London: 15 November 2004 - Oxus Gold plc ("Oxus" or "the Company") announces that, at the Annual General Meeting to be held on 8 December 2004, Michael Beckett, non-executive chairman, and Mark Wellesley-Wood, non-executive director, will not be offering themselves for re-election.

In the 2004 Annual Report, posted on the Company's website and being sent out to shareholders on 16th November 2004, Michael Beckett comments in his chairman's statement to shareholders: "It is with a great deal of regret, that due to the considerable pressures of our executive responsibilities elsewhere, both Mark Wellesley-Wood and I will not be offering ourselves for re-election at the forthcoming AGM. We have been honoured to serve on the board of your Company and we wish the future management team every success. With this in mind I welcome our two new non-executive directors, Douglas Sutherland and Oliver Prior to the board, both of whom have much to contribute to your Company".

Oliver Prior has over 40 years experience in insurance brokerage and has served in several directorial roles for a number of Lloyd's insurance broking companies prior to joining Willis Faber & Dumas Limited, as Chairman of the Financial Institutions and Specie Division. Oliver is currently a senior consultant with The FirstCity Partnership Limited.

Douglas Sutherland is a chartered accountant with over 40 years experience in banking, of which 34 years were with the Nedbank Group where he held senior positions in Johannesburg and London in investment management, corporate finance and commercial lending.

An announcement with regard to a new non-executive chairman will be made by the Company in due course.

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Contacts:

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

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