LONDON: 12 May 2006 – Oxus Gold plc (“Oxus” or “the Company”) (OXS.L) announces that it has acquired an additional 2,906,407 ordinary shares of Marakand Minerals Limited (“Marakand”), (MKD.L) mainly from individual shareholders. Following the acquisition, Oxus has increased its shareholding from 83,753,577 to 86,659,984 ordinary shares representing an increase from 82.91 to 85.78 percent of the ordinary issued share capital of Marakand.

As consideration for the purchase of the shares, application has been made to the London Stock Exchange for 968,800 new Oxus shares to be admitted to the AIM Market. Dealings are expected to commence in the new ordinary shares at 17 May 2006. The new ordinary shares will rank pari passu with the existing shares of the Company. Following the allotment the total issued share capital of the Company will be 298,107,972 ordinary shares.

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Contacts:

Oxus Gold plc

Tel: + 44 (0)20 7907 2000

Richard Wilkins, Company Secretary

Joanna Solino, Investor Relations Officer

Bankside Consultants Ltd

Tel: + 44 (0)207 367 8874

Keith Irons