Directorate Change

21 Dec 2007 10:50

Oxus Gold PLC21 December 2007 OXUS GOLD PLC Changes to the Board LONDON: 21 December 2007 - Oxus Gold plc ("Oxus" or the "Company") (OXS.L) ispleased to announce changes to its board of directors. With effect from 7 January 2008 Richard Wilkins will be appointed ChiefExecutive Officer and Jonathan Kipps will be appointed Company Secretary inaddition to his current role as Finance Director. William Trew will be steppingdown as Chief Executive Officer and resigning as a director of Oxus in order topursue other business interests. In addition, Miradil Djalalov, the managing director of Zeromax GmbH("Zeromax"), the Company's strategic alliance partner in Uzbekistan, will jointhe board as a non-executive director, and John Donald will join the board as anexecutive director and will be appointed as Chief Operating Officer. John Donald's principal responsibility will be to bring the phase 2 undergroundsulphides project at Amantaytau Goldfields ("AGF") into production. Mr Donald, amining engineer, previously held the position of Chief Operating Officer and wasa director of the Company, prior to retiring in September 2004, during whichtime he presided over the construction and initial operations at AGF's Phase 1open pit oxides project. Mr Donald has over 30 years' experience in the miningindustry, including underground mining experience, with AngloGold, RandgoldResources and Consolidated Mining Corporation. Also with effect from 7 January 2008, the directors of the Company haveappointed Graham Hill, General Director of AGF, as an alternate director. MrHill will be entitled to attend all the Company's board meetings and to vote inrespect of each of his appointers who is absent. He will continue to act asGeneral Director of AGF. Prior to joining AGF Mr Hill, a mechanical engineer,worked for MAED Limited in Africa, Uzbekistan and Kyrgyzstan. Douglas Sutherland remains as acting non-executive chairman, and Oliver Priorand Gordon Wylie remain as non-executive directors of the Company. Richard Wilkins, commented: "Firstly I would like to thank Bill Trew foreverything that he has done for Oxus. Under his tenure as CEO the Company wastransformed from a junior exploration company to a gold producer, an importantmilestone in the Company's development. His leadership and vision were greatlyappreciated and we all wish him well for the future. "I am delighted to welcome Miradil Djalalov to the board. The strategic alliancewith Zeromax will continue to play an important role in Oxus's future and MrDjalalov's direct involvement with the Company will enhance this relationship." "Our main priority is to develop the underground project at AGF, which containsthe bulk of our reserves and resources, and is expected to increase AGF'sproduction to over 300,000 ounces a year. In this respect I am also delighted towelcome John Donald back to the Company, whose relevant experience, both inunderground mining and in Uzbekistan, can only enhance our ability to deliverthis project into production efficiently and effectively. Finally Graham Hill'sappointment will further strengthen the technical expertise on our board and welook forward to welcoming him as an alternate director." Further details relating to Mr. Djalalov, Mr. Donald and Mr. Hill are set outbelow: Mr. Miradil Sabitovich Djalalov, aged 42, is the Managing Director of ZeromaxGmbH (Switzerland) which is wholly-owned by Mr Djalalov and his wife. He waspreviously CEO and owner of Zeromax LLC (USA). Mr. Djalalov is currentlyindirectly interested in 57,000,000 ordinary shares in the Company throughZeromax, representing 15.6 per cent. of the outstanding share capital. Mr.Djalalov also holds an indirect option, through Zeromax, to acquire up to52,254,353 additional ordinary shares in the Company at 80 pence per share fromRAB Special Situations (Master) Fund Limited. Mr. John Clow Donald, aged 59, was a previous director of Consolidated MiningCorporation, General Manager of Randgold Resources Ltd., director and the majorshareholder of Thistle Minerals Limited and director and COO of Oxus Gold plc.Mr. Donald is currently a director and the major shareholder of CallyInvestments Ltd. Mr. Donald is also a member of Mine Managers Association ofSouth Africa and a member of the Institute of Mining and Metallurgy of SouthAfrica. Mr. Graham David Hill, aged 49, is General Director of Amantayau Goldfields AO,Oxus's 50% owned joint venture in Uzbekistan. Mr. Hill is currently interestedin 35,000 shares in the Company and holds 200,000 options, each exercisable forone share in the capital of the Company at 54 pence per share. There is no further information in regard to the appointment of Mr. Miradil Sabitovich Djalalov, Mr. John Clow Donald and Mr. Graham David Hill required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM rules for Companies. Contacts: Oxus Gold plc Richard Wilkins Tel: +44 (0)20 7907 2004Johnny Kipps Tel: +44 (0)20 7907 2007 Canaccord Adams Limited Tel: +44 (0)20 7050 6500Erin Needra/Mike Jones Bankside Consultants Ltd.Keith Irons/Oliver Winters Tel: +44 (0)20 7367 8873 This information is provided by RNS The company news service from the London Stock Exchange