30 Dec 2010 16:05
Oxus Gold plc ("Oxus Gold" or the "Company")
Lapse of Financing Agreement
30 December 2010
Further to the announcements dated 9 June 2010 and 17 November 2010, Oxus Gold was today advised that the further approvals necessary to give effect to the financing agreement between the Company and a consortium of Chinese investors (the "Consortium") will not be granted by 31 December 2010. Accordingly, the financing agreement between the Company and the Consortium will lapse on 31 December 2010.
In the event that the Consortium and Oxus Gold enter into a new proposed financing agreement after 31 December 2010, such agreement would likely be subject to the agreement of the Takeover Panel and the approval of the Company's shareholders at a general meeting.
The Board of Oxus Gold will continue to pursue a financing agreement with the Consortium to provide sufficient debt and equity funding to allow the Company to finance and develop the 50% owned Amantaytau Goldfields ("AGF") joint venture in Uzbekistan, including the expansion of AGF's existing open pit heap leach mining operations, the development of one or more underground mines and an accelerated exploration programme. However, the Company will also explore opportunities with other third parties to provide funding for the development of the Company's assets.
Enquiries:
Oxus Gold plc Tel: +44 (0)20 7907 2000
Richard SheadRichard Wilkins
Fairfax I.S. PLC
Nominated Adviser and Broker
Ewan Leggat Tel: + 44(0)20 7598 5368
Conduit PR
Ed Portman Tel: + 44 (0)20 7429 6607