Companies: OXS   

The Amantaytau Goldfields Project in Uzbekistan, in which Oxus has a 50% stake, has had its resource estimate doubled after further exploration work. The total resource there is now said to hold a total of 6.4m ounces of gold and gold equivalent in the form of silver (in the 'measured and indicated' and 'inferred' categories). According to the report done by CSMA Consultants, there is also the exploration potential for an additional 3.1m ounces of gold equivalent recoverable by open pit operations plus another 9.6m ounces underground. Oxus now needs to secure the additional £8.6m of project finance required to construct its first open pit mine at Amantaytau, having already raised £30m. The company has its fans but its share price has declined severely since its listing at 30p, reflecting concerns about director selling, excessive salaries in the boardroom and the projects themselves. However, if all goes to plan, Oxus could justify investor relations group DWA Capital's 12-month price target of 60p, a potentially rewarding speculation at current levels.

Oxus Gold	AIM	£20.22m	5.30p	-0.18p
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Other company articles:
Tapping a seam of scholarship			01/07/2008
Oxus shrugs off Uzbek strife			16/05/2005
Executive decisions - Vikki Kunz follows the bosses buying and selling			02/02/2004
Insurance delay hits Oxus project			31/10/2002
Oxus takes £4.7m interim hit			29/08/2002