Oxus Gold plc ("Oxus" or "the Company") today announces that on 13 June 2003, under the terms of an authority granted to the directors, it has placed 12,500,000 new ordinary shares in the Company with institutional and other investors ("the Placing"). The Placing Price was 18p per share, representing a premium of 1.225p above the 4 week average mid price of the Company's shares.

Application will be made for the new shares to be admitted to trading on AIM and it is expected that dealings will commence on 19 June 2003.

Bill Trew, CEO of Oxus, commented "Construction of our first mine is fully funded and is now well underway. As previously reported, first gold pour is planned for December. This Placing reflects the market's confidence in Oxus' future and the cash will be used to accelerate the development of our very significant exploration assets, thereby further enhancing shareholder value."

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Contacts:

OxusGold plc
Tel: +44 (0)20 7907 2000
Email: enquiries@oxusgold.co.uk
John Donald, COO

Brown Shipley Corporate Finance
Tel: +44 (0)20 7606 9833
Bill Staple