Oxus Mining plc ("Oxus" or "the Company") (OXS.L) is pleased to announce that Standard Bank London Limited("SBLL") and WestLB AG ("WestLB") have received credit approval to underwrite a US$36 million loan facility for the construction of the Amantaytau Goldfields (Phase 1 - Oxides) Project in Uzbekistan ("the Project"). The Company is also pleased to confirm the ongoing support from the National Bank of Uzbekistan, which has agreed to participate in the lending syndicate, and of Société Générale, which will act as security agent for the Project. Endeavour Financial is advising Oxus in respect of the Amantaytau financing.

The US$36 million facility consists of a US$30 million term loan plus a cost overrun facility of US$6 million. Based on detailed engineering work, firm quotes for contract mining and firm quotes for the construction of the treatment plant, the total pre-production capital cost of the Project is now estimated at US$29.9 million, including all financing costs, pre-production interest, contingency and working capital. As a result of obtaining the cost overrun facility, Oxus is not required to provide any additional funding by way of equity or subordinated debt. The facility is subject to legal and administrative conditions precedent and is expected to be available for drawdown during March 2003.

Since joining the board of Oxus in November 2002, the new Oxus management has re-designed the Amantaytau Project by, among other things, changing it from a heap leach operation to include a carbon-in-pulp ("CIP") treatment plant. The re-designed Project has been audited by SRK Consulting Engineers on behalf of SBLL and WestLB. As a result of these changes:

-gold recoveries from the Project have been optimised and are expected to increase from approximately 73 per cent. to over 90 per cent.; and

-gold production is anticipated to increase by approximately 72,000 ounces (or US$25.2 million at US$350 gold) over the first two years of production.

Site preparation and construction at the Project are well underway. Orders have been placed for the mills, CIP treatment plant and much of the major equipment. The first gold pour at Amantaytau is expected in late 2003.

Oxus is pleased to report the following parameters expected for the Project:

Oxus has a 50% interest in Amantaytau Goldfields ("AGF") and has management and operational control. Since acquiring the Project, Oxus has invested over US$14 million in the Project through shareholder loans. As a result of the robust economics of the re-designed Project, AGF expects to repay to Oxus the US$14 million shareholder loan account, plus interest, within the first year of production.

Whilst construction of the Project is underway, Oxus intends to increase the mineable reserves through an appropriate exploration and drilling programme for 2003 on the Phase I oxides. In addition, the Company proposes to commence the feasibility study on the AGF Phase II sulphides. AGF Phase II is expected to produce a further 2.03 million ounces over a 10 year mine life.

The Company's licence areas on the Tien Shan Gold Belt in the Amantaytau region of Uzbekistan encompass 882 square kilometres, just 30 kilometres from Muruntau, one of the world's largest open pit gold mines, currently producing 1.8 million ounces of gold per annum. The Tien Shan Gold Belt represents the second largest gold province in the world after South Africa's Witwatersrand Basin, containing over 400 million ounces of gold in reserves and historic production. Oxus has exploration rights over a further 2,000 square kilometres on the Tien Shan Belt.

The Oxus board is dedicated to creating shareholder value. The new team has already taken the following steps to create such value:

-minimise dilution to existing shareholders - no new equity is required under the Amantaytau Phase I financing;

-substantially reduce monthly cash burn rate; and

-optimise the current mine plan for Amantaytau Phase I by re-engineering the Project to recover an additional 17 per cent. gold and increase project cash-flow by more than US$25 million over the first two years of production (based on US$350 gold).

Finally, Oxus intends to increase reserves at Amantaytau Phase I and looks forward to developing Amantaytau Phase II (2.03 million anticipated ounces) in the earliest possible timeframe for the benefit of its shareholders.

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Contacts:

Oxus Mining
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.oxusgold.co.uk