LONDON: 18 February 2005 - Oxus Gold plc ('Oxus'), the UK gold mining group with interests in Central Asia, is pleased to report that it has agreed to acquire 30 million shares of Eurogold Limited ('Eurogold') from RAB Capital ('RAB') and Associates at a price of 9 pence per share, representing approximately 17.2% of the issued capital of Eurogold. The total consideration of £2.7 million will be satisfied by the issue of 5 million new Oxus shares at 54p per share. Following the issue of these new shares, RAB's holding in the share capital of Oxus will be 18,714,730 ordinary shares, representing approximately 7.1 per cent of the enlarged Oxus share capital. Application will be made in due course for the new shares in Oxus to be admitted to trading on AIM.

Eurogold is an Australian company with gold exploration and mining operations in Romania and Ukraine. Its shares are traded both in Australia and in the UK on AIM.

Bill Trew, CEO of Oxus Gold, said today: "We are very pleased to have acquired a strategic interest in Eurogold, whose operations have some synergy with those of Oxus. We will be working with the directors and management of Eurogold to develop our association which we believe could have significant benefits to the shareholders of both companies."

END

Contacts:

Bill Trew, CEO Oxus Gold
020 7907 2000

Keith Irons, Bankside Consultants Ltd.
020 7444 4155/07885 356 639