Marakand Update

26 Apr 2007 15:41

Marakand Minerals Limited26 April 2007 26 April 2007 MARAKAND UPDATE Marakand Minerals Limited ('Marakand', or the 'Company') (MKD.L), the Eurasianbase metal and silver company wishes to advise its shareholders that further tothe Company's press release dated 12 March 2007 its parent company and majorshareholder, Oxus Gold plc ("Oxus") (OXS.L), has made an offer to acquire theCompany's interests in its Turkish exploration projects. Oxus' offer, dated 23 April 2007, has been made subject to the transactionproceeding between Oxus and KazakhGold Group Limited ("KazakhGold") (KZG.L),whereby Oxus has agreed in principle and subject to final contract, to sellcertain assets to KazakhGold, including Marakand's exploration assets in Turkey. Oxus has offered US$950,000 in cash to acquire the Company's 25% interest in theHatay Madencilik joint stock company and the Hatay copper / gold explorationlicence, and the rights to an Option Agreement on the Karakilise copper / goldexploration licence. The proceeds of the offer will be applied to reducing theCompany's loan account with Oxus. This offer is consistent with a recent fairmarket valuation undertaken by independent mineral industry consultants, and theDirectors have accepted Oxus' offer. The book value as at 31 December 2006 wasUS$610,840. In addition, William Charter, the Company's independent director,having been advised by Canaccord Adams Limited, considers the terms of the offerto be fair and reasonable in so far as the Company's shareholders are concerned.Both license areas are located in the prospective southern Turkish 'ophiolitebelt' related to the Cyprus Arc, and host 'Cyprus-type' copper / goldmineralisation. Contacts:Marakand Minerals LimitedWilliam Charter, Director Tel: + 998 93 180 8368Julia Flowers, Investor Relations Officer Tel: +44 (0)20 7907 2000 Canaccord Adams LimitedMark Ashurst Tel: +44 (0)20 7050 6500 This information is provided by RNS The company news service from the London Stock Exchange