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Interim Results

24 Sep 2008 13:09

RNS Number : 1960E
Oxus Gold PLC
24 September 2008
Β 

ο»Ώ

AIMΒ Release

For immediate release:Β  24Β SeptemberΒ 2008

OxusΒ Gold plcΒ 

(''Oxus''Β or theΒ ''Company'')

Interim Results for the twelve months endedΒ 30 June 2008

Annual gold production increasedΒ by 8.5% to 80,203 ouncesΒ *

Annual gold sales increasedΒ by 13.8% to 74,147 ouncesΒ *

Profitability restored at both the operational (Amantaytau Goldfields) and corporate levelsΒ during the 6 month period endedΒ 30 June 2008

Bankable feasibility study completed on the underground sulphides project and lead bank mandated to arrange the project finance

Placing of convertible loan notesΒ raisesΒ cash forΒ working capitalΒ 

Outstanding litigation and arbitration settledΒ 

*Β 50% attributable toΒ Oxus.Β 

Chief Executive Officer's Statement

I am delighted to report very significant progress in the second six months of this interim period toΒ 30 June 2008. The results are interimΒ asΒ we have changed our accounting reference date to 31 December, to coincide with thatΒ of ourΒ joint venture, Amantaytau Goldfields ("AGF"),Β resultingΒ in an 18 month reporting period that will end onΒ 31 December 2008.Β 

Annual production at AGF has increased by 8.5% to 80,203 ounces of gold equivalent. Annual sales have increased by 13.8% to 74,147 ounces of gold equivalent.Β Fifty percentΒ of these numbers are attributable toΒ Oxus. Profitability has been restored at both the operational (AGF) and corporate levels over the last 6 months and, had AGF been able to refine its silver dorΓ© on a timely basis, cash flow and profitability would have beenΒ furtherΒ improved. AGF is now building its own silver refinery, atΒ low cost, which will solve this ongoing difficulty.

The litigation with Eurogold and the arbitration with theΒ KyrgyzΒ RepublicΒ have both been settled, thereby freeing up human and financial resources to concentrate on the development of the Company's mining operations inΒ Uzbekistan. The Company has sufficient cash in the bank to meet its working capital requirements and, since receiving Uzbek Government approval in December 2007 to proceedΒ with our flagship underground sulphides project at AGF (the reason we invested in AGF in the firstΒ place), a Bankable Feasibility StudyΒ (BFS)Β has been completed andΒ The Royal Bank of ScotlandΒ has beenΒ mandated asΒ lead bank to arrange the necessary project financeΒ for AGF.Β With the current turmoil in the financial markets, the exact timing and availability of this finance is difficult to predict. However,Β the necessary steps to complete the financing continue to progress in a satisfactory manner, as outlined in the section on new projects in the main body of this report.

AGF plans to quadruple gold production over theΒ nextΒ two to three years to over 300,000 ounces per annum, and to produce at a significantly lower average total cost per ounce than at present. This will be achieved through the development of the underground mine, scheduled for first production in late 2009, and also the development of our second heap leach operation, at Asaukak. This latter operation is scheduled for first production in Q2 2009 and will complement the existing Vysokovoltnoye heap leach operation. The Company also expects to realise some of the undoubted exploration potential at AGF over the same period, impacting positively on the Company's attributable reserves and resources.

The Company will continue to focus on the strategic alliance with Zeromax, which will further enhance the development of AGF andΒ which we believe willΒ lead to other potential opportunities withinΒ Uzbekistan.

The directors believe that the Company can look forward with considerable optimism, and that as equity markets stabilise from the current period of uncertainty,Β it is hoped thatΒ the real underlying value ofΒ Oxus, backed up by increasing production and a significant reserve and resource base,Β willΒ once againΒ beΒ reflectedΒ in the share price.

Richard Wilkins

Chief Executive Officer

22Β September 2008

Β Β REVIEW OFΒ OPERATIONS

During the twelve month period toΒ 30 June 2008Β AGF increased production byΒ 8.5%Β toΒ 80,203Β ounces of gold equivalent. Sales increased byΒ 13.8%Β to 74,147 of ounces of gold equivalent.Β 

AGFΒ has returned to profitability during theΒ six monthΒ periodΒ ended onΒ 30 June 2008Β as shown in the table below,Β which has been extracted from AGF's unaudited accounts andΒ 50% of which is attributable toΒ Oxus.

6Β months endedΒ 

30/6/08

6Β months endedΒ Β 

31/12/07

12Β months ended 30/6/08

12Β monthsΒ 

ended 30/6/07

Β 

$000

$000

$000

$000

Revenue

33,796

24,034

57,830

37,770

Profit/(loss) after tax

920

(3,940)

(3,020)

(6,426)

(All references to $ and cents are toΒ United StatesΒ dollars.)

Carbon in Pulp (CIP) Plant Open Pit Oxide Operation

The following table summarises AGF's operating results in respect of the CIP plant:-

6 months to

30/6/08

6 months toΒ 31/12/07

6 months to

30/6/07

6 months toΒ 31/12/06

12 months to

30/6/08

12Β months to

30/6/07

OreΒ processed, tonnes

554,872

529,635

422,479

454,198

1,084,507

876,677

Average grade (g/t)

1.65

1.70

4.20

2.40

1.67

3.10

Average gold recovery (%)

80.29

83.20

56.0

80.60

81.79

68.40

Gold produced,Β ounces

23,689

24,242

24,138

35,235

47,931

59,373

Gold sales,Β ounces

26,646

15,134

37,675

27,499

41,780

65,174

Average gold price $ per ounce

910

756

651

608

854

633

AverageΒ productionΒ cash cost $ per ounce

742

857

576

536

801

559

Average total cost $ per ounce

1,003

1,019

666

623

1,011

642

Β 

The CIP plant continued to operate at a marginal loss for the 6 month period toΒ 30 June 2008. With current cash production costs of $742 perΒ ounceΒ the operation is making a significant contribution to fixedΒ overhead costs. This scenario is likely to continue for the balance of 2008.Β 

The decrease in gold production and the increase in cash costsΒ for the 12 month periodΒ were primarilyΒ due to the lower grades processed, whichΒ wereΒ partially offset byΒ higher tonnage throughput andΒ higher metallurgical recoveries.Β An improvement in gradeΒ is plannedΒ from early 2009 as a result of moving the mining to the Uzunbulak open pit. ThisΒ is also expected toΒ improve the operating costs as this pit is much closer to the plant than the present mining from the Asaukak open pit.

Feedstock for the CIP plant came entirely from the Asaukak openΒ pit where tonnages mined remained significantly higher than the tonnages processed. AtΒ 30 June 2008Β 1.1Β millionΒ tonnesΒ of ore at an average grade of 0.7Β grammes per tonne (g/t)Β had been stockpiled for future heap leach processing. This heap leach project is scheduled to commence operations inΒ Q1Β 2009Β and produce gold in Q2 2009.Β 

During 2009 it is planned to cease oxide production from the CIP plant, and switch the plant over to production from the underground sulphide mine.Β Β Oxide production will continue from the heap leach operations at lower cost.

Vysokovoltnoye Silver-GoldΒ Open PitΒ Heap LeachΒ OperationΒ 

The following table summarises AGF's operating results in respect of the Vysokovoltnoye silver-gold heap leach operation:-

6 months to

30/6/08

6 months

to

31/12/07

6 months to

30/6/07

6 months toΒ 31/12/06

12 months to

30/6/08

12 months

to

30/6/07

OreΒ stacked, tonnes

281,825

186,853

235,765

198,608

468,678

434,373

Average silver grade (g/t)

78.20

98.82

96.20

97.72

86.42

97.48

Average gold grade (g/t)

0.89

0.94

1.08

1.04

0.93

1.06

Silver produced, ounces

251,438

790,291

315,648

74,351

1,041,729

389,999

Gold produced, ounces

2,982

9,696

4,157

2,552

12,678

6,709

Gold equivalent produced,Β Β ouncesΒ 

7,854

24,418

10,541

4,013

32,272

14,539

Gold equivalent refined and sold, ounces

10,436

21,931

-

-

32,367

-

Average silver price $ per ounce

17.67

13.43

-

-

14.95

-

Average gold price $ per ounce

912

721

-

-

787

-

AverageΒ productionΒ cash cost per ounceΒ soldΒ (gold equivalent)

389

389

-

-

389

-

Average total cost per ounceΒ soldΒ Β (gold equivalent)

465

465

-

-

465

-

GoldΒ equivalentΒ conversionΒ ratio

51.61

53.69

49.44

50.86

52.64

49.81

Stacking re-commenced in March after having stoppedΒ for much ofΒ the winter months due toΒ theΒ coldestΒ weatherΒ for 40 years.Β Unit costs of production during this cold period escalated accordingly.Β Appropriate action is being taken to ensure continuous operations in future. By June production was back to scheduled levels and monthly production rates in excess of 3,000 gold equivalent ouncesΒ wereΒ achieved during June, July and AugustΒ 2008, with the associated costsΒ reducing backΒ toΒ 2007 comparableΒ levels.

