Update on Arbitration Proceedings

20 January 2014

Oxus Gold PLC

Update on Arbitration Proceedings

Oxus Gold plc ("Oxus Gold" or the "Company") refers to the ongoing UNCITRAL international arbitration proceedings commenced by Oxus Gold against the Government of Uzbekistan on 31 August 2011, in relation to the expropriation of the Company's investments in Amantaytau Goldfields and the Khandiza deposit, as described in RNS Number 3270N dated 31 August 2011.

Update on the Arbitration Proceedings

Oxus Gold's Rejoinder, prepared with the assistance of its legal counsel, Derains & Gharavi, was submitted to the Tribunal in 2013. It developed the position of the Company in the dispute as previously set out in the Statement of Claim (see RNS Number 4620M dated 18 September 2012), and was accompanied by numerous factual and legal exhibits and witness statements, and supported by an updated independent quantum report, and updated expert opinions on mineral deposit valuation and on issues of investment finance.

Calendar

A procedural calendar for the remainder of the arbitration proceedings has been established by the Tribunal. Confidentiality obligations of the arbitration do not allow Oxus Gold to disclose the procedural calendar but the Company can confirm that the hearing will be held and the decision of the Tribunal is expected during 2014.

Shareholders will continue to be advised, subject to confidentiality obligations, of any further material developments in respect of the arbitration as and when they occur.

Richard Shead, Chairman of Oxus Gold, commented:

"I understand shareholders' frustration at the lack of information being provided to them as a result of the confidentiality obligations of the arbitration. However, I can confirm proceedings are progressing as expected and the Board of Oxus Gold remains positive that shareholders will be appropriately compensated for the blatant expropriation of the Company's mineral rights in Uzbekistan."

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