OXUS GOLD PLC AIM: OXS.L

““A WORLD CLASS RESOURCE IN THE A WORLD CLASS RESOURCE IN THE HEART OF CENTRAL ASIA”HEART OF CENTRAL ASIA”

JULY 2008

*

International Investment Forum29 May 2007Tashkent, Uzbekistan2

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.


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)


Douglas Sutherland

(Non-Executive/Chairman)

Miradil S. Djalalov

(Non-Executive)

Gordon Wylie

(Non-Executive)

Richard Wilkins

Chief Executive Officer

Jonathan Kipps

Chief Financial Officer / Secretary

John Donald

Chief Operating Officer

Oliver Prior

(Non-Executive)

Richard Shead

(Non-Executive)


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

Note: All references to $ are US$


ZeromaxStrategic Partner

18%

381m 1p shares in issue (429m fully diluted)

Free Float

29%

RAB CapitalSpecial Situations Fund

27%

Capital Group 9%

Alfa Group 7%L-R Global

8%

Directors andManagement 2%

Strategic alliance with Zeromax plus strong institutional support


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%): $33mCorporate loan due to Nedbank: $7.5mCash Position $17m

Convertible Loan Notes Placed in May 2008 (37p / 8% coupon) $18.5m

Hedge Position: None

IFRS compliant: 2006 and 2007 accounts

Note: Statistics according to June 2007 Financial Statements

Oxus Market Statistics @ 4th Oxus Market Statistics @ 4th July 2008July 2008


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

Established mining & investment environment


Second largest gold province in the world after the Witwatersrand Basin Massive potential Underexploited


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

Located in a world class mining environment


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

A Proven Track Record in Uzbekistan


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

AGF ORE RESERVES, MINERAL RESOURCES AND

EXPLORATION RESULTS

+ 6.74Moz Ag

Mineral Resources contained within

Measured + Indicated Resource 4.83Moz Au + 38.04Moz Ag JORC

plus

Inferred Resource 2.41Moz Au + 16.04Moz Ag

Exploration Results 7.61Moz Au + 72.79Moz Ag

Soviet Resource PotentialSoviet P1 Resource 5.84Moz Au + 314.61Moz AgSoviet P2 Resource 3.75Moz Au + 45.11Moz Ag

NB : - 50% of the above Ore Reserves and Mineral Resources attributable to Oxus - oxide resources and reserves at July 2007; sulphides updated during BFS completed June 2008

Ore Reserves 2.44Moz Au

NOT JORC

INCREASING CONFIDENCE


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

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


Open Pit Excavator CIP Plant

Centralny Open Pit CIP Conveyor Belt

14


Oxus earns a management fee equivalent to 5% of operating costs; Uzbek state geology committee earns 2% fee

CIP conversion to sulphide plant


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 thereafterPre-production Capex: $167 millionProject finance: RBS mandatedCash 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

AGF Sulphides: Bankable Feasibility Study(7 year mine life: Severny + part Centralny reserves)

International Investment Forum29 May 2007Tashkent, Uzbekistan

NPV $331m at 7% discount rate per annum

IRR 51%PAYBACK 24 months from start of

productionCOSTS $403 per oz (including taxes and

management fee)

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• Potential to improve economics more cost effective mining methods additional reserves

• Mine life will extend beyond initial 7 years


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


Sea Level


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

Length Gold

3m 23.1 g/t

2m 72.0 g/t

3m 66.5 g/t

8m 51.6 g/t = Total

Sea Level


Vysokovoltnoye Heap Leach First Gold Pour

Heap Leach PadHeadgear for underground sulphides


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


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


Oxus has significant value to be unlocked, through a near term projected Oxus has significant value to be unlocked, through a near term projected production rate of 150,000 attributable ounces per annum production rate of 150,000 attributable ounces per annum

Severstal bid Celtic at approximately $282 per attributable resource ounceSeverstal bid Celtic at approximately $282 per attributable resource ounce

24Source: Canaccord Adams, London June 5 2008


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

(1) Subject to financing of pre-production Capex



Streamlined Uzbekistan-focused business modelStreamlined Uzbekistan-focused business model

Oxus Gold plc

Oxus Holdings (Malta) Ltd(Malta)

Oxus Resources Corp(BVI)

