LONDON: 22 September 2005 - Oxus Gold plc ("Oxus" or "the Company") (OXS.L) reports a rise in Group revenue, including attributable joint-venture income, for the 12-month period ended 30 June 2005 to $10.11 million (2004: $5.67m) and an audited profit on ordinary activities of $3.48 million (2004: $11.43m), and $2.28 million (2004: $10.89m) after tax and minority interests. The profit in the comparable period of 2004 reflected the net gain of $12.25 million from the sale of a minority interest in Marakand Minerals Limited.

Net assets increased to $122.73 million (2004: $59.31m) and cash balances to $34.83 million (2004: $5.54m). This includes the residue, net of expenses, of the $26.4 million raised in December 2004 through the issue of 27.2 million new shares, and the issue of $32.9 million of convertible redeemable loan notes, which were held in escrow at 31 December 2004, over 99% of which were subsequently converted into the Company's ordinary shares. As a result of the conversion Oxus issued 33,970,000 new ordinary shares to holders of the loan notes. The total number of shares in issue at 30 June 2005 was 287,017,343. Earnings per share, based on the average number of shares in issue during the year, were $0.0092 (2004: $0.0532).

Amantaytau Goldfields in Uzbekistan contributed $6.44 million (2004: $3.74m) towards the consolidated revenue, being the Group's 50% attributable share of profits for the 12-month period.

Extracts from the Chief Executive's Review

This last year has been a very eventful and challenging period for Oxus Gold which has seen one complete year of gold mining operations at the Amantaytau Goldfields Oxides project and culminated in our being able to report a net profit of $2.28 million from our first full year of mining operations.