LONDON: 26 April 2004 - Oxus Gold plc ("Oxus") (OXS.L) is pleased to present an initial trading update on its phase 1 gold mine at Amantaytau Goldfields ("AGF") in Uzbekistan.

First gold was poured in January 2004, followed by the commencement of commercial operations on 1 February 2004. In the two months to 31 March 2004, AGF produced 21,147 ounces of refined gold, all of which has been exported and sold on the London market.

Initial cash operating costs of US$139/oz are expected to reduce to forecast levels of US$110/oz with ongoing process optimisation and production build-up to full design capacity.

April production is on target and Oxus is pleased to report that AGF will be in a position to make the first repayment against the US$36 million project finance loan on time at the end of April. In addition, by the end of April 2004, AGF will already have discharged approximately 11% of its hedging obligations.

Bill Trew, CEO of Oxus, commented "For a start-up operation, these are very robust numbers from AGF which clearly demonstrate the quality of this mine. As time goes on, I am confident that AGF will exceed its cost and production targets. I wish to offer my congratulations to all concerned."

END

Contacts:

Oxus Gold plc
Richard Shead
Tel: +44 (0)20 7907 2000

Williams de Broë Plc
Joe Nally / Michael Shaw
Tel: +44 (0)20 7588 7511

Russell & Associates:
London: Alex Buck
Tel +44 (0)7932 740 452

Johannesburg: Marion Brower
Tel: +27 (11)880 3924 / +27 (0)82 895 0698