LONDON: 15 September 2003 - The Directors of Oxus Gold plc ("Oxus" or "the Company") have today announced their intention to seek a separate quotation for the Khandiza base metals project in Uzbekistan. Khandiza is owned by Oxus Minerals Corporation Limited ("Oxus Minerals"), a wholly owned subsidiary of the Company. Plans are currently being drawn up, in conjunction with the Company's financial advisers, to demerge Oxus Minerals by way of either a flotation or a reverse take-over, thereby allowing the Company to focus on the development of its gold assets at Amantaytau and Jerooy. The demerger should also enable the Company to unlock significant value within Khandiza currently unrecognised in the group balance sheet whilst maintaining a significant stake in the project.

Bill Trew, CEO of Oxus commented: "This proposed transaction will allow our exceptional zinc-silver project to be financed and developed separately to Oxus' gold assets, whilst utilising the technical skills and the regional relationships within the Oxus group. We believe that a separate quotation for Khandiza will enable development of the project to be accelerated, with minimum dilution for shareholders in Oxus Gold."

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Contacts:

Oxus Gold plc
Tel: +44 (0)20 7907 2000
John Donald, COO

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

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