Settlement with Oxus Gold

2 Apr 2008 07:00

Eurogold Limited02 April 2008 EUROGOLD L I M I T E D (ACN 009 070 384) 02 April 2008 ASX & AIM Symbol "EUG" Settlement with Oxus Gold Plc Further to our announcement of 19 February 2008, and in accordance with theagreement reached with Oxus Gold Plc ('Oxus"), Eurogold Limited ("Eurogold")advises that it has received an amount of A$5,060,000 from Oxus. Eurogold expects to receive a further A$1,720,000 on or before 6 May 2008 underthe terms of settlement with Oxus. On or before 21 May 2008 Oxus is to issue Eurogold Oxus shares in accordancewith 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. Upon receipt of the US$3,000,000 from RIL, settlement with Oxus and afterpayment to IMF, the Company's cash position will be approximately A$10,000,000.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 AdviserContact: 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