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					OXUS GOLD PLC AIM: OXS.L

“A WORLD CLASS RESOURCE IN THE HEART OF CENTRAL ASIA”
September 2008

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.
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 1

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)
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 2

Oxus: Board of Directors

Jonathan Kipps
Chief Financial Officer / Secretary

Richard Wilkins
Chief Executive Officer

John Donald
Chief Operating Officer

Oliver Prior
(Non-Executive)

Douglas Sutherland
(Non-Executive/Chairman)

Gordon Wylie
(Non-Executive)

Miradil S. Djalalov
(Non-Executive)

Richard Shead
(Non-Executive)

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 3

Oxus: Focused on Uzbekistan
 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 late 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
International Investment Forum 29 May 2007 Tashkent, Uzbekistanreferences Note: All 4

to $ are US$

Oxus: Interim Highlights for 12 months to 30/6/08
(on account of 18 month period to 31/12/08)
 Annual gold production increases by 8.5% to 80,203 ounces*
 Annual gold sales increase by 13.8% to 74,147 ounces*  Profitability restored at both operational (AGF) and corporate levels during the 6 months ended June 2008  BFS completed on underground sulphides project and lead bank mandated to arrange project finance  Placing of convertible loan notes raises cash for working capital  Outstanding litigation and arbitration settled
* 50% attributable to Oxus

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 5

Oxus: Ownership - Sept 2008
381m 1p shares in issue (429m fully diluted)
Alfa Group 7% Capital Group 9% RAB Capital Special Situations Fund 27% L-R Global 8% Directors and Management 2%

Free Float Zeromax Strategic Partner 18% 29%

 Strategic alliance with Zeromax plus strong institutional support
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 6

Oxus: Summary Statistics – 23/9/08
Market Capitalization Current share price: 52 Week Share Price Low/High: 2007 Dividend Paid Shareholder loans due from AGF (earning LIBOR +3%): Corporate loan due to Nedbank: Cash Position Convertible Loan Notes Placed in May 2008 (37p / 8% coupon) Hedge Position: IFRS compliant: £44.8 million 11.75p / share 10.5p – 54.75p Equivalent of 9p/share $33m $7.5m $14m $18.5m None 2006 and 2007 accounts

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 7

Why Uzbekistan?
 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 selfsufficiency 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  Potential for additional projects

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 8

Established mining & investment environment

The Tien Shan Gold Belt

 Second largest gold province in the world after the Witwatersrand Basin  Massive potential
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 9

 Underexploited

Oxus on the Tien Shan Gold Belt
 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
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 10

Oxus 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

A Proven Track Record in Uzbekistan
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 11

AGF: Reserves and Resources
AGF ORE RESERVES, MINERAL RESOURCES AND EXPLORATION RESULTS Ore Reserves
2.38Moz Au + 5.70Moz Ag

Mineral Resources
Measured + Indicated Resource

contained within

4.85Moz Au + 36.26Moz Ag
plus

JORC

Inferred Resource

2.36Moz Au + 16.01Moz Ag 7.59Moz Au + 72.10Moz Ag

Exploration Results Soviet Resource Potential
Soviet P1 Resource Soviet P2 Resource

INCREASING CONFIDENCE

5.84Moz Au + 314.61Moz Ag 3.75Moz Au + 45.11Moz Ag

NOT JORC

NB : - 50% of the above Ore Reserves and Mineral Resources attributable to Oxus - 'Exploration Results' are not resources and with Soviet P1 and P2 are broad estimates of exploration potential beyond the resource base. Essentially blue sky based on limited data insufficient to calculate a resource.

 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
International Investment Forum 29 May 2007 Tashkent,Note: As of 25 August 2008 Uzbekistan 12

Potential Total: 24 Moz Au; 484 Moz Ag

AGF Project Pipeline
 OXIDES:  Further 1.0 mtpa from CIP plant until Q2 2009 – 50,000 oz gold in total  Ongoing 1mtpa Vysokovoltnoye gold / silver heap leach – 37,000 oz pa¹  Additional heap leach (Asaukak, etc.) – 1 mtpa, 30,000 oz pa, Q2 2009 on  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 late 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

International Investment Forum 29 May 2007 Tashkent, Includes Vysokovoltnoye 13 (1)Uzbekistan

Target: 300,000oz + producer from mid 2010
silver heap leach production as gold equivalent ounces (approx 63:1) at 23/9 Note: 50% attributable to Oxus