Sales for the 6 month period toΒ 30 June 2008Β came entirely from the December 2007 stockpile atΒ theΒ AlmalykΒ refinery. TheΒ profit from this operation is therefore calculated at the average total cost for the period in which the stockpileΒ wasΒ generated ($465 per ounceΒ for sales during the six months endedΒ 30 June 2008). Of the 16,322 ouncesΒ ofΒ gold equivalent stockpile atΒ 31 December 2007, 10,436 ounces were sold. A further 7,854 ounces of gold equivalent have been added to the stockpileΒ which containedΒ 13,740 ounces gold equivalent atΒ 30 June 2008. This stockpile has an associated averageΒ totalΒ cost of $803 per ounce gold equivalentΒ and a value of approximately $13Β million atΒ 30 June 2008.Β Any profit or loss associated with selling this stockpileΒ will be accounted forΒ at the time of sale.Β The average total cost of $803 per ounce includes the higher costs of production in the early months of 2008 and the balance of the December 2007Β stockpileΒ carried forward.

As a consequence of the lack of available silver refining capacity in Uzbekistan, AGF is building its own silver refinery. The planned new refinery, which is scheduled to be operational in the second quarter of 2009, will eliminate this stockpile and ensure that future production of silver doré will generate cash flow and profits on a timely basis. The new refinery will have the capacity to produce approximately 100,000 ounces of refined silver per month (approximately 2,000 ounces of gold equivalent) and is expected to cost approximately $1.5 million to construct and commission. This production rate will cater for existing planned production plus a potential new silver project.

Β 

FINANCIAL RESULTS

The Group reports an increaseΒ in gross revenue, excluding attributable joint venture income, to $2.72Β millionΒ inΒ theΒ twelveΒ months toΒ 30Β June 2008Β (2007: $2.39Β million). The AGFΒ joint ventureΒ contributed an attributableΒ lossΒ of $1.51Β million for theΒ period (2007:Β $3.21Β million attributable loss),Β which amount included an attributable profit of $460,000Β in the second six monthsΒ of theΒ period.Β TotalΒ Group earnings for theΒ period showed an unauditedΒ lossΒ after taxation of $41.17Β million (11.23Β cents per shareΒ loss) against a loss of $18.97Β million (6.25Β cents per share loss)Β in 2007. The loss for the period included a profit of $1.84 million in the second six monthsΒ of the period.

The results include exceptional charges of $34.6Β millionΒ in the twelve month period toΒ 30Β June 2008,Β arising substantially from providing against the Group's entire investment in the Khandiza project amounting to $28.46 million. Also included areΒ costs relating to the settlement of the Eurogold litigation of $8.75Β million and a net settlement of $3.28Β millionΒ with regard to the arbitration against theΒ KyrgyzΒ Republic.

During theΒ twelve monthΒ period the Company paid a dividend equivalent to $65.69 millionΒ in respect ofΒ theΒ year endedΒ 30 June 2007Β (2006: nil). The dividend was paid in specie onΒ 2 July 2007Β with the distribution to shareholders of the majority of the KazakhGold GDRs received as consideration for the sale in June 2007 of the Jerooy project and certain other assets. The dividend was equal to 17.98 cents per share.Β 

Total assets decreased to $92.53Β million (2007: $184.06Β million) including cash and cash equivalents of $17.31Β million (2007: $10.88Β million). During the period the Company issued 16,040,512Β shares, comprising 2,221,621 shares issued to acquire the minority shareholders in Marakand Minerals Limited, and 5,066,666Β shares issued as a result of optionsΒ and warrantsΒ being exercised.Β Zeromax was issued 6,030,151 sharesΒ from the capitalisation of a $3 million working capital loan to the Company,Β and 2,722,074 shares were granted to Eurogold as partΒ of the finalΒ litigationΒ settlement.Β The total number of shares in issue atΒ 30 June 2008Β was 381,439,685.

OnΒ 14 May 2008Β the Company completed a placement of 8.0% unsecured convertible loan notes in units of $250,000 each at par, due 2010, for gross proceeds of $18.5 million. The notes were issued to existing institutional and strategic shareholders and to new institutional investors.

The notes are convertible into new ordinary shares of the Company at 37 pence per share. At the holder's option, the notes may be converted on the earlier of a written request from the holder to convert, or first drawdown on the project finance facility to construct the underground sulphides project at AGF. The notes may also be redeemed on the earlier of first drawdown on the project finance facility, or two years. If all the notes are converted, the maximum number of new shares that would be issued is 26,315,789.

Each of Zeromax GmbH ("Zeromax") and RAB Special Situations Fund subscribed for $6m of the convertible notes. By virtue of the size of each of their respective shareholdings in the Company, each of these subscriptions constituted a Related Party Transaction for the purposes of the AIM rules. The directors of the Company, having consulted its nominated advisor, consider that the terms of the subscriptions are fair and reasonable insofar as its shareholders are concerned.

AtΒ 30 June 2008Β the Group's loan facility from NedbankΒ hadΒ reduced to $8.75 million.

NEWΒ PROJECTS

AGF UndergroundΒ SulphidesΒ Project

Project Description

The Project is an extension and expansion of the existingΒ CIP operationΒ andΒ therefore benefits from the existing infrastructure, existing skilled labourΒ force and management'sΒ experience of operating in the area. Wardell Armstrong International completed a Bankable Feasibility Study (BFS) on the Project in June 2008.Β 

TheΒ sulphide mine will be brought into productionΒ based only on the current sulphide reserves of the Severny andΒ Centralny deposits and has not taken into account possible future productionΒ from theΒ remainingΒ resourcesΒ of the deposits nor any potential futureΒ resources at depth.Β The project is scheduled to produce an average of 230,000 ounces of gold per annum from mid 2010.Β AΒ drillingΒ programme is plannedΒ in 2009 forΒ these potential targets to increase the resources and convert themΒ into reservesΒ for future exploitation.

The Project will be an underground mining operation accessed viaΒ twoΒ parallelΒ declines, with the portals located in the northernmost location at the base ofΒ the existing Centralny Pit No 1 where the oxide ore has been mined out.

The mine design mainly utilises cut and fill mining methods with limitedΒ sub-level open stoping. The cut and fill mining method results in high physicalΒ extraction ratios and minimal dilution but is relatively expensive. Post BFSΒ geotechnical workΒ is beingΒ undertaken prior to underground development with a view to improving the economics further and reducing the production cost per ounce.

The ore will be processed using bio-oxidation technology provided by GoldFields,Β South Africa. The existing CIP plant will be modifiedΒ to accept the sulphide ore. The existing milling, reagent handling, elution,Β electro-winning and smelting sections will be retained and upgraded while the leach feed thickener will be converted to accept flotation tails. The float concentrate will beΒ bio-digested to break down the sulphide minerals, thickened and cyanide leachedΒ in a carbon in leach (CIL) section. The plant will be constructed in two phases. Phase 1 will consist of a single flotation bank and two bio-oxidation modules designed toΒ treat 750,000Β tonnes per annumΒ of ore with the first module being commissioned by Q4Β 2009.Β Phase 2 will increase the plant capacity to 1.2Β million tonnes per annumΒ and will be commissioned in mid 2010. Overall plant recovery of 88% has been used in the BFS based on 96% float and 92% CIL recovery.

Mineral Resources

This BFS recognises the JORC classified Measured and Indicated resource base forΒ the Amantaytau Severny and Centralny sulphides to total 13.5 million tonnes atΒ 6.89g/t containingΒ 2.99 million ouncesΒ of gold.

Initial Mining Reserves

Based on the above resource, JORC classified Proven and Probable reserves haveΒ been estimated for stoping blocks within a 3.5g/t cut-off at Severny and aΒ 2.0g/t cut-off at Centralny to be 8.94 million tonnes at 6.99g/t containingΒ 2.01 million ouncesΒ of gold.

The total reserve in this BFS for production scheduling is 7.16 millionΒ tonnesΒ at 7.55g/t containingΒ 1.74Β million ouncesΒ of gold.

Upside potential

TheΒ BFSΒ mine plan has an initialΒ life of 7 years.Β Β However,Β based on the wealth of data available from Soviet times and validated by LonhroΒ andΒ Oxus,Β there isΒ significant potential to increase theΒ resource base substantially. Neither Centralny nor Severny haveΒ been closed offΒ at depth and considerable potential exists for the delineation of mineralisation belowΒ existing development levels. A single deep drill hole at Amantaytau SevernyΒ intersected mineralisation at 870Β metresΒ below surface comprising a drilled width ofΒ 8Β metresΒ at 51.6g/t (theΒ estimated true width based onΒ theΒ drill section is 1.73Β metres).