Amantaytau Goldfields(Uzbekistan JV) 50%

100%

100%


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


Six monthsended 31

December 2007Year ended

June 07

Year ended

June 06

Revenue 1,065 2,387 3,383

Share of Profit from JV (1,970) (3,213) 10,169

(Loss)/Profit after tax (43,013) (18,966) 2,398

Total Assets 78,378 186,291 176,373

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

1

International Investment Forum29 May 2007Tashkent, Uzbekistan31 (1) Calculated in accordance with Gold Institute’s production cost standard

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

Year to 12/2007

Year to 12/2006

Year to 12/2005

Year to 12/2004

Ore Processed (Tonnes) 845,177 1,225,400 1,567,529 1,062,101Average Grade (g/t) 2.7 3.0 4.5 5.8Recovery % 67 73.4 77.1 82.6Gold Produced (oz) 48,379 98,053 161,615 148,511Cash Cost ($/oz) ¹ 656 392 202 160Total Cost ($/oz) ¹ 759 445 230 182Net Profits ($ Millions) (11.05) 8.85 13.26 16.13


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


OXUS GOLD PLC PRECIOUS METAL ORE RESERVES AS OF JULY 2007 (SULPHIDES RESERVES UPDATED JUNE 2008)

Deposits Cut off Mt Mt Mtg/t Au Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver

AMANTAYTAU GOLDFIELDSCIP Oxides (as of July 2007)Asaukak (15% Dilution, 95% Ore Recovery) 1.0 1.29 2.1 1.6 88 66 1.29 2.1 1.6 88 66 Stockpiled ore at Asaukak 0.5 0.37 0.9 11 0.37 0.9 11 Stockpiled Asaukak ore at CIP plant 1.0 0.06 1.2 3 0.06 1.2 3 Uzunbulak (15% Dilution, 95% Ore Recovery) 0.8 0.09 1.9 3.8 5 11 0.91 1.7 2.5 51 72 1.00 1.7 2.5 56 83 Sarybatyr (15% Dilution, 95% Ore Recovery) 0.6 0.77 2.2 54 0.93 1.6 47 1.70 1.6 101 - Sub-Total CIP Oxides 1.30 1.8 73 11 3.12 1.8 185 138 4.42 1.8 258 149 Heap Leach Oxides (as of July 2007)Vysokovoltnoye OB4 (8% Dilution, 95% Ore Recovery) 0.6 0.66 1.3 28.0 28 591 1.77 1.2 26.2 69 1,493 2.43 1.2 26.2 97 2,083 Vysokovoltnoye OB7 (8% Dilution, 95% Ore Recovery) - 0.26 1.2 116.0 10 970 2.20 0.9 50.0 65 3,537 2.46 0.9 53.0 75 4,506 Sub-Total Heap Leach Oxides 0.92 1.3 52.9 38 1,560 3.97 1.1 39.4 134 5,029 4.89 1.1 41.9 172 6,590 Total Oxides 2.21 1.6 111 1,571 7.10 1.4 320 5,168 9.31 1.4 430 6,739 Sulphides (updated June 2008)Amantaytau Centralny (23.4% Dilution, 91.3% Ore Recovery) 2.0 2.21 4.7 332 2.21 4.7 332 Amantaytau Severny (28.3% Dilution, 99.0% Ore Recovery) 3.5 0.85 7.6 207 5.88 7.8 1,470 6.73 7.8 1,676 Total Sulphides 0.85 7.6 207 8.10 6.9 1,802 8.94 7.0 2,008 TOTAL AGF RESERVES 317 1,571 2,121 5,168 2,439 6,739 OXUS ATTRIBUTABLE AGF RESERVES (50%) 159 786 1,061 2,584 1,219 3,369 Note : Reserves as per 1st June 2007, apart from Amantaytau Severny and Centralny Sulphides updated June 2008 as part of BFSNote:The above sulphide reserves include 1.78Mt of "ore" at an average grade of 4.73 g/t containing 271,000 ounces gold which are “qualified “ pending the completion of metallurgical testing of transitional "ore" at Centralny

Proven Reserves Probable Reserves Proven + ProbableGrade g/t Contained KozsGrade g/t Contained Kozs Grade g/t Contained Kozs


OXUS GOLD PLC PRECIOUS METAL MINERAL RESOURCES AS OF JULY 2007 (SULPHIDES RESOURCES UPDATED JUNE 2008)

