Oxus Mining plc ("Oxus" or "the Company") (OXS.L) announces that it has simplified the structure of its share option arrangements. Existing options have been amended and new options issued such that all options now have an exercise price of 12p, will vest on the first receipt of revenue from the sale of gold from the Company's Amantaytau Goldfields project in Uzbekistan (or merger or takeover if earlier), and will expire on 22 January 2008. The amendment to existing options includes a significant reduction in their number.

After amendment, and adjusting for those options that have lapsed, the number of existing options outstanding has reduced from 14,355,000 to 2,799,250. A further 11,508,000 new options have been issued, resulting in 14,307,250 options currently outstanding. This represents 7.9 per cent. of the Company's total issued share capital. The amended and the new schemes combined restrict the total number of outstanding options to a maximum of 10 per cent. of the issued share capital.

Of the new options, 10,838,000 have been granted pursuant to a Share Option Scheme adopted by the Company on 23 January 2003. 670,000 have been granted as individual share option instruments pursuant to the Special Resolution passed on 24 July 2002 at the Company's Annual General Meeting empowering the Directors to allot securities without applying statutory pre-emption rights.

Directors' interests in share options are hereby disclosed as follows:

William Trew is interested in 4,250,000 options;
John Donald is interested in 2,750,000 options;
Richard Wilkins is interested in 1,150,000 options previously 2,000,000);
Jonathan Kipps is interested in 2,750,000 options;
Michael Beckett is interested in 320,000 options (previously 400,000);
Mark Wellesley-Wood is interested in 250,000 options previously 400,000);
Richard Shead is interested in 250,000 options;
Daniel Kappes is interested in 250,000 options.

The Company also announces that it has changed its Accounting Reference Date from 31 December to 30 June, and has extended its current Accounting Reference Period to cover the 18 month period to 30 June 2003. This change will enable the new management team to focus more fully on the finalisation and drawdown of the proposed $30 million project finance facility for the development of the Amantaytau Goldfields Phase 1 (Oxides) Project in Uzbekistan, which the Company considers its highest priority at this time. As announced on 15 January 2003, Oxus has appointed Standard Bank London Limited and WestLB AG as exclusive lead arrangers and underwriters in respect of this facility. 

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Contacts:

Oxus Mining plc
Tel: +44 (0)1483 714411
John Donald, COO

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

Website: www.oxusminingplc.com

Email: oxus@oxus.demon.co.uk