Oxus Mining plc ("Oxus") (OXS.L) is pleased to announce, that following successful negotiations with the Government of Kyrgyzstan and Oxus' partner JSC "Kyrgyzaltyn", that the Licence to develop the Jerooy Gold Deposit in the Talas Region of Kyrgyzstan, has now been reinstated. The Licence Agreement was signed in Bishkek on the 7th May 2003.

The Jerooy Gold Project has a total resource of 3.45 million ounces.

Oxus' subsidiary company Norox Mining Company Limited ("Norox") has already resumed work on the Feasibility Study, which was at an advanced stage of completion when the licence was annulled last year.

The Feasibility Study is now due for completion by September 2003. Oxus is fully committed to proceed with the fastest possible development of the mine, and intends to commence gold production by mid 2005.

The Feasibility Study is considering development of the mine, concurrently by open pit and underground methods, based on the following provisional reserves:

Testwork has demonstrated that the Jerooy ore is non-refractory and free milling, and will be processed using a conventional crushing, milling and carbon-in-pulp circuit. It is estimated that the recovery of gold will be in excess of 90%.

At a production rate of 850,000 tonnes per year, Jerooy will produce on average over 180,000 ounces gold per year, of which 110,000 ounces are attributable to Oxus.

The cash cost of production is expected to be around $US 133 per ounce over the 12 year life of mine.

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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