Oxus is pleased to announce that it has today issued 6.6 million new ordinary shares of 1p each in Oxus with MAED Holdings Ltd at a price of 8.5 pence per share (equivalent to the middle market price of Oxus's ordinary shares as at the close of business on 19 November 2001, as derived from the London Stock Exchange Daily Official List).

The issue has raise £561,000 for Oxus before expenses. These funds will primarily be used to carry out exploration work around the Balpantau and Aristantau deposits close to its Amantaytau Goldfields project in Uzbekistan, the exploration rights to which were acquired by Oxus in July 2001.

Following the placing, MAED holds a total of 6.6 million ordinary shares in Oxus representing 5.0% of its issued share capital as enlarged by the placing. MAED is a specialist mining construction company that has a number of investments in the international gold mining industry.

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Contacts:

Oxus Mining
Roger Turner, CEO
Michael de Villiers, Finance Director
Tel: +44 (0)1483 714411

Old Mutual Securities
Frank Moxon, Director
Tel: +44 (0) 20 7002 4618

College Hill
Archie Berens
Kate Aquila
Tel: +44 (0)20 7457 2020