LONDON: 14 April 2004 - Oxus Gold plc ("Oxus") today announces that it has decided to accelerate the development of its Vysokovoltnoye Project at the Amantaytau Goldfields mine in Uzbekistan. It is planned to produce the first silver and gold from this project during Q1 2005. The principal reason for this acceleration is the recent significant increase in the price of silver.

The Vysokovoltnoye project will be funded out of cash flow generated by the Amantaytau Oxide project and has a net present value of US$ 54.8m at a discount rate of 10% pa. over seven years.

The three orebodies have JORC classified resources of 14.01 million oz of silver and 0.49 million oz of gold contained in the shallow oxide zone. One of the orebodies, OB7, has silver grades of 127g/t. The sulphide orebodies, known to exist below the oxide deposits, have not been taken into account in the net present value evaluation detailed herein. Additional satellite deposits in the area can be processed through this plant.

Bill Trew, Oxus CEO, commented, "With the Oxus team's track record in Uzbekistan, bringing the AGF Oxide operation into production in record time, I am confident, that by accelerating the development of Vysokovoltnoye, we will be well placed to take advantage of higher silver prices. This will enable us to unlock additional value for Oxus shareholders and will be beneficial for Uzbekistan and its people."

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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