Open Pit Excavator

CIP Plant

Centralny Open Pit

CIP Conveyor Belt

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 14

14

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
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 15

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 750,000 tpa commencing late 2009, increasing to 1.2 mtpa from mid 2010, @ 7.75 g/t Biological Oxidation (BIOX) 88% 33,000 oz in 2009; 202,000 oz in 2010; 230,000 oz pa thereafter $167 million RBS mandated $403/oz (including taxes and management fee)

Projected Tonnage: Process Technology: Recovery: Output: Pre-production Capex: Project finance: Cash costs :

 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
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 16

AGF Sulphides: BFS Project Economics (Initial 7 year mine life)
NPV IRR PAYBACK COSTS $331m at 7% discount rate per annum * 51% 24 months from start of production $403 per oz (including taxes and management fee)

* using COMEX forward gold curve per Standard Bank ($905 in 2009 - $1,063 in
2016), and 2.5% pa inflation

• Potential to improve economics
 more cost effective mining methods  additional reserves • Mine life will extend beyond initial 7 years
International Investment Forum 29 May 2007 16 Tashkent, Uzbekistan

AGF Sulphides: Work to Date
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

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 18

AGF – Section through ore-body
Significant potential for expansion

Sea Level

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 19

AGF: Further Exploration Potential
   At 500 Metres below existing workings Soviet Exploration Data Huge down dip gold potential

20m @ 13.5 g/t Au Sea Level 15m @ 14.23 g/t Au

Base of Existing Resources
Drillhole 1767a From 871m to 879m Length Gold 3m 2m
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 20

23.1 g/t 72.0 g/t 66.5 g/t 51.6 g/t = Total

3m 8m

Vysokovoltnoye Heap Leach

First Gold Pour

Headgear for underground sulphides

Heap Leach Pad

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 21

AGF: 10 year Production Forecast
400,000

Production, oz gold equivalent

350,000 300,000 250,000 200,000 150,000 100,000 50,000 -

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

CIP-Oxides

Vyso

Satellite Oxides

Sulphides - underground

• Forecast includes gold and silver as gold equivalent from 2008-2013 • Includes mining of oxide resources International Investment Forum • Sulphides enter full production in 2010 29 May 2007 Tashkent, Uzbekistan • Oxus attributable ounces at 50% 22

AGF: A Sustainable Investment
 
 
AGF expects to employ 1,450 local workers by 2010 Investment of more than $190m over the next three years, including ongoing sustaining capital 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

* Life of mine corporate model, oxides + sulphides
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 23

Gold Producers Market Cap per Attributable Resource Ounce (ARO)
$250

Market Capitalization (US$)

$200

$150

$100

$50

$0
Eldorado (Turkey, China) Centerra (Kyrgystan) Highland (Russian Federation) Celtic (Kazakhstan)* Resolute (Australia. South Africa) Kazakhgold (Kazakhstan) Oxus (Uzbekistan)

 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
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 24

Source: Canaccord Adams, London June 5 2008

Why invest in Oxus Gold?


Undervalued compared to peer group
Strong fundamentals from existing projects  37,500 oz pa attributable producer currently  150,000 + oz pa attributable producer within 2-3 years¹ from mid 2010  Generating $50m+ attributable profit pa at $800 / oz gold  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

 

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 25 (1) Subject to financing

of pre-production Capex

Oxus Gold plc: A Significant investment opportunity

Appendices

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 27

Oxus: Corporate Structure
Oxus Gold plc
Oxus Holdings (Malta) Ltd (Malta) Oxus Resources Corp (BVI) Amantaytau Goldfields (Uzbekistan JV)
100%

100%

50%

Streamlined Uzbekistan-focused business model
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 28

Oxus: Advisers
   
Nominated Adviser & Broker:
 Canaccord Adams, London

Joint Broker:
 Fairfax I.S. PLC

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 International Investment Forum  Ipoteka Bank, Tashkent / Zarafshan 29 May 2007
Tashkent, Uzbekistan 29

Oxus: Financial Extracts ($ 000)
6 months ended 30/06/08 Revenue Share of Profit from JV Profit/(Loss) after tax Total Assets 1,655 460 1,838 92,528 6 months ended Year ended Year ended 31/12/07 30/6/07 30/6/06 1,065 (1,970) (43,013) 78,378 2,387 (3,213) (18,966) 186,291 3,383 10,169 2,398 176,373