Capital Costs

TheΒ Project'sΒ initial capital funding requirementΒ is estimated to be $167.8Β million.Β A further $48.7Β millionΒ of sustaining capital over the life of the Project will beΒ funded from the Project cash flows.

Operating costs

AsΒ from Q1 2010Β operating costs areΒ forecast to be $86.30Β per tonne of ore minedΒ and $402 per ounce of gold produced.

Β Β Project Economics

TheΒ netΒ presentΒ valuesΒ of theΒ Project are $544Β millionΒ at 0% per annum, $329Β millionΒ at 7% per annum and $266Β millionΒ at 10% per annum. TheΒ internal rate of returnΒ is 51% and the payback is 24 months from start of production.Β The BFS is based on the COMEX forward gold price curveΒ at the date of the BFSΒ as supplied by StandardΒ Bank London Ltd.

Project FundingΒ and Status

OxusΒ intends that the Project will beΒ 100%Β funded by debt finance.Β TheΒ Royal Bank of ScotlandΒ (RBS)Β has beenΒ appointed as lead arranger for a limited recourse senior debt facilityΒ to AGF.Β 

SRK has been appointed as the Independent Engineer,Β and have completed theirΒ site visitsΒ with their independentΒ reportΒ scheduled to be delivered to RBSΒ by the end of SeptemberΒ 2008. Detailed design is in progress for the process plant and infrastructure. Tenders have been issued for long-lead items of equipment and the underground mining contract will be awarded byΒ theΒ end of SeptemberΒ 2008. GeotechnicalΒ drilling is on-going on site and finalΒ Uzbek Government approvals are scheduled for November 2008. FollowingΒ this, theΒ remaining standard conditions precedentΒ are expected toΒ be completed in order to enable the first drawdown on the project finance.Β FirstΒ goldΒ productionΒ from the ProjectΒ is expectedΒ inΒ late 2009.

AsaukakΒ Open PitΒ Heap Leach Project

The AsaukakΒ heapΒ leach projectΒ will complement the existingΒ VysokovoltnoyeΒ heap leach operation, therebyΒ enablingΒ AGF to continue producing gold from its oxide operations atΒ a plannedΒ rate of approximately 70,000 ouncesΒ gold equivalent per annum, entirely from heap leach.

AΒ feasibilityΒ studyΒ has beenΒ completedΒ and theΒ project is currently under constructionΒ with earthworks complete and all major items of equipmentΒ are eitherΒ on site or ordered.Β A stockpile of 1.1Β millionΒ tonnes at 0.7g/t is in place, containing 776,000Β ouncesΒ of silver and 9,000Β ouncesΒ of gold.Β The pads are scheduled for first stacking inΒ Q1Β 2009 withΒ first gold production in Q2 2009.

This heap leach project will also process ores from other satellite oxide deposits within a short haul distanceΒ and will then be moved to new pads further west. The project is forecast to recover 10,000Β ouncesΒ of goldΒ in 2009 and then average 30,000Β ouncesΒ of gold perΒ annumΒ thereafter for the next ten years.Β 

OREΒ RESERVESΒ ANDΒ MINERAL RESOURCESΒ 

Β 

OXUS GOLD PLC PRECIOUS METAL ORE RESERVES AS OF 1st JULY 2008 (UNAUDITED)
Β 
Proven Reserves
Probable Reserves
Proven + Probable
AMANTAYTAU GOLDFIELDS
Cut off
Mt
Grade g/t
Contained Kozs
Mt
Grade g/t
Contained Kozs
Mt
Grade g/t
Contained Kozs
Β 
g/t Au
Β 
Au
Ag
Au
Ag
Β 
Au
Ag
Au
Ag
Β 
Au
Ag
Au
Ag
CIP and Heap Leach Oxides (Gold)
Β 
Β 
Β 
Asaukak (15% Dilution, 95% Ore Recovery)
1.0
Β 
Β 
Β 
Β 
Β 
Β 0.32
Β 2.1
1.6
Β 22
Β 16
Β 0.32
2.1
Β 1.6
Β 22
Β 16
Stockpiled ore at Asaukak
0.5
Β 1.10
Β 0.7
Β 
24
Β 
Β 
Β 
Β 
Β 
Β 
Β 1.10
Β 0.7
Β 
Β 24
Β 
Stockpiled Asaukak ore at CIP plant
Β 
1.0
Β 0.03
Β 2.1
Β 
Β 2
Β 
Β 
Β 
Β 
Β 
Β 
Β 0.03
Β 2.1
Β 
Β 2
Β 
Uzunbulak (15% Dilution, 95% Ore Recovery)
Β 
0.8
Β 0.09
Β 1.9
Β 3.8
Β 5
11
Β 0.91
Β 1.7
Β 2.5
51
72
Β 1.00
Β 1.8
Β 2.6
56
Β 83
Sarybatyr (15% Dilution, 95% Ore Recovery)
Β 
0.6
Β 0.77
Β 2.2
Β 
54
Β 
Β 0.93
Β 1.6
Β 
47
Β 
Β 1.70
Β 1.8
Β 
Β 101
Β 
Sub-Total CIP and Heap Leach Oxides (Gold)
Β 
1.99
Β 1.3
Β 
85
11
Β 2.16
Β 1.7
Β 
Β 120
89
Β 4.15
Β 1.5
Β 
Β 205
Β 99
Heap Leach Oxides (Silver - gold)
Β 
Β 
Β 
Vysokovoltnoye OB4 (8% Dilution, 95% Ore Recovery)
0.6
Β 0.66
Β 1.3
Β 28.0
28
Β 591
Β 1.77
Β 1.2
Β 26.2
69
1,493
Β 
2.43
Β 1.2
Β 26.6
97
2,083
Vysokovoltnoye OB7 (8% Dilution, 95% Ore Recovery)
Β 
Β 
Β 
Β 
Β 1.66
Β 1.0
Β 51.3
56
2,736
Β 1.66
Β 1.0
Β 51.3
56
2,736
Stockpiled ore at Vysokovoltnoye
Β 
Β 0.82
Β 0.3
Β 29.5
Β 9
Β 776
Β 
Β 
Β 
Β 
Β 
Β 0.82
Β 0.3
Β 29.5
Β 9
776
Sub-Total Heap Leach Oxides (Silver - gold)
Β 
Β 1.48
Β 0.8
Β 28.8
37
Β 1,367
Β 3.43
Β 1.1
Β 38.3
Β 125
4,229
Β 4.91
Β 1.0
Β 35.4
162
5,595
Total Oxide Reserves
Β 
Β 3.47
1.1
Β 
122
Β 1,377
Β 5.59
1.4
Β 
244
Β 4,317
Β 9.06
1.3
Β 
Β 366
Β 5,695
Sulphides
Β 
Β 
Β 
Amantaytau Centralny (23.4% Dilution, 91.3% Ore Recovery)
2.0
Β 
Β 
Β 
Β 
Β 
Β 2.21
Β 4.7
Β 
Β 332
Β 
Β 2.21
Β 4.7
Β 
Β 332
Β 
Amantaytau Severny (28.3% Dilution, 99.0% Ore Recovery)
3.5
Β 0.85
Β 7.6
Β 
Β 207
Β 
Β 5.88
Β 7.8
Β 
1,470
Β 
Β 6.73
Β 7.7
Β 
1,677
Β 
Total Sulphide Reserves
Β 
0.85
7.6
Β 
207
Β 
8.10
6.9
Β 
Β 1,802
Β 
Β 8.94
7.0
Β 
Β 2,009
Β 
TOTAL AGF RESERVES
Β 
Β 
Β 
Β 
329
Β 1,377
Β 
Β 
Β 
Β 2,047
Β 4,317
Β 
Β 
Β 
Β 2,375
Β 5,695
OXUS ATTRIBUTABLE AGF RESERVES (50%)
Β 
Β 
Β 
Β 164
Β 689
Β 
Β 
Β 
1,023
2,159
Β 
Β 
Β 
1,188
Β 2,847
Note :Β Amantaytau Centralny sulphide reserves include 1.78Mt of 'transition' sulphides at an average grade of 4.73 g/t (271 Kozs gold) subject to further metallurgical testwork to optimise the process flowsheet
Asaukak and Vysokovoltnoye OB7 ore reserves take into consideration depletion up to 30th June 2008, but are unaudited until such time that the balance of reserves can be reconciled with the block models.

