LONDON: 2 February 2006 – Oxus Gold plc (“Oxus” or the “Company”) (OXS.L) is aware that during a visit to London this week the Kyrgyz Foreign Minister provided certain information to the press. Oxus is concerned that this information is incomplete and, as such, potentially misleading. For public record and the sake of completeness the Company has published its own chronology of events on its website: www.oxusgold.co.uk

Oxus confirms that it continues to seek the reinstatement of the Jerooy license from the Kyrgyz Government, and is encouraged by the recurring comments of President Bakiev that construction should continue on site. As recently as Monday this week, 30 January 2006, during a visit to the Talas region and in response to questions regarding the status of the Jerooy license, the President told the Jerooy workers in attendance that construction must continue at the project site.

The Company is concerned, however, to have been approached in December 2005 by a potential second investor purportedly on the instructions of the Prime Minister. The representatives who approached the Company refused to disclose the ultimate identity of this investor but they did acknowledge that the individual or company concerned had no prior experience of the gold mining industry. Under these circumstances the Company was unable to enter into negotiations with the investor’s representatives.

Oxus repeats that it remains committed to developing the Jerooy deposit in the fastest possible time and remains on track to produce first gold from the mine during the second quarter of 2006 provided the mining license is reinstated. Construction of the process plant and ancillary facilities continues in accordance with the construction permit granted by the Kyrgyz Government and in accordance with the detailed designs approved by the Kyrgyz Government. The mining fleet is already on site and the process plant is at an advanced stage of completion. The total investment to date is in excess of $46 million and over 750 local people are currently employed at the project site.

As stated in its press release dated 5 January 2006, Oxus remains confident that the review currently being undertaken by the Kyrgyz Government will conclude that only Oxus can deliver gold production within the required timescale. In the interests of transparency, and given that mining activities at the project will need to commence soon in order to ensure that there is sufficient ore for the plant to process, Oxus has therefore requested President Bakiev to discuss this matter with the Company with a view to improving the terms for the Kyrgyz people, as appropriate, and reinstating the license as quickly as possible.

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Contacts:

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

Bankside Consultants Ltd.
Tel: + 44 (0)20 7367 8873
Keith Irons