Company Profile

The Oxus Group was established in 1996 and quoted on the Alternative Investment Market (AIM) in London in 2001.

Oxus Gold plc is a UK based international mining group with gold mining interests in Central Asia. Oxus is the joint owner (50/50) with the government of Uzbekistan of Amantaytau Goldfields (AGF) which is developing several mining operations in the Tien Shan gold belt near Zarafshan.

The first mine was constructed and commissioned by Oxus in January 2004 on time and within budget and commercial production began the following month. AGF has since produced more than 270,000 ounces of gold to the end of September 2005 and is now producing at the planned rate of 151,000 onces per annum.




Amantaytau - Jul 2004





Contact details

Oxus Gold plc - Head & Registered Office

Tel: +44 (0)20 7907 2000
Email: enquiries@oxusgold.co.uk

Web: www.oxusgold.co.uk


For Oxus Gold press releases, click HERE

Consolidation proposed. 1 share to replace every 7 held.

LONDON: 28 January 2010 - "Further to the announcement on 7 January 2010 that Oxus Gold plc has signed an agreement with the CITIC Group consortium to provide up to $185 million in financing, subject to the satisfaction of certain conditions precedent, and the ratification of that financing by shareholders at an Extraordinary General Meeting held on 26 January 2010, the Company is pleased to confirm that the restructuring of its existing convertible loan notes has now been completed.

In May 2008 the Company issued convertible loan notes in the principal amount of $18.5 million. These notes were convertible into ordinary shares of the Company at 37p per share, earned interest at 8% per annum and were repayable, if not converted, in May 2010. The notes have now been restructured such that they are convertible at 12p per share, earn interest at US LIBOR + 3% per annum, and the repayment date has been extended to May 2013."

It will be very interesting to see what the SP is after the 1-7 Consolidation

About 7 times what it is now I should think

when consolidation due to happen?

CONSOLIDATION:" the company has proposed a share consolidation subject to shareholders approval at the forthcoming EGM. Terms: Every 7 Ordinary Shares of GBP0.01 will be consolidated into 1 New Ordinary Share of GBP0.07 per share. Relative Details and Dates: 26 Jan 2010 EGM"

London: 5 February 2010 - "Oxus Gold Plc announces that application has been made for 8,164,289 new ordinary shares of 1p each in the Company to be admitted to trading on the AIM Market of the London Stock Exchange. The new ordinary shares have been issued at 6p each in lieu of accrued interest for the period 14 May 2009 to 6 January 2010 on certain of the Company's 8% convertible loan notes due May 2010, which were restructured with effect from 6 January 2010, as announced on 28 January 2010."

OXUS GOLD PLC

Amantaytau Goldfields Update



LONDON - 11 February 2010. Oxus Gold plc ("Oxus" or the "Company") (OXS.L) is pleased to present the following update in respect of its 50% owned Amantaytau Goldfields joint venture in Uzbekistan ("AGF").

The Company has previously reported that AGF had stockpiled approximately 18.2 tonnes of silver dorfrom its heap leach operations at Vysokovoltnoye (now renamed Nukrakon), containing some 6,700 ounces of gold and 568,000 ounces of silver. This stockpile has now been refined at the Uzbek State owned Almalyk refinery and exported and sold. In addition, 3,860 ounces of gold and 56,750 ounces of silver previously reported as locked-up in the furnace at Almalyk has also been recovered, exported and sold, following a scheduled refurbishment of the smelter.

In addition UZS 4.6 billion ($3.1 million) of previously paid VAT has also been recovered by AGF. UZS 2.2 billion ($1.5 million) has been offset against other taxes and customs payments due by AGF to the Uzbek State, and the balance of UZS 2.4 billion ($1.6 million) is being offset against Oxus' Phase 2 Project Development Fund liability to the Uzbek Government (as more fully described in note 39 to the Company's 2008 Annual Report and Accounts), with Oxus' shareholder loan account with AGF being reduced accordingly.

AGF has commenced recovery procedures in respect of various taxes and customs duties which it considers to be repayable or to have been overpaid to the Uzbek State. To date the local Uzbek courts have initially awarded in favour of AGF in respect of customs import duties previously paid.

Having processed the silver dorstockpile, AGF has now resumed irrigation and stacking of the heap leach pads at Nukrakon, utilising a previously mined stockpile of 75,000 tonnes of ore. To date a total of approximately 38,170 tonnes have been stacked on the heap leach pads containing a head grade of 0.89 grammes per tonne of gold and 93.4 grammes per tonne of silver. Discussions are underway with AGF's mining contractor and with the Uzbek Government as to the optimum time to recommence mining at Nukrakon, which itself will be influenced by the timing of the issue of the mining licence for the nearby Sarybatyr gold deposit.