OXUS GOLD PLC PRECIOUS METAL RESOURCES AS OF 1st JULY 2008 (UNAUDITED)
JORC Classified
Β 
Measured Resources
Indicated Resources
Inferred Resources
Β 
Expl Results
Deposits
Cut off
Mt
Grade g/t
000 ozs
Mt
Grade g/t
000 ozs
Mt
Grade g/t
000 ozs
000 ozs
Β 
g/t
Β 
Au
Ag
Au
Ag
Β 
Au
Ag
Au
Ag
Β 
Au
Ag
Au
Ag
Au
Ag
Β 
AMANTAYTAU GOLDFIELDS
Oxides
Β 
Β 
Β 
Asaukak
Β 
0.6
Β 
Β 
Β 
Β 
Β 
Β 1.09
1.4
1.6
Β 49
Β 56
Β -
Β -
Β -
Β -
-
Β 
Β 
Uzunbulak
Β 
0.6
Β 0.12
1.9
4.0
7
15
Β 1.94
1.5
2.8
Β 95
175
Β 1.28
1.3
2.1
Β 53
88
Β 
Β 
Amantaytau Centralny
Β 
0.4
Β 0.29
2.4
Β -
Β 22
-
Β 0.29
2.4
Β -
Β 22
-
Β 0.31
1.6
Β -
Β 15
-
Β 
Β 
Sarybatyr
Β 
0.6
Β 0.74
2.5
Β -
Β 59
-
Β 0.89
1.8
Β -
Β 51
-
Β 0.79
2.2
Β -
Β 55
-
Β 
Β 
Vysokovoltnoye OB4
Β 
0.6
Β 1.22
1.3
Β 34.1
Β 50
Β 1,332
Β 3.63
1.2
Β 27.7
Β 140
Β 3,236
Β 0.59
1.4
Β 22.6
Β 27
430
Β 
Β 
Vysokovoltnoye OB7
Β 
Β *
Β -
Β -
Β -
Β -
-
Β 2.39
1.0
Β 51.8
Β 80
Β 3,980
Β 0.38
0.9
Β 14.7
Β 11
180
Β 
Β 
Zapadny Amantaytau
Β 
0.6
Β 1.23
1.5
Β -
Β 58
-
Β 0.46
1.1
Β -
Β 16
-
Β 0.06
1.2
Β -
2
-
Β 
Β 
AGF - 17 deposits
Β 
0.6
Β -
Β -
Β -
Β -
-
Β 7.02
1.4
Β -
Β 308
-
12.52
1.3
Β -
Β 535
-
1,966
301
AGF - 7 Exploration Targets
Β 
0.6
Β -
Β -
Β -
Β -
-
Β -
Β -
Β -
Β -
-
Β -
Β -
Β -
Β -
-
Β 453
25,114
Total Oxides
Β 3.59
Β 1.7
Β 
197
1,347
17.71
Β 1.3
Β 
762
7,447
15.93
Β 1.4
Β 
698
698
2,419
25,415
Β 
Sulphides
Β 
Β 
Β 
Severny
Β 
2.0
Β 0.94
9.0
Β -
Β 272
-
Β 7.95
8.0
Β -
2,040
-
Β 0.67
5.7
Β -
Β 123
-
Β 
Β 
Centralny
Β 
2.0
Β 1.99
4.8
Β -
Β 304
-
Β 2.62
4.5
Β -
Β 376
-
Β 3.11
4.3
Β -
Β 428
-
Β 
Β 
Asaukak
Β 
0.6
Β 0.10
2.2
3.3
7
10
Β 2.82
1.9
1.8
Β 173
161
Β 1.30
1.9
1.8
Β 78
76
Β 
Β 
Uzunbulak
Β 
0.6
Β 0.06
3.6
5.6
6
10
Β 1.50
1.9
3.6
Β 93
172
Β 8.08
2.8
5.6
Β 736
Β 1,451
Β 
Β 
Vysokovoltnoye OB4
Β 
0.6
Β 3.71
1.3
Β 33.7
Β 151
Β 4,019
Β 7.28
1.1
Β 35.9
Β 265
Β 8,389
Β 3.85
1.1
Β 32.1
Β 133
Β 3,981
Β 
Β 
Vysokovoltnoye OB7
Β 
Β *
Β -
Β -
Β -
Β -
-
Β 7.32
0.9
Β 62.5
Β 204
Β 14,709
Β 6.76
0.8
Β 45.1
Β 164
Β 9,805
Β 
Β 
AGF - 7 deposits (sulphides only)
Β -
Β -
Β -
Β -
-
Β -
Β -
Β -
Β -
-
Β -
Β -
Β -
Β -
-
5,171
46,683
Total Sulphides
Β 6.79
3.4
Β 
740
4,039
29.49
Β 3.3
Β 
3,151
23,431
23.78
2.2
Β 
1,661
15,313
5,171
46,683
Β 
Total Amantaytau Goldfields
10.38
2.8
Β 16.1
Β 937
Β 5,386
47.20
2.6
Β 20.3
3,912
Β 30,878
39.72
1.8
Β 12.5
2,360
16,011
Β 
7,590
72,098
OXUS ATTRIBUTABLE - 50%
Β 5.19
2.8
Β 16.1
Β 468
Β 2,693
23.60
2.6
Β 20.3
1,956
Β 15,439
19.86
1.8
Β 12.5
1,180
Β 8,005
3,795
36,049

Soviet/Uzbek Classified Resources (Additional to JORC)

P1

P2

Β 

000 ozs

000 ozs

Au

Ag

Au

Ag

AGF Sulphides

5,841

314,60

Β 

Β 

Β 

3,745

45,110

Β 

Β 

Β 

Β 

Β 

Β 

Β 

OXUSΒ ATTRIBUTABLE - 50%Β 

2,921

157,30

Β 

Β 

Β 

1,873

22,555

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Notes: Asaukak and Vysokovoltnoye OB7 resources take into consideration depletion up to 30th June 2008 in line with reserves, but are unaudited until such time as the resource balances can be reconciled with the block models.

Balance of Amantaytau Centralny oxides, and Amantaytau Zapadny oxides as remodelled by GemcomΒ 

Northern UzunbulakΒ has a Soviet/Uzbek C1 resource of 0.14Mt @ 2.04g/t gold containing 9,000 ounces of goldΒ 

Exploration results comprise all Soviet/Uzbek B, C1 & C2 resources, and P1/P2 resources to 50m depth for oxide and 3 deposits for sulphide, not yet JORC resource classified

* Vysokovoltnoye OB7 resources evaluated above a cut-off of 25 g/t AgEq

Proven and ProbableΒ OreΒ Reserves as of 1Β July 2008Β areΒ summarised as:

Oxide ores: 366,000 ounces gold and 5.695 million ounces silver

Sulphide ores: 2.009 million ounces gold

Total: 2.375 million ounces gold and 5.695 million ounces silver

50% of the above reserve is attributable toΒ Oxus

The principalΒ changes with regard to the oxide reserve at Asaukak are depletion due to mining of 66,000 ounces of gold and 50,000 ounces of silver. At Vysokovoltnoye reserves have been depleted by 1.77 million ounces of silver and 19,000 ounces of gold.

Amantaytau Centralny sulphide reserves include 1.78Β million tonnesΒ of 'transition' sulphides at an average grade of 4.73 g/t (271,000 ouncesΒ gold). TheseΒ were omitted from the BFS pending further metallurgicalΒ testworkΒ to optimise the process flowsheet, and this testwork is ongoing. Cut-off grade optimisation and detailed mine design is on-going and further reserves are likely to be converted from resources and brought into the production schedule in the near future.

Measured and IndicatedΒ Mineral Resources as of 1 July 2008Β areΒ summarised as:

Oxides:Β 959,000 ounces gold and 8.794 million ounces silver

Sulphides: 3.891 million ounces gold and 27.470 million ounces silver

Total: 4.849 million ounces gold and 36.264 million ounces silver

50% of the above resources are attributable toΒ Oxus

PrincipalΒ changes are depletion due to mining of 86,000 ounces of gold and 1.766 million ounces of silver at Asaukak and Vysokovoltnoye.

InferredΒ Mineral Resources as of 1 July 2008Β areΒ summarised as:

Oxides: 698,000 ounces gold and 698,000 ounces silver

Sulphides: 1.661 million ounces gold and 15.313 million ounces silver

Total: 2.359Β million ounces gold and 16.011 million ounces silver

50% of the above resources are attributable toΒ Oxus

EXPLORATION

AGF's CS14 drill rig has commenced drilling the deep sulphides at Amantaytau Severny, to confirm continuity of mineralization at depth, and increase inferred resources. Following on from the BFS, the CS14 drill rig has also been used to carry out geotechnical drilling associated with the forthcoming underground mine development.

