The following statement has been released by Oxus Gold and is issued in London by Bankside Consultants on behalf of the Company.

Total resource at Amantaytau equivalent to 6.4 million ounces of gold

LONDON: 23 October 2001 - Oxus Gold ("Oxus" or "the Company") (OXS.L) has doubled its gold and silver resources in Uzbekistan following fieldwork and acquisitions.

Oxus has a 50% share in the gold and silver resources in its Amantaytau Goldfields project in Uzbekistan that have been increased from 3,437,000 ounces gold equivalent to 6,400,000 ounces. More than 97% of these resources are contained gold.

These results are extracted from reports by CSMA Consultants Limited ("CSMA") dated October 2001 and the results are summarised as follows in "gold equivalent ounces".

In addition to the above resources, CSMA state that the additional exploration potential within the licences is as follows:

Open pit 3,120,000 ounces of gold equivalent
Underground 9,590,000 ounces of gold equivalent

All of CSMA's resources are reported according to the Australian Institution of Mining and Metallurgy Joint Ore Reserves Committee (JORC) Code of reporting which is the international standard.

Drilling on these deposits is continuing and the resources will be reassessed in early 2002.

The first open pit gold and silver mine, together with its heap leach gold recovery circuit, is ready for construction subject to finance. The resources more than double the Measured and Indicated resources, upon which the feasibility study was based, to 2,133,000 ounces of gold equivalent, plus a further 1,889,000 ounces in the Inferred category.

The second project is an underground mine on which a preliminary feasibility study has already been completed. A production shaft with underground development is already in place.

Oxus' interests in the area cover some 882 square kilometres, within a 50 kilometre radius of the Muruntau Mine on the same major geological gold belt. Muruntau has been in production for over 30 years, and has produced an estimated 45,000,000 ounces of gold, and is reported to have sufficient reserves to sustain production for a further 30 years. Newmont Mining has been operating in the region since 1995 and currently recovers 600,000 ounces of gold per year from the low grade stockpiles at Muruntau.

END

Contacts:

Oxus Gold
Roger Turner, CEO
Tel: +44 (0)1483 714 411

Oxus Gold
Richard Wilkins, Executive Director
Tel: +44 (0)1483 714 411

Oxus Gold
Michael de Villiers, Finance Director
Tel: +44 (0)1483 714 411

Bankside Consultants, London
Keith Irons
Tel: +44 (0)20 7220 7477

Website: www.oxusminingplc.com