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OXUS GOLD PLC AIM: OXS.L

OXUS GOLD PLC AIM: OXS.L. “A WORLD CLASS RESOURCE IN THE HEART OF CENTRAL ASIA”. JULY 2008. *. Forward Looking Statements.

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OXUS GOLD PLC AIM: OXS.L

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  1. OXUS GOLD PLC AIM: OXS.L “A WORLD CLASS RESOURCE IN THE HEART OF CENTRAL ASIA” JULY 2008 *

  2. Forward Looking Statements This presentation is strictly confidential, may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part. Failure to comply with this restriction may constitute a violation of applicable securities laws. This presentation contains both historical facts and statements relating to Oxus Gold plc’s (“Oxus”) current plans, estimates, objectives and strategies which are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Oxus' control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk. The information contained in this document is being supplied only to persons who fall within Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended). The information contained in this presentation has not been independently or legally verified and is subject to change without notice. No representation or warranty, express or implied, is given to the accuracy, completeness or fairness of the information or opinions contained in this document and no liability is accepted by Oxus or any of its directors, members, officers, employees, agents or advisers for any such information or opinions. This information is being supplied to you, in whole or in part, for information purposes only and not for any other purpose. In particular, this presentation is not intended for publication outside of the United Kingdom and the distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdiction. This document and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities. Neither this presentation, nor any part of it, nor the fact of its use, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

  3. Oxus: An Introduction • Producing precious metals company • Produced over 500,000 oz of gold since January 2004 and 1.2 Moz of silver since June 2007 • Focused on Uzbekistan through Amantaytau Goldfields JV (AGF) • AGF– 50% JV with Uzbek State, with Oxus as Manager: • 2.44 Moz of gold reserves; 6.7 Moz of silver reserves (JORC) • Within 7.2 Moz of gold resources and 54.1 Moz of silver resources (JORC) • Significant exploration potential • Increasing production from 75,000 oz pa currently to over 300,000 oz pa from mid 2010 • New underground sulphide mine in addition to existing oxide production • All figures 50% attributable to Oxus • Admitted to London Stock Exchange AIM: 2001 (OXS.L)

  4. Oxus: Board of Directors Jonathan Kipps Chief Financial Officer / Secretary John Donald Chief Operating Officer Richard Wilkins Chief Executive Officer Oliver Prior (Non-Executive) Douglas Sutherland (Non-Executive/Chairman) Gordon Wylie (Non-Executive) Miradil S. Djalalov (Non-Executive) Richard Shead (Non-Executive)

  5. Oxus: Streamlined – Uzbek Focused Note: All references to $ are US$ • Approval to proceed with Sulphides Underground Mining Project received from Cabinet of Ministers in December 2007 • To be developed by 50% owned Amantaytau Goldfields • $167 million project – Royal Bank of Scotland mandated to arrange project finance • Bankable feasibility study completed June 2008 • First gold production scheduled for Q3 2009 • Strategic alliance with Zeromax, Uzbekistan’s largest private sector employer • Zeromax currently owns 18% of Oxus and is represented on both the AGF Directorate and Supervisory Board, as well as Oxus Board • Kyrgyz, Romanian & Turkish assets sold to KazakhGold in June 2007 • Oxus received 3.5m KazakhGold shares valued @ $73m • Distributed $66m in KazakhGold shares as dividend in July 2007 • Additional payment of up to $80m in cash if KazakhGold obtains license to develop Jerooy gold deposit in Kyrgyzstan

  6. Oxus: Ownership – June 2008 381m 1p shares in issue (429m fully diluted) Capital Group 9% RAB CapitalSpecial Situations Fund27% Alfa Group 7% L-R Global 8% Directors and Management 2% Free Float 29% Zeromax Strategic Partner 18% • Strategic alliance with Zeromax plus strong institutional support

  7. Oxus Market Statistics @ 4th July 2008 Note: Statistics according to June 2007 Financial Statements Market Capitalization $133 Million Current share price: 17.5p / share 52 Week Share Price Low/High: 14.0p – 60.5p 2007 Dividend Paid Equivalent of 9p/share Shareholder loans due from AGF (earning LIBOR +3%): $33m Corporate loan due to Nedbank: $7.5m Cash Position $17m Convertible Loan Notes Placed in May 2008 (37p / 8% coupon) $18.5m Hedge Position: None IFRS compliant: 2006 and 2007 accounts

  8. Why Uzbekistan? Established mining & investment environment • World class mineral assets • Uzbekistan ranked as fourth largest gold resources in the world (estimated 170 Moz) • Ninth largest gold producer – 80 t per year (2.6 Moz pa) • 60 t from Muruntau mine; only 25 kms from AGF • Politically stable • Skilled, educated workforce • Established infrastructure – Central Asia’s transport hub, with energy self-sufficiency and good IT infrastructure • Recognized foreign investment climate: • Nestlé, BAT, Case Corp., ABN Amro Bank (RBS), AIG, Coca Cola • General Motors entry in October 2007 (former UzDaewoo car plant) • Strategic alliance with Zeromax • Additional projects expected