TwoΒ reverse circulation (RC)Β rigs and equipment are being purchased and are scheduled toΒ arrive on the mine during the second half of 2008. The rigs will be used for both in-pit grade control drilling, as well as resource definition drilling. Of particular importance will be the completion of RC drilling at the satellite oxide deposits in the AsaukakΒ area (Aksai, Northern Asaukak, Sredinny and North-EasternΒ deposits), to enable resource block models and pit designs to be completed. TheseΒ depositsΒ will continue to provide feed for the Asaukak heapΒ leach, once the existing stockpiles of low grade ore at Asaukak have been stacked.Β 

OTHER ACTIVITY

Zeromax StrategicΒ Alliance

During the periodΒ Zeromax,Β Uzbekistan's largest private sector company, acquired a further 11,533,797 shares in the Company, and now ownsΒ 68,533,797 shares,Β representing 17.97% of the Company's outstanding share capital.Β ZeromaxΒ hasΒ subscribed forΒ $6 million of theΒ Company's unsecured convertible loan notes, of which $4.5 million has been paid. When fully paid, these convertible loan notes will convert intoΒ 8,534,850 new ordinary shares in the CompanyΒ atΒ a price ofΒ 37 pence per share.Β 

Zeromax is owned by Miradil Djalalov, aΒ TashkentΒ entrepreneur who founded the company in 2000. It operates inΒ UzbekistanΒ through a series of joint ventures and investments in the oil and gas, mining, agriculture and textiles sectors, employing some 25,000 people, and has forged strong relationships with the Uzbek Government. OnΒ 7 January 2008Β Mr Djalalov joined the board of the Company as a non-executive director.Β 

Amantaytau Goldfields /Β OxusΒ Gold Scholarship Foundation

OnΒ 26 June 2008, at a ceremony at the Uzbek Embassy inΒ London, the Company inaugurated the Amantaytau Goldfields / Oxus Gold Scholarship Foundation in the presence of HRH Prince Michael of Kent GCVO, who has agreed to act as first Patron of the Foundation.

The Foundation has been established with theΒ WestminsterΒ InternationalΒ UniversityΒ in TashkentΒ (WIUT)Β to award scholarships to support undergraduate and postgraduate studies at WIUT for selected students from the Navoi Province of Uzbekistan, where AGF has its mining operations. The Foundation will also create an English Language Learning Centre in Zarafshan, the local town to AGF's operations, in order to teach English to local students and to improve the English language teaching skills of the local teachers. WIUT will manage the Learning Centre.

WIUT is unique in the region since the degrees that it awards are of the same quality and international standing as if they had been awarded by the University inΒ London. WIUT currently has 750 students fromΒ UzbekistanΒ and neighbouring countries, studying a variety of business and economic subjects.

Extractive Industries Transparency Initiative

In August 2008 the Company formally became a corporate supporter of the Extractive Industries Transparency InitiativeΒ (EITI). The EITI is a partnership of governments, international organisations, companies, NGOs, investors and business and industrial organisations, whose aim is to contribute to sustainable development and poverty reduction by increasing the transparency in transactions between governments and companies in the extractive industries.Β 

As a result, the Company wishes to establish a practice of disclosing all payments made to governments via the annual financial statements and the publication in the local Uzbek press of relevant information relating to the financial operations of AGF.

Β Β BOARD OF DIRECTORS

OnΒ 7 January 2008Β WilliamΒ Trew stepped down as Chief Executive Officer and resigned as a director of the Company in order to pursue other business interests. Richard Wilkins, a founder director of the Company, was appointed CEO in his place.

In addition, Miradil Djalalov, the managing director and owner of Zeromax, joined the board as a non-executive director, and John Donald joined the board as an executive director and Chief Operating Officer. John Donald, a mining engineer, was previously COO and a director of the Company until his retirement in September 2004.

Also, with effect fromΒ 7 January 2008, the directors of the Company appointed Graham Hill, a mechanical engineer and currently project manager of the AGF underground sulphides project, as an alternate director.

OnΒ 3 March 2008, Douglas Sutherland, non-executive director andΒ acting Chairman of the Company, assumed the role of non-executive Chairman, and onΒ 13 June 2008Β Richard Shead joined the board as a non-executive director. Richard Shead, who has many years' experience in the mining industry inΒ South Africa, was previously an executive director of the Company from June 2003 to October 2004.

ACCOUNTING REFERENCE DATEΒ ANDΒ CHANGE OF AUDITORS

As stated in the Company's Interim Results for the period endedΒ 31 December 2007, in order to bring its financial statements in line with those of AGF, the Group has decided to extend its current accounting reference period by six months. Accordingly a first set of interim results was published for the 6 months endingΒ 31 December 2007Β and this second set of interim results is being published for the 12 months endingΒ 30 June 2008. Full audited accounts will be published for the 18 months ending onΒ 31 December 2008.Β 

In May 2008 the Company appointed Deloitte & Touche LLP as auditors, replacing BDO Isle of Man.Β 

ANNUAL GENERAL MEETING

The Company's eighth annual general meetingΒ (AGM)Β will be held onΒ 5 December 2008Β at 105 Piccadilly, London W1J 7NJ at 11.00 am. Audited accounts will not be presented to shareholders at this AGM.Β The audited accounts for the 18 month period to 31 December 2008 will be presented to shareholders for approval at theΒ 2009Β AGM, expected to be heldΒ no later thanΒ May 2009.Β Notices convening these meetings will be sent to shareholders in due course.

For further information please visitΒ www.oxusgold.co.ukΒ or contact:

OXUS GOLD PLC
Β 
Jonathan Kipps – Finance Director
Tel: +44 (0) 207 907 2000
Richard Wilkins – Chief Executive Officer
Tel: +44 (0) 207 907 2000
Β 
Β 
CANACCORD ADAMS LIMITED
Β 
Mike Jones
Tel:+44 (0) 207 050 6500
Guy Blakeney
Tel:+44 (0) 207 050 6500
Β 
Β 
FAIRFAX I.S. Plc
Β 
Ewan Leggat
Tel:+44 (0) 207 598 5368
Β 
Β 
CONDUIT PR
Β 
Jane Stacey
Tel: +44 (0) 207 429 6606
Fiona HylandTel: +44 (0) 207 429 6614
Β 
Ed Portman
Β Tel: +44 (0) 207 429 6607

Β 

Β 

COMPETENT PERSONS' REVIEWΒ 

The Ore Reserves and Mineral Resources have been compiled by the Company's geological staff (which includes, in a consulting capacity, Competent PersonsΒ Bill CharterΒ BSc. CGeol. FGS, CEng, MIMM and Gordon WylieΒ BSc (Hons) Geology, MAusIMM, FGSSA),Β and were reviewed by Wardell Armstrong International Ltd by their Competent Person Dr Phil Newall, BSc.,ARSM, Phd, CEng. FIMM.Β Appendix 5 gives more background on the Competent Persons.

Β 

OXUS GOLD PLC
Consolidated financial statements for the twelve month period to 30 June 2008
Unaudited

Consolidated Income StatementΒ 

Six months endedΒ 

30 JuneΒ 

Six months endedΒ 

31 DecΒ 

Twelve months endedΒ 

30 JuneΒ 

Twelve months endedΒ 

30 JuneΒ 

2008

2007

2008

2007

Note

$000

$000

$000

$000

Unaudited

Unaudited

Unaudited

Audited

Revenue

6

1,655

1,065

2,720

2,387

Direct expenses

-

-

-

-

Gross profit

1,655

1,065

2,720

2,387

Administrative expenses

(4,379)

(3,823)

(8,202)

(6,985)

Share-based payments

(406)

(102)

(508)

(218)

Foreign exchange loss

-

-

-

(223)

Exceptional costs and revenues:

Impairrment charge in respect of Khandiza project

-

(28,456)

(28,456)

-

Impairment charge in respect of investment in Marakand Minerals less minority interests acquired

-

(1,442)

(1,442)

-

Gain on sale of Norox Mining Company Limited and other assets

-

-

-

8,034

Legal and other costs arising from abortive 2002 financing

-

-

-

(7,347)

Gain on sale of investmentsΒ 

(195)

347

152

92

Revaluation gain on available-for-sale investments

68

1,087

1,155

-

Net Jerooy arbitration costs

4,922

(1,641)

3,281

(2,792)

Costs relating to the settlement of the Eurogold dispute

(292)

(8,462)

(8,754)

-

Other legal costs

(204)

(334)

(538)

(963)

Impairment losses recognised on investments held

-

-

-

(8,602)

Operating profit/(loss)

6

1,170

(41,761)

(40,592)

(16,617)

Share of profit/(loss) from joint ventures

7

460

(1,970)

(1,510)

(3,213)

Financial income

808

1,277

2,085

2,457

Financial expense

(602)

(557)

(1,159)

(1,538)

Net financial income

206

720

926

919

Profit/(loss) before tax

1,836

(43,011)

(41,175)

(18,911)

Β 

Β 

Taxation

2

(2)

-

(55)

Β 

Β 

Profit/(loss) for the period

1,838

(43,013)

(41,175)

(18,966)

Attributable to:

Equity shareholders of the parent

1,838Β 

(43,013)

(41,175)Β 

(18,908)

Minority interests

-

-

-

(58)

1,838Β 

(43,013)

(41,175)Β 

(18,966)

Basic profit/(loss) per share - US cents

8

0.50

(11.77)

(11.23)

(6.25)

Fully DilutedΒ 

0.47

(11.77)

(11.23)

(6.25)

All amounts relate to continuing operations.

