Oxus Gold Plc Regulatory News (OXS)

1 Mar 2005 07:01

Oxus Gold PLC1 March 2005 news release For immediate release: 1 March 2005 Oxus Gold plc Co-operation agreement on Kosmanachi silver-gold deposit signed LONDON: 1 March 2005 - Oxus Gold plc ('Oxus' or 'the Company') is pleased toannounce that it has signed a co-operation agreement with the Navoi Mining andMetallurgical Combinat of Uzbekistan to work together with a view to developingthe Kosmanachi silver/gold deposit situated near the Company's Amantaytau goldmine, in central Uzbekistan. Kosmanachi has been extensively explored over the past two decades and isestimated to contain Soviet classified C1 and C2 Resources of at least 40million ounces of silver at an average grade of 105 grammes/tonne and 270,000ounces of gold at an average grade of 0.5 grammes/tonne. Oxus intends to carry out a detailed review of all the existing data and toundertake a drilling programme to confirm the earlier exploration results inorder to complete a pre-feasibility study. Assuming favourable economics, aformal agreement will be completed reflecting the appropriate legal form ofco-operation in order that full feasibility can be completed and plantconstruction may be commenced in the shortest possible time. Test work to dateindicates that a heap leach plant would recover in excess of 70% of the silverand gold. The mine is situated within 20 kms of the Company's existingoperations and therefore minimal infrastructure will be required. Resignation of Non-executive Director The Company also announces that Dan Kappes is retiring as a non-executivedirector with immediate effect. Bill Trew, CEO of Oxus said "Dan has played avaluable role with the Company over the last two years. However, as Presidentof Kappes Cassiday & Associates, and with the recent increase in activity withinthe mining industry generally, he feels that he must now concentrate on his mainbusiness interests. I would like to thank him for his contribution and wish himwell for the future." Announcements regarding new appointments to the board will be made in duecourse. Ends For further information, please contact: Bill Trew, CEO Oxus Gold, +44 (0)20 7907 2000 Richard Wilkins, Director and Secretary +44 (0)20 7907 2000 Keith Irons, Bankside Consultants +44 (0)20 7444 4155 /07885 356 639 This information is provided by RNS The company news service from the London Stock Exchange