LONDON: 3 May 2006 – Oxus Gold plc ("Oxus" or "the Company"), (OXS.L), announces that it has entered into a conditional asset purchase agreement (the "Agreement") with Eurogold Limited (“Eurogold”), a company listed on the Australian Stock Exchange and AIM, to acquire certain assets owned by Eurogold. Completion of the acquisition is conditional on, amongst other things, the approval of Eurogold's shareholders in accordance with the Listing Rules of the Australian Stock Exchange. Completion is expected to occur by the end of June 2006.

Contacts:

Oxus Gold plc

Richard Wilkins, Company Secretary

Tel: + 44 (0) 20 7907 2000

Bankside Consultants Ltd.

Keith Irons/Oliver Winters

Tel: +44 (0) 20 7367 8873