JORC Classified

Deposits Cut off Mt Mt Mt

g/t Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver Gold Silver

AMANTAYTAU GOLDFIELDS

Oxides (as of July 2007)

Asaukak 0.6 1.98 1.8 1.8 117 114 0.45 1.4 1.8 21 26

Uzunbulak 0.6 0.12 1.9 4.0 7 15 1.94 1.5 2.8 95 175 1.28 1.3 2.1 53 88

Sarybatyr 0.6 0.74 2.5 - 59 - 0.89 1.8 - 51 - 0.79 2.2 - 55 -

Vysokovoltnoye OB4 0.6 1.22 1.3 34.1 50 1,332 3.63 1.2 27.7 140 3,236 0.59 1.4 22.6 27 430

Vysokovoltnoye OB7 - 0.27 1.2 120.0 10 1,038 2.90 0.9 50.0 88 4,660 0.38 0.9 14.7 11 179

Zapadny Amantaytau 0.6 0.05 1.3 - 2 - 0.28 1.3 - 11 - 1.05 1.5 - 51 -

AGF - 17 deposits 0.6 - - - - - 7.02 1.4 - 308 - 12.52 1.3 - 535 - 1,966 301

AGF - 7 Exploration Targets 0.6 - - - - - - - - - - - - - - - 467 25,810 Total Oxides 2.39 1.7 129 2,385 18.64 1.4 811 8,185 17.06 1.4 752 723 2,434 26,111

Sulphides (updated June 2008)

Severny 2.0 0.94 9.0 - 272 - 7.95 8.0 - 2,040 - 0.67 5.7 - 123 -

Centralny 2.0 1.99 4.8 - 304 - 2.62 4.5 - 376 - 3.11 4.3 - 428 -

Asaukak 0.6 0.10 2.2 3.3 7 10 2.82 1.9 1.8 173 161 1.30 1.9 1.8 78 76

Uzunbulak 0.6 0.06 3.6 5.6 6 10 1.50 1.9 3.6 93 172 8.08 2.8 5.6 736 1,451

Sarybatyr - - - - - - - - - - - - - - - -

Vysokovoltnoye OB4 0.6 3.71 1.3 33.7 151 4,019 7.28 1.1 35.9 265 8,389 3.85 1.1 32.1 133 3,981

Vysokovoltnoye OB7 - - - - - - 7.32 0.9 62.5 204 14,709 6.76 0.8 45.1 164 9,805

AGF - 7 deposits (sulphides) - - - - - - - - - - - - - - - 5,171 46,683

Total Sulphides 6.79 3.4 18.5 740 4,039 29.49 3.3 24.7 3,151 23,431 23.78 2.2 20.0 1,661 15,313 5,171 46,683

Total Amantaytau Goldfields 9.18 2.9 21.8 869 6,424 48.13 2.6 20.4 3,962 31,616 40.84 1.8 12.2 2,413 16,036 7,605 72,794

OXUS ATTRIBUTABLE - 50% 4.59 2.9 21.8 434 3,212 24.07 2.6 20.4 1,981 15,808 20.42 1.8 12.2 1,207 8,018 3,802 36,397

Soviet/Uzbek Classified Resources (Additional to JORC)

Gold Silver Gold Silver

AGF Sulphides 5,841 314,604 3,745 45,110

OXUS ATTRIBUTABLE - 50% 2,921 157,302 1,873 22,555

Note: Northern Uzunbulak has a Soviet/Uzbek C1 resource of 0.14Mt @ 2.04g/t gold containing 9,000 ounces of gold

Note: Exploration results comprise all Soviet/Uzbek B, C1 & C2 resources, and P1/P2 resources to 50m depth for oxide and 3 deposits for sulphide, not yet JORC resource classified

Note : Resources as per 1st June 2007, apart from Amantaytau Severny and Centralny Sulphides updated June 2008,as part of BFS Study

000 ozs 000 ozs

P1 P2

Indicated Resources

Grade g/t 000 ozs Grade g/t 000 ozs

Measured Resources Inferred Resources Expl Results

Grade g/t 000 ozs 000 ozs


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


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


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



Approximately 6 kilometres

Oxus mine is 25 km southwest of Muruntau

Documents

OXUS GOLD PLC AIM: OXS.L