LONDON: 23 March 2004 - Oxus Gold plc ("Oxus") is pleased to announce that production at the Amantaytau Goldfields ("AGF") mine has to date exceeded expectations and 17,500 ounces of gold have been produced. Plant throughput is ahead of schedule and gold recoveries are now in excess of 90%.

As a consequence of the mine production and gold refining being ahead of schedule, the registration of the various documents required to obtain the relevant export permit was unable to keep pace. The partners of AGF (Oxus Resources Corporation, Uzbekistan's State Committee of Geology and Navoi MMC) have been working diligently to resolve all procedural issues and Oxus is pleased to confirm that the necessary paperwork has now been completed and gold revenue will be received well ahead of the due date for the first loan repayment by AGF.

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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