Β 
Β 
30 June
30 June
Consolidated Balance Sheet
Note
2008
2007
Β 
Β 
$000
$000
Β 
Β 
Unaudited
Audited
Non-current assets
Β 
Β 
Restated
Β 
Β 
Β 
Β 
Intangible assets
Β 
-
3,068
Property, plant and equipment
Β 
418
608
Exploration and mining development properties
9
11,989
40,445
Investment in joint venture
10
37,723
42,527
Available-for-sale investments at market value
Β 
-
5,171
Available-for-sale investments at cost
Β 
895
895
Β 
Β 
51,025
92,714
Current assets
Β 
Β 
Trade and other receivables
Β 
24,195
14,772
Available-for-sale investments
Β 
-
65,696
Cash and cash equivalents
Β 
17,308
10,881
Β 
Β 
41,503
91,349
Β 
Β 
Β 
Β 
Total assets
Β 
92,528
184,063
Β 
Equity and liabilities
Β 
Β 
Β 
Β 
Β 
Β 
Β 
Equity attributable to ordinary shareholders
Β 
Β 
Β 
Share capital
Β 
6,482
6,104
Share premium
Β 
112,977
105,341
Capital reserve
Β 
22,260
20,571
Merger reserve
Β 
34,929
34,929
Revaluation reserve
Β 
-
-
Retained earnings
Β 
(125,453)
(84,278)
Total equity attributable to ordinary shareholders
Β 
51,196
82,667
Minority interests
Β 
-
4,431
Total equity
Β 
51,196
87,098
Β 
Β 
Β 
Β 
Non-current liabilities
Β 
Β 
Β 
Interest-bearing loans and borrowings
Β 
Β 3,750
8,750
Β 
Β 
Β 
Β 
Β 
Β 3,750
8,750
Β 
Β 
Β 
Β 
Current liabilities
Β 
Β 
Β 
Interest-bearing loans and borrowings
Β 
5,000
5,000
Convertible loan notes
11
Β 17,607
-
AGF Phase 2 project development fund
Β 
Β 10,866
10,866
Trade and other payables
Β 
4,108
6,653
Proposed dividend
Β 
-
65,696
Β 
Β 
37,582
88,215
Β 
Β 
Β 
Β 
Total equity and liabilities
Β 
Β 92,528
184,063

Consolidated Cash Flow Statement

Note

Twelve months ended 30 June

Twelve months ended 30 JuneΒ 

2008

2007

$000

$000

Unaudited

Audited

Cash flows from operating activities

Loss before tax for the year

(41,175)

(18,911)

Adjustments for:

Depreciation, depletion and amortization

198

2,405

Impairment charges

28,456

-

Interest paid

1,158

1,538

Equity-settled share-based payment expenses

508

185

Income attributable to joint venture

1,510

3,213

Non-cash movements in minority interests

-

469

Salaries and bonuses converted to shares

-

50

Revaluation gain on investments

(1,326)

-

Other reserve movements

2,682

(2,620)

Cash flows from operating activities before changes in working capital and provisions

(7,989)

(13,671)

(Increase)/decrease in trade and other receivables

(3,661)

(1,790)

Increase in trade and other payables

(2,682)

3

Cash absorbed by operating activities

(14,273)

(15,458)

Cash flows from investing activities

Investment in exploration and mining development properties

-

(8,864)

Net return of investment from joint venture

-

1,335

Acquisition of minority holding in Marakand Minerals Limited

(456)

-

Acquisition of property, plant and equipment

(8)

-

Convertible loan notes

15,000

-

Net funding of joint ventureΒ 

-

(2,809)

SaleΒ ofΒ investments

6,497

285

Net cash from investing activities

21,034

(10,053)

Cash flows from financing activities

Proceeds from the issue of share capital

5,622

29,213

Repayment of bank borrowings

(5,000)

(5,000)

Interest paid

(955)

(1,538)

Net cash from financing activities

(333)

22,675

Net increase/(decrease) in cash and cash equivalents

6,427

(2,836)

Cash and cash equivalents at 1 JulyΒ 

10,881

13,717

Cash and cash equivalents at 31 DecemberΒ 

17,308

10,881

Statement of Changes in shareholders equityΒ -Β Group

Share

Share

Capital

Revaluation

Merger

Retained

ShareholdersΒ 

MinorityΒ 

Total

For theΒ periodΒ endedΒ 30 June 2008

Capital

Premium

Reserve

Reserve

Reserve

Earnings

Equity

InterestsΒ 

Equity

$000

$000

$000

$000

$000

$000

US$000

US$000

US$000

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

& Restated

& Restated

& Restated

Balance atΒ 1 July 2006

4,774

77,407

22,614

(3,907)

34,929

326

136,143

4,020

140,163

Losses after tax for the year

-

-

-

-

-

(18,908)

(18,908)

(58)

(18,966)

Total recognised in income and expense for the year

-

-

-

-

-

(18,908)

(18,908)

(58)

(18,966)

Shares issued in the year

1,125

23,066

-

-

-

-

24,191

439

24,630

Warrants and options exercised

5

58

-

-

-

-

63

30

93

Equity-settled share-based payments

198

4,760

185

-

-

-

5,143

-

5,143

Conversion of Directors' remuneration to shares

2

50

-

-

-

-

52

-

52

Restatement Note 4

-

-

(2,228)

-

-

-

(2,228)

-

(2,228)

Transfer to income statement

-

-

-

3,907

-

-

3,907

-

3,907

Equity dividends

-

-

-

-

-

(65,696)

(65,696)

-

(65,696)

Balance atΒ 30 June 2007Β 

6,104

105,341

20,571

-

34,929

(84,278)

82,667

4,431

87,098

Losses after tax for theΒ period

-

-

-

-

-

(41,175)

(41,175)

-

(41,175)

Total recognised in income and expense for theΒ period

-

-

-

-

-

(41,175)

(41,175)

-

(41,175)

Shares issued in theΒ period

278

6,204

-

-

-

-

6,482

-

6,482

Equity-settled share-based payments

-

-

499

-

-

-

499

-

499

Equity component of the convertible loan notesΒ (note 11)

742

742

742

Warrants and options exercisedΒ (note 5)

100

1,433

1,533

-

1,533

SaleΒ of the returned warrants

448

448

-

448

Arising from acquisition of Marakand MineralsΒ 

-

-

-

-

-

-

-

277

277

Minority interests acquired

-

-

-

-

-

-

-

(4,708)

(4,708)

Balance atΒ 30 June 2008

6,482

112,978

22,260

-

34,929

(125,453)

51,196

-

51,196

Statement of Changes in shareholders equityΒ - GroupΒ 

For the period endedΒ 30 June 2008Β - continued

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.Β 

Capital reserve represents the credit to equity in respect of share-based payments together with reserves arising from the acquisition of minority interests and historic adjustments arising from corporate reconstructions prior to the adoption of international accounting standards. The capital reserve was restated in 2006.

The revaluation reserve comprises amounts held in equity in respect of the revaluation or devaluation of available-for-sale investments.

The merger reserve comprises gains arising from a Group corporate reconstruction in 2001.

Retained earnings represent the cumulative (loss)/profit of the Group attributable to equity shareholders.

Β Β 

1

Corporate information

Oxus Gold plc ("the Company") is a company incorporated inΒ England.Β 

2

Basis of preparation

These interim financial statements of the Company and its subsidiaries ("the Group") for the twelve months ended 30 June 2008Β ('theΒ Period') have been prepared on a basis consistent with the accounting policies set out in the Group's consolidated annual financial statements for the year ended 30 June 2007. TheΒ Period has been divided into two half years so as to provide greater information. These statements have not been audited, do not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year endedΒ 30 June 2007. The auditors' report on those consolidated financial statements was unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report. As permitted, the Company has chosen not to adopt IAS34 'Interim Financial Reporting'.

Β 

The comparative figures presented are for the twelve months endedΒ 30 June 2007.

The Group's consolidated annual financial statements for the year endedΒ 30 June 2007Β were prepared using the recognition and measurement principles of International Financial Reporting Standards (IFRSs and IFRIC interpretations) as adopted by the European Union and also in accordance with the Companies Act 1985.Β 

3

Significant accounting policies

Basis of consolidation

Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.Β 

Business combinations

The consolidated financial statements incorporate the results of business combinations using the purchase method. The acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Where the fair value of consideration paid exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired the resulting difference is classified as goodwill and presented as a non-current intangible asset. Where the fair value of consideration paid is lower than the fair value of identifiable assets, liabilities and contingent liabilities acquired the difference is classified as 'negative goodwill'. Goodwill arising from business combinations is assessed for impairment.Β 

The results of acquired operations are included in the consolidated income statement from the date on which control is obtained.