  9. The Tien Shan Gold Belt • Second largest gold province in the world after the Witwatersrand Basin • Massive potential • Underexploited

  10. Oxus on the Tien Shan Gold Belt Located in a world class mining environment • 192 km² license area in Central Kyzylkum on Tien Shan • Access to established mining infrastructure • Road / rail / power / water / airport • Experienced human resource base • 25 km from one of world’s largest open pit gold mines - Muruntau • Muruntau has produced over 50 Moz (1,600 t) of gold to date • 1.8 Moz (60 t) of gold produced annually • Expected to be in production for at least another 25 years • Owned by NMMC = 8th largest gold producer in the world • Central Kyzylkum holds estimated 3,200 t in potential mineralization • Access to 2 London bullion market accredited gold and silver refineries

  11. Oxus in Uzbekistan A Proven Track Record in Uzbekistan • Investing since 1996 • Oxus owns 50% of AGF (50% owned by Uzbek State) • Total investment to date is approximately $100m • Presently employing over 650 local workers with an additional 800 to be employed for the sulphides / additional heap leach projects • Gold and silver doré refined in Uzbekistan (LBMA accredited) • Produced and exported over 500,000 oz gold equivalent bullion • $35m original project finance repaid • $5m (Uzbek Soum 5bn) local corporate bond repaid • Strong supporter of the local economy

  12. AGF: Reserves and Resources • Sulphide reserves of 2.01 Moz Au; balance in oxides • 58 explored gold deposits and occurrences within 192 km² license area • Only 3 deposits exploited to date Potential Total: 24 Moz Au; 487 Moz Ag

  13. AGF Project Pipeline Target: 300,000oz + producer from mid 2010 (1) Includes Vysokovoltnoye silver heap leach production as gold equivalent ounces (approx 58:1) Note: 50% attributable to Oxus • OXIDES: • Further 1.2 mtpa from CIP plant until Q2 2009 – 60,000 oz gold in total • Ongoing 1mtpa Vysokovoltnoye gold / silver heap leach – 40,000 oz pa¹ • Additional heap leach (Asaukak, etc.) – 1 mtpa, 30,000 oz pa, end 2008 onwards • Approx 70,000 oz per year for foreseeable future • At least 1Moz expected to be mined over 15+ years including resources and blue sky • SULPHIDES: • CIP plant modification – to treat sulphide ores through flotation and biological oxidation and cyanide leaching of concentrates (operating Q3 2009 onwards) • 200,000 oz in 2010, 230,000 oz pa thereafter • At least 5 Moz expected to be mined over 20+ years including resources and blue sky • ONGOING EXPLORATION: • $3m budgeted annually from 2008

  14. Open Pit Excavator CIP Plant Centralny Open Pit CIP Conveyor Belt 13

  15. AGF Project Timeline CIP conversion to sulphide plant Oxus earns a management fee equivalent to 5% of operating costs; Uzbek state geology committee earns 2% fee

  16. AGF Sulphides: Bankable Feasibility Study (7 year mine life: Severny + part Centralny reserves) • Mining Strategy: Underground mine (decline access, trackless mining, cut and fill mining method), ongoing exploration • Projected Tonnage: 750,000 tpa commencing Q3 2009, increasing to • 1.2 mtpa from mid 2010, @ 7.75 g/t • Process Technology: Biological Oxidation (BIOX) • Recovery: 88% • Output: 33,000 oz in 2009; 202,000 oz in 2010; 230,000 oz pa thereafter • Pre-production Capex: $167 million • Project finance: RBS mandated • Cash costs : $403/oz (including taxes and management fee) • Feasibility study initially completed by Wardell Armstrong (WAI) in Sept. 2005 • Bankable Feasibility Study completed June 2008 by WAI • 20+ year mine life assuming ongoing mining of resources / blue sky

  17. NPV $331m at 7% discount rate per annum IRR 51% PAYBACK 24 months from start of production COSTS $403 per oz (including taxes and management fee) AGF Sulphides; BFS Project Economics • Potential to improve economics • more cost effective mining methods • additional reserves • Mine life will extend beyond initial 7 years 16

  18. INHERITED FROM SOVIET ERA • Shaft sunk to 360m depth; 5m diameter • 27 km of underground exploration tunnels on five different levels AGF UPKEEP AND MAINTENANCE • Winder and shaft steelwork refurbished and in daily operation • Shaft to be used as part of ventilation and escape system • Recently re-opened, equipped and ventilated 723m of tunnels • Existing tunnels to be used for extensive drilling programme with new Atlas Copco drill

  19. AGF - Section through ore-bodySignificant potential for expansion Sea Level

  20. At 500 Metres below existing workings • Soviet Exploration Data • Huge down dip gold potential • 20m @ 13.5 g/t Au • 15m @ 14.23 g/t Au Base of Existing Resources • Drillhole 1767a From 871m to 879m LengthGold 3m 23.1 g/t 2m 72.0 g/t 3m 66.5 g/t 8m 51.6 g/t = Total AGF: Further Exploration Potential Sea Level

