Oxus Mining plc (“Oxus”) (OXS.L) announces that it has today singed an agreement with Conquest Resources Limited (“Conquest”), a Canadian company listed on the Canadian Venture Exchange (CDNX - YQR), whereby Conquest can earn a 15% interest in Oxus’ subsidiary, Norox Mining, by expending $1m to complete a feasibility study on the Jerooy gold project in the Kyrgyz Republic.

In addition, Oxus has granted Conquest an option, dependent on the results of the feasibility study and exercisable by 31 March 2003, to acquire the remaining 85% of Norox for $7m, payable $3.5 in Conquest shares and $3.5m in cash. The option, if exercised, will result in Oxus becoming a substantial shareholder in Conquest, and will enable Conquest to access the capital markets to raise the appropriate funds to develop the Jerooy project.

Norox owns 66.7% of the Jerooy gold deposit in the North West of the Republic. The deposit, which has been the subject of extensive independent study and contains 2.3 million ounces of mineable reserves, will most likely be developed by a combination of open pit and underground mining. The State owned mining company, Kyrgyzaltyn, owns the remaining 33.33% of the Jerooy deposit.

Roger Turner, Chief Executive of Oxus, commented: “The Jerooy deposit is a valuable resource which justifies further development in the current fold market. The proposed transaction with Conquest will allow Oxus’ shareholders and the Kyrgyz to benefit from the accelerated evaluation of the project and its potential early development. It will also ensure that Oxus maintains its principal focus of obtaining profitable production from the Amantaytau Goldfields project in Uzbekistan.”

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Contacts:

Oxus Mining
Tel: +44 (0) 1483 714 411
Roger Tuner, CEO
Sacha Borthwick, VP Corporate Development

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

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