LONDON: 9 October 2003 - The Directors of Oxus Gold plc ("Oxus" or "the Company") have announced today that £4 million has been raised for its Khandiza base metals project via a private placement of 20 million shares at 20p per share (plus 20 million attached warrants exercisable at 40p per share) into its subsidiary company, Oxus Minerals Corporation Limited, to be renamed Marakand Minerals Limited ("Marakand"). The private placement, which was oversubscribed, was arranged by RBC Capital Markets. The Company retains an 80% interest in Marakand via the issue of an additional 80 million shares.

Marakand has engaged Williams de Broë who will be Marakand Minerals’ Nominated Adviser and Broker, to admit its shares for trading on the Alternative Investment Market of the London Stock Exchange by way of an introduction as soon as the relevant work relating to the prospectus can be completed. It is expected that the listing will be completed during December 2003.

The funds will be used to complete the bankable feasibility study on Khandiza and to finance preconstruction activities which will enable Marakand to commence construction by Q4 2004.

Bill Trew, CEO of Oxus, commented: "This is the first significant step in a transformation process that will enable the development of the Khandiza deposit to be accelerated, and also its considerable embedded value, previously unrecognised, to be unlocked. This will benefit Marakand shareholders, the people of the region and, without doubt, the shareholders of Oxus Gold."

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Contacts:

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

Williams de Broë Plc
Tel: +44 (0)20 7588 7511
Louis Castro, David Newton

South Africa
Russell & Associates
Tel: +27 (0)11 880 3924
Marion Brower