Settlement with Oxus Gold Plc

9 May 2008 08:29

Eurogold Limited09 May 2008 EUROGOLD L I M I T E D (ACN 009 070 384) 09 May 2008 ASX & AIM Symbol "EUG" Settlement with Oxus Gold Plc Further to our announcement of 2 April 2008, and in accordance with theagreement reached with Oxus Gold Plc ('Oxus"), Eurogold Limited ("Eurogold")advises that it has received the second tranche of funds from Oxus. Thiscompletes the cash component of the settlement. On or before 21 May 2008 Oxus is to issue Eurogold 2,722,074 Oxus shares inaccordance with the terms of settlement. This will complete the settlement. IMF Australia (Limited) In accordance with the agreement entered into with IMF (Australia) Limited("IMF") under which IMF funded the Australian Federal Court proceeding againstOxus, Eurogold will pay IMF 30% of the total proceeds of the settlement. Resource Invest LLC In July 2007 Eurogold disposed of its Ukrainian gold mining assets to ResourceInvest LLC ("RIL") for US$5 million. US$2 million has been received and thebalance of US$3 million is due from RIL upon a regulatory milestone relating tothe advancement of the Saulyak Gold Project being met. The Directors' continue to pursue new investment opportunities. Peter Gunzburg Chairman For further information, please contact: Peter Gunzburg - Managing Director - Ph: +61 8 9481 0572, Email: peter@eurogold.com.au RFC Corporate Finance Ltd acts as Eurogold's Nominated Adviser Contact: Stuart Laing - Ph: +61 8 9480 2506, Email: stuartl@rfc.com.au This information is provided by RNS The company news service from the London Stock Exchange