Where the value of a business combination increases as a result of the purchase of all or part of a minority interest in an existing subsidiary or of an investment in an associated company which as a result of the increase in investment by the Group becomes classified as a subsidiary in the year of the increase, the purchase method as set out above is applied proportionately to the increase in investment as set out above. The relevant proportion of the results of the acquired operations is included in the consolidated income statement from the date of the relevant acquisition.Β 

Joint ventures

Jointly controlled entities are included in the financial statements using equity accounting. Any premium paid for an interest in a jointly controlled entity above the fair value of the group's share of identifiable assets, liabilities and contingent liabilities is treated as goodwill.

Profits and losses arising on transactions between the group and jointly controlled entities are recognised only to the extent of unrelated investor's interests in the entity. The investor's share in the jointly controlled entity's profits and losses resulting from these transactions is eliminated against the asset or liability of the joint venture arising on the transaction.

Revenue

The Group enters into contracts for the provision of management services to associated companies, joint ventures and third parties. Revenue is recognised as billed according to the terms of the individual agreements. All current agreements are for monthly billings without retention. There are no 'stage of completion' arrangements within these agreements.

Foreign currency

In accordance with IAS21, transactions entered into by group entities in a currency other than the currency of the primary economic environment in which it operates (the functional currency) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are similarly recognised immediately in the income statement. The presentational currency for the Group consolidated financial statements is the US dollar. This is also the functional and presentational currency of the Company and is considered by the Board also to be appropriate for the purposes of preparing the Group financial statements.

On consolidation, the results of overseas operations which are not reporting in the US dollar are translated into US dollars, the presentational currency of the Group, at rates approximating to those ruling when the transaction took place. All assets and liabilities of overseas operations are translated at the rate ruling at the balance sheet date. Goodwill and fair value adjustments arising on the acquisition of an overseas entity are treated as assets and liabilities of the overseas entity and translated at the rate ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results of overseas operations at the actual rate are recognised directly in equity.

Financial assets - available for sale investments

Investments held for long-term benefit, which are not subsidiaries or joint ventures, are included in non-current assets at market value, where an active market exists, or at cost less any provision for impairment where there is no active market in the particular financial assets held and the current value is difficult to determine.

Exploration and mining development properties

Where the Group has incurred expenditure in respect of acquisition and development of exploration and mining development properties that have not reached the stage of commercial production the expenditure incurred is treated as a tangible asset with the cost being deferred until commercial production commences. Costs incurred prior to the first time adoption of international accounting standards include amounts carried at a valuation which has been adopted as a 'deemed value' and treated as historic cost.

Once a decision is made to proceed with the development of a mining project, further expenditure on exploration and mining development properties, other than that on buildings, machinery and equipment which are capitalised under 'property, plant and equipment', is capitalised under non-current assets as mining properties, together with any amount transferred from exploration and mining development properties. Mining properties are amortised over the estimated life of the reserves on a 'unit of production' basis.Β Where the projects are determined not to be commercially viable the related costs are written off to the income statement.

Impairment of non-financial assets

The carrying amount of the non-current assets of the Group, including 'goodwill', 'exploration and mining development properties' and 'mining properties', is compared to the recoverable amount of the assets whenever events or changes in circumstances indicate that the net book value may not be recoverable. The recoverable amount is the higher of value in use and the fair value less cost to sell. In assessing the value in use, the expected future cash flows from the assets is determined by applying a pre-tax discount rate to the anticipated pre-tax future cash flows. Impairment is recognised in the income statement to the extent that the carrying amount exceeds the assets' recoverable amount. The revised carrying amounts are amortised in line with Group accounting policies. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the income statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years. Assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units) for purposes of assessing impairment. The estimates of future discounted cash flows are subject to risks and uncertainties including the future gold price. It is therefore reasonably possible that changes could occur which may affect the recoverability of assets.

Β Β 

Interest-bearing loans and borrowings

Bank borrowings are initially recognised at the amount advanced less any transaction costs directly attributable to the borrowings. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the balance sheet. Interest expense in this context includes initial transaction costs and premiums payable on redemption as well as any interest or coupon payable while the liability is outstanding.Β 

Convertible loan notes

The liability component of convertible loan notes is recognized as a liability in the balance sheet net of transaction costs.Β The corresponding interest on those loans is charged as interest expense in the income statement.

On issuance of a convertible loan, the fair value of the liability component is determined using a market rate for an equivalent non convertible loan and this amount is classified as a financial liability measured at amortised cost until it is extinguished on conversion or redemption.

The remainder of the proceeds is allocated to the conversion option that is recognized and included in shareholders' equity, net of transaction costs where these are significant. The carrying amount of the conversion option is notΒ re-measuredΒ in subsequent years.

Transaction costs are apportioned between the liability and equity components of the convertible loans based on the allocation of proceeds to the liability and equity components when the instruments are first recognized. Where the amount of transaction costs attributable to the conversion option is insignificant all transaction costs are allocated to the liability element.

Convertible loan notes which are convertible into a fixed number of shares at a fixed price are accounted for as equity. Where such shares are not calculated based upon a fixed price, the convertible loan note is to be recognized as a liability on the balance sheet. Interest on the debt element of the loan is accreted over the term of the loan.

Financing costs

Financing costs comprise interest payable on bank loans and finance leases. Interest payable is recognised in the income statement as it accrues, using the effective interest method.

4

Restatement of the accounting treatment of returned warrants in the Company

In the 2007 financial statements the Company accounted for the return of warrants to subscribe for shares in the company, as a financial asset of the Company. A value of $2,228,000 was attributed to the asset with a corresponding credit being taken to trade and other payables to reflect the increased amounts payable in respect of the settlement. The transaction took place in the 2006 financial year.

The return of the warrants arose from the terms of a court order to reinstate previously cancelled warrants pursuant to litigation in respect of the 2002 abortive financing exercise as explained within the 2007 financial statements. The court order provided for the return of the warrants to the plaintiff also offering the plaintiff an alternative of receiving a higher cash award rather than to receive the benefit of the reinstated warrants. The plaintiff opted to take the cash alternative and the warrants were returned to the Company.

The Company has reconsidered this treatment in the light of the general prohibition set out in the IAS32 that a company may not recognize a profit or a loss in respect of its own equity instruments. The Company has amended its treatment of the returned warrants and has recognized the value of these warrants as a deduction from the capital reserve of theΒ Company.

Effect on Equity of the restatement: $000

Derecognition of the financial asset (2,228)

Deduction from the capital reserve 2,228

5

SaleΒ of the returned warrants

OnΒ 2 April 2008Β the Company sold the returned warrants (noteΒ 4) to a number of existing shareholders and the warrants were immediately exercised. The total proceeds were $1,965,125.

The effect of the sale and exercise of the returned warrants was:

$000

Cash received 1,965

Share capital 100

Share premium 1,417

Capital reserve 448

1,965

6

Segmental analysis

The Group operated in the period in one segment, the mining and production of gold and other precious metals, and in one principal geographic area:Β Uzbekistan. No significant operating activities took place in other countries during the Period.Β 

Β Β 

7

Share of profit / ( loss) from joint ventures

The Group's joint venture operations are conducted through Amantaytau Goldfields AO ("AGF"). The information disclosed below shows the amounts attributable to the Group and has been extracted from the unaudited financial statements for AGF.Β 

Six months endedΒ 

30 JuneΒ 

Six months endedΒ 

31 Dec

Twelve months endedΒ 

30 JuneΒ 

Twelve month ended 30 June

2008

2007

2008

2007

$000

$000

$000

$000

Revenue

16,898

12,017

28,915

18,885

Profit /(loss) before tax

651

(1,970)

(1,319)

(3,213)

Taxation

(191)

-

(191)

-

Profit/(loss) after tax

460

(1,970)

(1,510)

(3,213)

Dividend paid

-

-

-

-

Net earnings retainedΒ 

460

(1,970)

(1,510)

(3,213)

8

Loss per share

The calculation of the basic loss per share for the twelve month period to 30 June 2008 is based upon the net loss after tax and minority interests attributable to ordinary shareholders of $41,174,571 (30 June 2007:Β a loss of $18,908,000). The weighted average number of shares in issue for the12 month period of 366,763,448 (30 June 2007: 302,578,528).Β 

Twelve months ended 30 JuneΒ 

Twelve months

ended 30 JuneΒ 

2008

2007

Basic profit / ( loss) per share

Β (11.23)

(6.25)

Fully diluted

(11.23)

(6.25)

Loss attributable to equity shareholdersΒ ($'000)

($41,175)

($18,908)

Weighted average number of shares in issue

366,763,448

302,578,528

No diluted earnings per share are shown where a loss has been made in the period as the effect is anti-dilutive.

