Amantaytau Goldfields Operating Update

OXUS GOLD PLC

Amantaytau Goldfields Operating Update

·; AGF produces 1,427 ounces of gold and 243,280 ounces of silver

·; AGF sells 1,563 ounces of gold and 206,843 ounces of silver for gross revenue of $6.05 million

·; Cash operating costs are $383 per gold equivalent ounce and total production costs are $599 per gold equivalent ounce

LONDON: 28 October 2010 - Oxus Gold plc ("Oxus" or the "Company") (OXS.L) today reports the operating results for Q3 2010 in respect of its 50% owned Amantaytau Goldfields ("AGF") joint venture in Uzbekistan.

AGF reports gross revenue for Q3 2010 of $6.05 million, an operating profit of $3.16 million, and a profit after exceptional items, interest and tax of $1.80 million. 50% of these results are attributable to Oxus.

Mining of open pit oxides recommenced on 12 May 2010 at the Nukrakon (formerly Vysokovoltnoye) heap leach silver / gold mine. During the period July to September 2010 production continued with a total of 186,295 tonnes of ore mined, containing 1.15 grammes per tonne ("g/t") gold and 63.53 g/t silver, and 106,863 tonnes were stacked, containing 1.02 g/t gold and 76.68 g/t silver.

During the period AGF produced 1,427 ounces of gold and 243,280 ounces of silver. AGF sold 1,563 ounces of gold and 206,843 ounces of silver for gross revenue of $6.05 million. Cash operating costs were $383 per gold equivalent ounce and total production costs were $599 per gold equivalent ounce.

Results for Q3 and for the nine months January to September 2010 may be summarised as follows:

Exceptional items include costs associated with maintaining the carbon-in-pulp ("CIP") plant on a care and maintenance regime, which costs are currently charged to the income statement. When modification of the plant to treat underground ore commences, such future costs will form part of the pre-production capital of the underground project. In the nine months to 30 September 2010 a total of $1.87 million has been charged to the income statement in respect of the CIP plant, including $1.25 million of depreciation. Taxes amounted to $2.86 million for the nine month period.

Note: In accordance with Gold Institute standards, which do not necessarily comply with IFRS or GAAP accounting standards, "cash operating cost" includes all cash operating costs except taxes. "Total cash cost" includes taxes (except profits tax)." Total production cost" includes depreciation. Exceptional (non-operating) costs, interest and profits tax are excluded.

For further information please visit www.oxusgold.co.uk or contact