LONDON: 21 October 2004 - Oxus Gold plc ("Oxus") (OXS.L) is pleased to announce that exploration results carried out at one of the satellite deposits to its Amantaytau Goldfields ("AGF") mining operation in Uzbekistan has discovered high-grade gold mineralization. If the early results are confirmed by further drilling it is anticipated that this satellite area will provide significant additional resources to the AGF mine. This deposit at Asaukak is just 10 kilometres from the AGF mine and the ore can be processed at the AGF plant.

Commenting on the latest results, Bill Trew, Chief Executive of Oxus said: "The Asaukak results received to date are very promising and while it is too early for us to estimate the full potential we are optimistic that this will lead to a significant increase in the total resources at AGF."

Activities have focused principally on (1) exploration around the Amantaytau Centralny mine; (2) additional oxide expansion from the Asaukak area to replace ounces mined this year; (3) further development drilling at Vysokovoltnoye and (4) core drilling for Amantaytau sulphide development programme (Figure 1 on PR).

AGF has 26 separate deposits within the joint-venture licence area. Only three have previously been fully explored and exploration and development drilling with two reverse circulation (RC) rigs is ongoing at AGF at a rate of 6,000 metres per month that includes 2,000 metres per month production grade control drilling.