Oxus Mining plc (“Oxus”) (OXS.L) announces that it is continuing to work with Société Générale and the syndicate banks to close the $31 million project finance facility to Amantaytau Goldfields AO (“AGF”). The project finance facility is intended to finance the construction of the Amantaytau Phase 1 open pit heap leach operation. Oxus has a 50% interest in AGF with management control.

The key condition that remains to be fulfilled is the provision of an additional Oxus loan to AGF. Oxus intends to provide this additional loan to AGF from the net proceeds of the previously announced $23 million subordinated insured loan to Oxus, also to be provided by Société Générale. The outstanding requirement for closing this subordinated loan is the approval by insurers of the underlying insurance guarantee.

Oxus has satisfied, or is in a position to satisfy, all other conditions for the drawdown of the project finance to AGF.

Other alternatives for the provision of the additional Oxus loan to AGF are being pursued in the event that the insurance guarantee is not agreed. Following discussions with Société Générale and the syndicate banks, a revised target of 8 Nov 2002 has been set for the achievement of all conditions precedent on both the project finance facility and the subordinated insured loan.

END

Contacts:

Oxus Mining
Tel: +44 (0) 1483 714 411
Roger Turner, CEO oxus@oxus.demon.co.uk
Sacha Borthwick, VP Corporate Development & IR

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

College Hill
Tel: +44 (0) 20 7457 2020
Archie Berens

Website: www.oxusminingplc.com