Further to the announcement of 12 May 2003, Oxus Mining plc ("Oxus") (OXS.L) is pleased to announce that it has purchased the 7% of Norox Mining Company Limited ("Norox")previously sold to Conquest Resources Limited ("Conquest"). As a result Oxus now owns 100% of Norox, which in turn owns 66.67% of the Jerooy Gold Deposit in the Kyrgyz Republic. The Licence to develop Jerooy was reinstated on 7 May 2003. Jerooy has a total resource of 3.45 million ounces of gold.

Conquest had acquired the shares in Norox by expending US$400,000 (£250,000) on Jerooy pursuant to a Share Sale, Option and Joint Venture Agreement dated 2 May 2002, which also granted Conquest an option to acquire the remaining 85% of Norox. This Agreement has now been terminated.

As consideration for the purchase of the Norox shares, Oxus has agreed to issue 1,250,000 ordinary shares to Conquest by way of a private placement at 20 pence per share, plus 250,000 warrants, exercisable within 5 years from date of grant, to acquire shares in Oxus at 25 pence per share.

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Contacts:

Oxus Mining plc
Tel: +44 (0)1483 714411
Email: enquiries@oxusgold.co.uk
John Donald, COO

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

Website: www.oxusminingplc.com