Discontinuation-Assets Sale

26 Oct 2005 10:47

Eurogold Limited26 October 2005 EUROGOLD LIMITED(ACN 009 070 384) 26 October 2005 EUROGOLD ANNOUNCES DISCONTINUATION OF PROPOSED ASSET SALES TO OXUS Oxus Gold Plc ("Oxus") has advised Eurogold Limited ("Eurogold") that it doesnot wish to proceed with the acquisition of Eurogold's assets as contemplated bythe announcement by both companies on 14 July 2005. In Eurogold's opinion Oxushas not given any substantive rationale for not wanting to proceed with theannounced transaction. Eurogold's directors remain confident of the value of the company's gold assetsin the current strong market for the metal. Consequently, the Company's mainfocus now will be to resume progress on the pre-feasibility study for thedevelopment of a mine at Eurogold's Saulyak deposit in the Ukraine (where it hasa 650,000 oz JORC inferred resource) and the completion of further work on thedeposits identified in the region of its 50% owned Transgold plant at Baia Marein Northern Romania. Peter GunzburgExecutive Chairman Contact: +618 94810572 This information is provided by RNS The company news service from the London Stock Exchange