OXUS GOLD PLC

Eurogold Settlement

LONDON: 19 February 2008 – Oxus Gold plc (“Oxus” or the “Company”) announces that further to its announcement on 24 August 2006, it has reached agreement with Eurogold Limited (“Eurogold”) and its wholly owned subsidiary Eurogold Holdings (“Bermuda”) Limited (“EHBL”) to settle the proceedings commenced in 2006 by Eurogold and EHBL.

The proceedings were commenced following Oxus’ decision to terminate its purchase agreement with Eurogold for its Ukrainian gold assets. As previously disclosed, Oxus believed, at termination, that a material adverse change had occurred to the business and assets of EHBL from what it understood the position to be when it entered into the agreement.

Richard Wilkins, Chief Executive of Oxus Gold, commented: “Without accepting any liability, Oxus believes it is in the best interest of shareholders to settle the dispute at this time. This will enable the Company to focus all of its resources on its core assets and capitalise on recent encouraging progress made by the Company, as demonstrated by the receipt of formal approval by the Government of Uzbekistan to proceed with the AGF phase 2 underground sulphide project, as previously announced on 6 December 2007, and which is expected to increase AGF’s total production to over 300,000 ounces per annum within three years.