  21. First Gold Pour Vysokovoltnoye Heap Leach Headgear for underground sulphides Heap Leach Pad

  22. Forecast includes gold and silver as gold equivalent from 2008-2013 • Includes mining of oxide resources • Sulphides enter full production in 2010 • Oxus attributable ounces at 50%

  23. AGF: A Sustainable Investment • AGF expects to employ 1,450 local workers by 2010 • Investment of more than $190m over the next three years • Expected 20+ year mine life from the total resource base • Estimated $1bn in tax revenues for Uzbekistan • Approx 17% of gross revenue • Includes 10% profits tax • Includes >$200m in social development taxes • Operating in accordance with World Bank environmental standards

  24. Gold Producers Market Cap per Attributable Resource Ounce (ARO) • Oxus has significant value to be unlocked, through a near term projected production rate of 150,000 attributable ounces per annum • Severstal bid Celtic at approximately $282 per attributable resource ounce Source: Canaccord Adams, London June 5 2008

  25. Why invest in Oxus Gold? (1) Subject to financing of pre-production Capex • Undervalued compared to peer group • Strong fundamentals from existing projects • 40,000 oz pa attributable producer currently • 150,000 + oz pa attributable producer within 3 years¹ • Reducing operating costs per oz • Significant upside potential for new reserves • Key operating personnel already in place • Zeromax strategic alliance • Further growth potential via new projects • Looking to become world class precious metals producer and Uzbekistan’s flagship mining company on international capital markets

  26. Oxus Gold plc: A significant investment opportunity

  27. Appendices

  28. Oxus: Corporate Structure Oxus Gold plc Oxus Holdings (Malta) Ltd (Malta) 100% Oxus Resources Corp (BVI) 100% Amantaytau Goldfields (Uzbekistan JV) 50% • Streamlined Uzbekistan-focused business model

  29. Nominated Adviser & Broker: • Canaccord Adams, London • Auditors: • Deloitte & Touche LLP • Registrars: • Capita Registrars, London • Solicitors: • English Law: Norton Rose, London • Uzbek Law: Denton Wilde Sapte, Tashkent • Bankers: • Nedbank (Corporate loan facility) • HSBC • Barclays, London (AGF Gold Sales Depository) • ABN Amro, Tashkent • Ipoteka Bank, Tashkent / Zarafshan

  30. Oxus: Financial Extracts ($000) 1 Source: Oxus Gold Plc annual reports, more financial information available at www.oxusgold.co.uk (1) In accordance with IFRS

  31. AGF Open Pit CIP Oxides • First 3 ½ years production from oxide ores, processed through CIP plant • Oxide grades and recoveries have declined, as expected • Vysokovoltnoye heap leach project sold first gold and silver in July 2007 • Vysokovoltnoye earned $ 3m profit in H2 2007 • Longer term oxide production from heap leach, not CIP (1) Calculated in accordance with Gold Institute’s production cost standard

  32. AGF Geological Overview • AGF deposits discovered in 1976 • Located in Zarafshan-Turkestan formation of Southern Tien Shan (as per Muruntau) • Lower Palaeozoic Besapan siltstones and sandstones host • Ore bodies formed during Caledonian, Hercynian and Alpine deformation • Sulphide deposits formed in steeply dipping fractures and breccia zones up to 20m in width • Primary sulphide mineralization oxidised within 50m of surface

  33. Oxus / AGF Reserves

  34. Oxus / AGF Resources

  35. Projected Oxide Production Statistics • CIP PLANT: • 1.2 mtpa until Q2 2009 @ 1.8 g/t • 80% recovery • 60,000 oz in total • $640/oz – total cash cost • VYSOKOVOLTNOYE: • 1 mtpa ongoing @ 1.2 g/t Au / 28 g/t Ag • Au 68% recovery / Ag 62% recovery • 40,000 oz eq pa • $361/oz – average total cash cost over next 7 years, excluding inflation • 3:1 average stripping ratio • OTHER HEAP LEACH: • 1 mtpa late 2008 onwards @ 1.18-1.46 g/t • 69% recovery • 30,000 oz pa • $454 /oz - average total cash cost over next 7 years, excluding inflation • 5:1 average stripping ratio • Estimated pre-production Capex: $5m

  36. AGF: Environmental & Safety ENVIRONMENT: • Mine constructed and operated to World Bank and Uzbek standards • Strict regular monitoring by local agencies have revealed no negative impacts • Full time environmental control staff on site SAFETY: • No fatal accidents • No loss time injury for over 18 months • 4 full time safety officers on site

  37. AGF: Training & Social TRAINING: • Ongoing training programmes for employees in technical and financial departments • Senior management positions now staffed by locals SOCIAL: • Oxus and AGF recently established University of Westminster Scholarship Program to sponsor scholarships and English language learning centre in Zarafshan in conjunction with Westminster International University in Tashkent. • Significant contributions made to local social programmes • Refurbished two local clinics • Installed two heating systems in two local schools • Local labour, suppliers and contractors used where possible

  38. AGF License Area

  39. Muruntau:World’s Largest Single Open Pit Gold Mines Approximately 6 kilometres Oxus mine is 25 km southwest of Muruntau

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