By a notification dated 29 October 2002, Oxus Mining plc has been notified by MAED Limited of the following:

“We, Maed Limited (“Maed”) of 7 Myrtle Street, Douglas, Isle of Man 1MJ 1ED, notify Oxus Mining plc (“Oxus”) that:

1. the number of ordinary shares of 1p each in Oxus’ share capital (“Oxus shares”) in which we are interested has increased by 25,569,520 from 9,360,717 to 34,930,237 (the “Shares”);

2. so far as known to us:

a. 25,569,520 of the Shares are registered in the names of subsidiaries of Newmont Australia Limited (previously Normandy Mining Limited) or their nominees, as referred to on page 95 of Oxus’ placing and open offer prospectus dated 24th May 2002;

b. 9,360,717 of the Shares are currently registered in the name of Pershing Keen Nominees Limited (to the extent of 8,520,000 shares) and White Rose Nominees (to the extent of 840,717 shares).

3. our interest in 20,000,000 of the Shares referred to at paragraph 2(a) above is or may be such an interest as is mentioned in section 208(5) of the Act; and

4.  neither our interest in the remaining 5,569,520 Shares referred to at paragraph 2(a) above (or in any of them) nor our interest in the 9,360,717 Shares referred to at paragraph 1 above (or in any of them) is such an interest as is mentioned in section 208(5) of the Act.

This paragraph is included for clarification purposes only. We have entered into an agreement with Newmont Australia Limited to acquire 20,000,000 Shares from companies which are its subsidiaries and under which we have certain rights to direct how votes attaching to a further 5,569,520 Shares are exercised.

Please also treat this letter as a notification pursuant to section 198 - 202 of the Act on behalf of:

A. Corporate Offshore Limited (“COL”) of 18 Bowling Green Road, Castletown, Isle of Man JM9 1EB that (i) COL is interested in all Shares, (ii) COL’s interest in 20,000,000 of the Shares referred to at paragraph 2 (a) above is or may be such an interest as is mentioned in section 208(5) of the Act, and (iii) neither COL’s interest in the remaining 5,569,520 Shares referred to at paragraph 2(a) above (or in any of them) nor COL’s interest in the 9,360,717 Shares referred to at paragraph 1 above(or in any of them) is such an interest as is mentioned in section 208(5) of the Act;

B. LF Investments Limited, 7 Myrtle Street, Douglas, Isle of Man (“LFI”) that (i) LFI is interested in all the Shares in the same way and to the same extent as COL is interested in them (as stated in paragraph A above), (ii) LFI is also interested in a further 1,900,000 Oxus shares (“the LFI Shares”), (iii) so far as known to Maed the LFI Shares are registered in the name of Pershing Keen Nominees Limited, and (iv) the interest of LFI in the LFI Shares (or in any of them) is not such an interest as is mentioned in section 208(5) of the Act; and

C. The Fife McKinnon Trust of 18 Bowling Green Road, Castletown, Isle of Man (“FMT”) that (i) FMT is interested in all the Shares in the same way and to the same extent as COL is interested in them (as stated in paragraph A above), (ii) FMT is also interested in a further 2,250,000 Oxus shares (“the FMT Shares”), (iii) so far as known to Maed the FMT Shares are registered in the name of the Pershing Keen Nominees Limited, and (iv) the interest of FMT in the FMT Shares (or in any of them) is not such as interest as is mentioned in section 208(5) of the Act.

D. Please also note that certain individuals who are employees of Maed or are otherwise associated with Maed (being persons referred to as Maed’s “œassociated ownership entities”) in Maed’s letter to Oxus dated 12th August 2002) have nonnotifiable interests in a further 2,342,700 Oxus Shares.

END