance Facility is currently expected to occur in
October or November 2008, and first production from the underground sulphides
project is currently forecast for Q3 2009. Further details of the underground
sulphides project will be announced following the completion in May 2008 of the
bankable feasibility study currently being updated by Wardell Armstrong
International. The underground sulphides project is expected to increase AGF's
production to approximately 300,000 ounces of gold per year from 2010
Oxus owns 50% of AGF.

Oxus also announces that Zeromax GmbH has agreed to capitalise $3 million of
loans previously advanced to the Company into new ordinary share of the Company
at 25 pence per share. Zeromax will be issued with 6,030,151 shares in the
Company, following which Zeromax will own a total of 68,533,797 shares in the
Company, representing 18.10% of the enlarged outstanding share capital of

Application has been made for the 6,030,151 shares to be admitted to trading on 
the AIM market of the London Stock Exchange and dealings are expected to 
commence on 6 May 2008. The new shares will rank pari passu with existing 
ordinary shares.

OXUS GOLD PLC                                         Tel: +44 (0) 207 907 2000
Jonathan Kipps - Finance Director
Richard Wilkins - Chief Executive Officer

CANACCORD ADAMS LIMITED                               Tel +44 (0) 207 050 6500
Mike Jones
Robin Birchall

BANKSIDE CONSULTANTS                                  Tel: +44 (0) 207 367 8888
Keith Irons
Oliver Winters

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

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