Oxus Mining plc ("Oxus" or "the Company") (OXS.L) announces that it has issued and allotted 1,337,499 new shares of 1p each ("the New Shares") on 27 May 2003.

Of the New Shares, 1,250,000 have been issued to Conquest Resources Limited ("Conquest"), as part consideration for the purchase of 7% of Norox Mining Company Limited, previously sold to Conquest, which was announced on 15 May 2003.

In addition, 87,389 of the New Shares have been issued to Richard Shead, Mark Wellesley-Wood and Daniel Kappes, Non-executive Directors of the Company, at 10.4p, being the average mid-market price for the three month period ended 31 March 2003, as consideration for directors' fees for the period from 14 November 2002 (in the case of Richard Shead and Mark Wellesley-Wood) and 7 January 2003 (in the case of Daniel Kappes) to 31 March 2003.

The New Shares issued and the resultant total holding for each director is:

 

 

The remaining 110 New Shares have been issued to an ex-employee of the Company pursuant to the exercise of share options.

The board agreed earlier this year that the Non-executive Directors should be entitled to opt to take their fees in either cash or shares, paid quarterly in arrears, with the issue price of shares based on an average of the mid-market price over the quarter.

The regular board meeting formally allocating shares may not take place until a later date. The Non-executive Directors have agreed to elect for shares or cash at the beginning of each calendar year.

After allotment of the New Shares, the Company's issued share capital is 182,386,815 ordinary shares of 1p each.

Application has been made for the New Shares to be admitted to trading on AIM and it is anticipated that admission will take place on Wednesday 4 June.

 

END

Contacts:

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

Brown Shipley Corporate Finance
Tel: +44 (0)20 7282 3270
Bill Staple

 

Website: www.oxusminingplc.com 
Email: oxus@oxus.demon.co.uk