LONDON: 3 March 2005 - Oxus Gold plc ("Oxus" or "the Company") reports that following conversion of the Convertible Loan Notes, issued as part of the placing completed on 30 November 2004, the total number of shares in issue has increased to 286,928,836.

Consequently, the percentage figures relating to the changes in substantial shareholdings announced on Tuesday 1 March, and notified to the Company in letters dated 28 February and 1 March, pursuant to the provisions of the Companies Act 1985, have been reduced as follows:

L-R Global Partners, L.P and L-R Global Fund Limited, have increased their shareholding by 7,659,900 ordinary shares to 16,769,520 ordinary shares representing 6.4 per cent of the previous ordinary issued share capital of the Company, and now equal to 5.8% of the current issued capital;

RAB Capital plc, acting as investment manager for a number of commingled funds has increased its holding to 24,850,637 ordinary shares representing 9.48 per cent of the previous ordinary issued share capital of the Company, and now equal to 8.7% of the current issued capital; and

Wellington Management Company, LLP, as discretionary investment manager now holds 15,889,500 ordinary shares representing 6.06 per cent of the previous ordinary issued share capital of the Company, and now equal to 5.5% of the current issued capital.

Contacts:

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

Bankside Consultants Ltd.
Keith Irons
Tel: + 44 (0)207 444 4155