Oxus Gold plc (“Oxus” or the “Company”) (OXS.L) is pleased to announce that Amantaytau Goldfields (“AGF”), its 50% owned  joint venture company, has received formal approval from the Cabinet of Ministers of the Government of Uzbekistan to proceed with the AGF phase 2 underground sulphides project (“Phase 2”).

Wardell Armstrong International (“WAI”) has been commissioned to produce a bankable feasibility study based on a new increased tonnage Phase 2 base case scenario developed by AGF. As stated in the Company’s annual report, optimisation studies have been carried out which offer significant benefits over the original design. Instead of building a new stand-alone plant, the existing oxide CIP plant will be modified to accept sulphide ore. Since the plant modifications are mainly adding additional processing sections, the new plant can be constructed and commissioned without significantly affecting the existing plant production. Construction will be subject to the normal permitting process.