In the meantime, Oxus has initiated discussions with the Uzbek Government in respect of the Foreign Investment Agreement which is a condition precedent to the drawdown of up to $185 million of financing recently announced with the Chinese CITIC Group. It is intended that these funds will be used to develop the Severny underground mine, to expand existing heap leach operations at AGF, and to carry out an aggressive exploration programme, with a view to increasing annual gold production to 300,000 ounces and also to increase gold reserves at AGF from the current 2.4 million ounces to over 7 million ounces (after allowing for mining depletion) over the next 5 years.

Richard Shead, Executive Chairman of Oxus, commented: "After a frustrating 2008 and 2009, I am delighted at these positive developments and hope that 2010 will be the year when Oxus gets back on track and starts to unlock the undoubted potential that exists within AGF's 192 square kilometres of licence area. We will drawdown on the relevant finance as soon as possible and we look forward to working with both the Uzbek Government and the CITIC Group in order to significantly expand operations at AGF over the coming years for the benefit of both AGF's and Oxus' shareholders."

Not going to do much until the government give the approval.

TOO CHEAP....... trading right on HISTORICAL NAV per share for 2008 (see below) and on a foward miserly P/E of just over 7 to 2010. Way undervalued imho.

Oxus Gold PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Fox Davies Capital
08-02-10 BUY -1.34 0.96

Canaccord Adams
28-10-09 HOLD

Fairfax IS
16-09-09 BUY 3.13 22.80

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 3.13 -1.34 22.80 0.96
1 Month Change 0.00 0.00 0.00 0.00
3 Month Change 0.00 -0.43 0.00 2.48


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS % % %
DPS % % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA -2.88m -4.80m 7.87m

EBIT -3.01m m m

Dividend Yield % % %

Dividend Cover x x x

PER -9.57x -5.63x 7.86x

PEG f f f

Net Asset Value PS 6.88p p p

Zak Mir pro TAer has just posted this on OXS.......

Zak Mir



Reged: 28/06/07
Posts: 1258
Re: OXS OXUS GOLD [Re:
#462772 - 18/03/10 07:38 AM Edit Reply Quote



Although the last move down for OXS towards the 7p was not apparently helpful, the shares have not broken any support and remani a buy on weakness for a return towards the January resistance zone at 10p plus over the next 2 - 3 months.

Post Extras:

Nothing like having a bit of Gold in your portfolio when inflation might be about to rear its ugly head.

Not only that but I see precious metals are soaring.

So I had a look at OXUS GOLD oxs and it looks like the charts turning positive. Rather a volatile little devil so be carefull and dyor if you are entering.........

Nice Chart - Goldfinger

I have been holding for some time now glad to see others have began to see the potential with OXS

same here. cheers bb

Cheers chaps.

Fairly recent Broker snip.....

Recently, London-based stockbroker Fox-Davies Capital raised its target price for Oxus to 22p per share from 12p. In a note, the broker said it has carefully reviewed the mine plan for the AGF project and the evidence suggests that its previous evaluation was far too conservative, and realistically the target price should be higher.

The stockbroker said it has looked at a number of scenarios for the mining of Amantaytaus underground sulphides. According to Fox-Davies, the projects valuations vary between 17p and 24p subject to the different mining methods and scenarios being modelled. All the scenarios assumed that no further resources are discovered. Given its current knowledge the analyst believes that this is highly unlikely, however until new reserves and resources are delineated it is difficult to model them, Fox-Davies said.

Seems to be picking up

Certainly worth reading this broker note......

http://www.fox-davies.com/media/151295/oxusflashnote21stapr2010.pdf

Business Financial Newswire
"Oxus Gold has started a drilling programme within the licence area of its 50% owned Amantaytau Goldfields (AGF) joint venture in Uzbekistan.

AGF is targeting an increase in JORC classified gold reserves from the current 2.4 million ounces to over 7 million ounces as a result of the drilling programme, after allowing for mining depletion.

The total exploration potential (JORC and Soviet classified) at AGF is currently identified as approximately 24 million ounces of gold and 480 million ounces of silver.

The total budget for the five year programme is approximately $22 million, of which $2.5 million has been committed from current cash resources to be spent during the remainder of 2010.

Chairman Richard Shead says: "The exploration potential at AGF is substantial. I am delighted that we are now able to allocate the funds to commence this programme, which we believe should add significant value to the investment in AGF.

"Over the next 3 to 5 years we also plan to increase gold production at AGF to 300,000 ounces per annum, which, together with the targeted increase in gold reserves, should transform Oxus' standing as a gold producer and explorer".

nice one harry...good long term hold here, may even top up a few..

Looks like this one is getting a lot of Bull backing again today already.

That broker target of 30p is ultra bullish.

Long may it last.