9

Exploration and mining development properties

Kyrgyz

Uzbek

Uzbek

Uzbek

Total

Jerooy

AGF

Aristantau

Khandiza

and

Balpantau

Group

Group

Group

Group

Group

$000

$000

$000

$000

$000

Cost

AtΒ 1 July 2006

50,198

11,302

687

28,456

90,643

Additions

8,864

-

-

-

8,864

Disposals

(59,062)

-

-

-

(59,062)

AtΒ 30 June 2007Β 

-

11,302

687

28,456

40,445

AtΒ 1 July 2007

-

11,302

687

28,456

40,445

Additions

-

-

-

-

-

Disposals

-

-

-

-

-

Impairment

-

-

-

(28,456)

(28,456)

AtΒ 30 June 2008

-

11,302

687

-

11,989

10

Investment in joint venture

30 June

30 June

30 June

2008

2008

2008

$000

$000

$000

Investment

Loans

Total

AtΒ 1 July 2006

23,213

23,862

47,075

Group's share of profits/(losses)

(3,213)

-

(3,213)

Dividends received

-

-

-

Amounts advanced

-

6,330

6,330

Amounts repaid

-

(7,665)

(7,665)

AtΒ 30 June 2007

20,000

22,527

42,527

Group's share of profits/(losses)

(1,510)

-

(1,510)

Dividends received

-

-

Transferred to trade and other receivables

(6,079)

(6,079)

Amounts advanced

9,488

9,488

Amounts repaid

(6,703)

(6,703)

AtΒ 30 June 2008

18,490

19,233

37,723

11

Convertible loan notes

OnΒ 14 May 2008Β the Company completed a placement of unsecured convertible loan notes in units of $250,000 each at par, for gross proceeds of $18.5 million. Interest is payable on the notes at 8.00% per annum and the notes are convertible at the holder's option into new ordinary shares of the Company at Β£0.37 per share. If all the notes are converted, the total number of new shares that would be issued is 26,315,789. AtΒ 30 June 2008, $3.5 million of the principal amount remained outstanding, $2.0 million of which has been paid since the period end. In accordance with IFRS7 $17.6 million has been accounted for as current liabilities, and $0.7 million has been credited to the capital reserve, representing the deemed equity component of the loan.

12

Contingent assetΒ 

Under the terms of a sale and purchase agreement dated 11 May 2007 the Company is entitled to a payment of up to $80 million conditional upon KazakhGold Group Limited or a nominee acquiring a license to mine or acquiring a company or entity that has the benefit of a license to mine the Jerooy gold deposit in the Kyrgyz Republic, and commences development or production at the project. No amount has been recognised in these financial statements in respect of this contingentΒ asset

APPENDIX 1Β  Please follow the link below to view;Β  OXUSΒ GOLDΒ PLCΒ PRECIOUS METAL RESOURCES AS OF 1 JULY 2008Β  http://www.rns-pdf.londonstockexchange.com/rns/...

APPENDIX 2

Please follow the link below to view;Β OXUSΒ GOLD PLC PRECIOUS METAL RESERVES AS OF 1 JULY 2008

http://www.rns-pdf.londonstockexchange.com/rns/...

APPENDIX 3Β  DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES EXTRACTED FROM THE JORCΒ  CODE: (December 2004) (www.jorc.com)Β 

Exploration Results include data and information generated by exploration programmes that may be of use to investors. The Exploration Results may or may not be part of a formal declaration of Mineral Resources or Ore Reserves.Β 

AΒ 'Mineral Resource'Β is a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.Β 

AnΒ 'Inferred Mineral Resource'Β is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.Β  AnΒ 'Indicated Mineral Resource'Β is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Β  AΒ 'Measured Mineral Resource'Β is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.Β 

AnΒ 'Ore Reserve'Β is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves.

Β  AΒ 'Probable Ore Reserve'Β is the economically mineable part of an Indicated, and in some circumstances Measured Mineral Resource. It includes diluting materials andΒ allowances for losses which may occur when the material is mined.Β 

Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.Β 

AΒ 'Proved Ore Reserve'Β is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic.Β 

Β Β APPENDIX 4Β  SOVIET/UZBEK (RUSSIAN) CLASSIFICATION OF RESOURCES & RESERVESΒ  The following description of the Russian classification of resources and reserves is from the report "Oxide resource potential of the Amantaytau-Vysokovoltnoye Orefield", prepared by P.S. Newall (BSc, PhD, CEng, MIMM), dated 16 October 2001, Ref: 61-0200. This report was prepared by CSMA Consultants Ltd, which is now Wardell Armstrong International.Β  In addition, an article on Russian mineral reporting by Stephen Henley reported in Mining Journal,Β London,Β August 20, 2004, provides a useful summaryΒ  Stephen Henley is principal of RESOURCES COMPUTING INTERNATIONAL LTDΒ 

S. Henley PhD, Ceng, FIMMM, FGSΒ  Resources Computing International LtdΒ  Matlock,Β Derbyshire,Β UKΒ  Stephen.henley@resourcescomputing.comΒ  Soviet System of Resource/Reserve Classification

Β  The former Soviet system for classification of reserves and resources, developed in 1960 and revised in 1981, is still used today in the Commonwealth of Independent States. Essentially, it divides mineral concentrations into seven categories of three major groups, based on the level of exploration performed: explored reserves (A, B, C1), evaluated reserves (C2) and prognostic resources (P1, P2, P3). The following description of the resource and reserve classification is derived from a paper by S.A.Diatchkov (1994) and has been modified by WGM to relate to currently acceptable international standards. The classifications of the reserves described by Diatchkov are those that were developed by the formerΒ USSRΒ authorities. In principle, they follow a succession of approximations that are applied to various stages of exploration. This means that reserves are assigned to classes based on the degree of reliability of data and indicate their comparative importance for the national economy.Β 

Reserves are classified into five main categories and designated by the symbols A, B, C1, C2 and P1. Capital letters are used to designate ores that are economic. Sometimes, the same group of letters are written in lower case (i.e. a, b, c) when the mineralisation is considered sub-economic. Alternatively, a simple classification intoΒ 'balansovye'Β (commercially exploitable reserves) andΒ 'zabalansovye'Β (uneconomic resources) is used.

Β  Resources and Reserves include the first four categories, A, B, C1 and C2. The categories C1 and C2 are relevant to the AGF Licence Area and are defined here.Β 

Β Β Category C1:Β 

The reserves in place have been estimated by a sparse grid of trenches, drillholes or underground workings. This category also includes reserves adjoining the boundaries of A and B reserves as well as reserves of very complex deposits in which the distribution cannot be determined even by a very dense sample grid. The quality and properties of the deposit are known tentatively by analyses and by analogy with known deposits of the same type. The general conditions for exploitation are partially known.Β 

Category C2:Β  The reserves have been extrapolated from limited data, probably only a single hole. This category includes reserves that are adjoining A, B, and C1 reserves in the same deposit.Β  Classification of CIS Mineral DepositsΒ  Deposits of solid minerals in CIS are classified into five major groups, based largely on the character and size of the deposit. The ability to define the categories of reserves depends on the deposit group in which the deposit is classified. The deposits of the AGF licence area have been classified by GKZ (State Committee for Resources) as being confined to Group 3.Β APPENDIX 5Β  COMPETENT PERSONSΒ  The resources and reserves stated in this report have been compiled or Approved by the following Competent Persons:Β  P S Newall, BSc, ARSM, PhD, CEng, FIMMΒ  Wardell Armstrong International LtdΒ  Wheal Jane, Baldhu, Truro, Cornwall, TR3 6EHΒ  Tel: +44 1872 560738 Fax: +44 1872 561079Β  Web: //www.wardell-armstrong.comΒ  P Newall, is Senior Consulting Geologist and Director with WAI and has practised his profession as a mine and exploration geologist for over twenty years for both base and precious metals.Β  Gordon Wylie BSc (Hons) Geology, MAusIMM, FGSSAΒ Gordon Wylie is a consultant and non-executive Director of Oxus Gold plc. Gordon has over 31 years experience in the mining and exploration industry. From 1998 to 2005 Gordon was in charge of AngloGold and latterly, AngloGold Ashanti's global exploration programme and was appointed Executive Officer in early 2004Β Β Β William J Charter, BSc, CGeol, FGS, CEng, MIMMΒ Bill CharterΒ has over 29 years experience in mining and exploration industry. Having gained experience with Anglo American Corporation (inΒ FijiΒ andΒ South Africa), then worked inΒ Central AsiaΒ and other locations worldwide. Started work with the Oxus Group in 1996. In November 2003 was appointed as Technical Director of Marakand Minerals Limited, also acting as Geological Consultant to Marakand's parent company Oxus Gold plc.

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