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Oxus Gold PLC - Convertible Loan Note Amendments

AFX CNF

1 August 2012

OXUS GOLD PLC (Other OTC: OXUSF.PK - news)
("Oxus (LSE: OXS.L - news) " or the "Company")

Extension of convertible loan notes

On 30 May 2012, Oxus Gold Plc announced its annual results, including a statement that a majority of convertible loan noteholders had agreed in principle to postpone the conversion date of their loan notes until the award and settlement of the international arbitration in relation to the expropriation of the Company's investments in Amantaytau Goldfields and the Khandiza deposit (which together with associated legal proceedings, are the "Proceedings"). It was also announced that the loan note holders had agreed in principle to capitalise the interest due on the notes until settlement of the claim and would consider taking shares in the Company on the basis of a pre-determined formula.

ADVERTISEMENT

The Company today is pleased to announce that the resolution proposed at the loan note holder meeting convened for 30 July 2012 to approve amendments to the convertible loan note instrument dated 14 May 2008 (the "CLN") was passed. Accordingly, the Company has today executed the deed of variation to amend the terms of the CLN.

The amendments to the loan note instrument have, amongst other things, extended the repayment date of the loan notes until the earlier of (a) 14 December 2015; (b) the date on which the proceeds of an award, settlement or other realisation for value of the rights in the Proceedings are received by the Company; and (c) 60 calendar days from the date on which the Proceedings conclude or terminate or a settlement is reached, in each case where no payment is receivable by the Company. The loan note holders have also agreed that interest payable under the CLN which falls due on or after 6 July 2012 shall accrue but remain unpaid, and be convertible at the option of the loan note holder at the average closing middle market price of the Company's ordinary shares for each separate 6 month interest period to which that portion of interest relates.

The Directors consider, having consulted with their nominated adviser, Fairfax I.S. PLC, that the amendments to the convertible loan note instrument dated 14 May 2008, are fair and reasonable insofar as shareholders are concerned.

Richard Shead, Chairman, stated:

"By agreeing to amendments to the convertible loan notes, noteholders have demonstrated their belief in the Company during the ongoing arbitration process which the Directors of the Company believe will return substantial value to all stakeholders".

Enquiries:


Oxus Gold PLC

Richard Shead

Tel: +44 (0) 20 7907 2000

Fairfax I.S PLC

Nomad ∓ Broker

Ewan Leggat/Laura Littley

Tel: + 44 (0) 20 7598 5368

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