Source: Oxus Gold Plc annual reports, International Investment Forum 29 May 2007 In accordance with IFRS (1) Tashkent, Uzbekistan 30

more financial information available at www.oxusgold.co.uk

AGF Open Pit CIP Oxides
Ore Processed (Tonnes) Average Grade (g/t) Recovery % Gold Produced (oz) Cash Cost ($/oz) ¹ Total Cost ($/oz) ¹ Net Profits ($ Millions)      Year to Year to 12/2007 12/2006 845,177 1,225,400 2.7 3.0 67 73.4 48,379 98,053 656 392 759 445 (11.05) 8.85 Year to Year to 12/2005 12/2004 1,567,529 1,062,101 4.5 5.8 77.1 82.6 161,615 148,511 202 160 230 182 13.26 16.13

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

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 31

(1)

Calculated in accordance with Gold Institute’s production cost standard

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



International Investment Forum 29 May 2007 Tashkent, Uzbekistan 32

AGF Reserves
(50% attributable to Oxus)
OXUS GOLD PLC PRECIOUS METAL ORE RESERVES AS OF 1st JULY 2008 (UNAUDITED)
AMANTAYTAU GOLDFIELDS CIP and Heap Leach Oxides (Gold) Asaukak (15% Dilution, 95% Ore Recovery) Stockpiled ore at Asaukak Stockpiled Asaukak ore at CIP plant Uzunbulak (15% Dilution, 95% Ore Recovery) Sarybatyr (15% Dilution, 95% Ore Recovery) Sub-Total CIP and Heap Leach Oxides (Gold) Heap Leach Oxides (Silver - gold) Vysokovoltnoye OB4 (8% Dilution, 95% Ore Recovery) Vysokovoltnoye OB7 (8% Dilution, 95% Ore Recovery) Stockpiled ore at Vysokovoltnoye Sub-Total Heap Leach Oxides (Silver - gold) Total Oxide Reserves Sulphides Amantaytau Centralny (23.4% Dilution, 91.3% Ore Recovery) Amantaytau Severny (28.3% Dilution, 99.0% Ore Recovery) Total Sulphide Reserves TOTAL AGF RESERVES Cut off g/t Au 1.0 0.5 1.0 0.8 0.6 Mt Proven Reserves Grade g/t Contained Kozs Gold Silver Gold Silver Mt Probable Reserves Grade g/t Contained Kozs Gold Silver Gold Silver 2.1 1.6 22 16 Mt Proven + Probable Grade g/t Contained Kozs Gold Silver Gold Silver 2.1 0.7 2.1 1.8 1.8 1.5 1.2 1.0 0.3 1.0 1.3 4.7 7.7 7.0 1.6 22 24 2 56 101 205 97 56 9 162 366 332 1,677 2,009 2,375 1,188 16

0.32 1.10 0.03 0.09 0.77 1.99 0.66 0.82 1.48 3.47 0.7 2.1 1.9 2.2 1.3 1.3 0.3 0.8 1.1 24 2 5 54 85 28 9 37 122

3.8

11 11 591 776 1,367 1,377

0.91 0.93 2.16 1.77 1.66 3.43 5.59 2.21 5.88 8.10

1.7 1.6 1.7 1.2 1.0 1.1 1.4 4.7 7.8 6.9

2.5

51 47 120 69 56 125 244 332 1,470 1,802 2,047 1,023

72 89 1,493 2,736 4,229 4,317

0.32 1.10 0.03 1.00 1.70 4.15 2.43 1.66 0.82 4.91 9.06 2.21 6.73 8.94

2.6

83 99 2,083 2,736 776 5,595 5,695

0.6

28.0 29.5 28.8

26.2 51.3 38.3

26.6 51.3 29.5 35.4

2.0 3.5

0.85 0.85

7.6 7.6

OXUS ATTRIBUTABLE AGF RESERVES (50%) 689 2,159 Note : Amantaytau Centralny sulphide reserves include 1.78Mt of 'transition' sulphides at an average grade of 4.73 g/t (271 Kozs gold) subject to further metallurgical testwork to optimise the process flowsheet

207 207 329 164

1,377

4,317

5,695 2,847

Asaukak and Vysokovoltnoye OB7 ore reserves take into consideration depletion up to 30th June 2008, but are unaudited until such time that the balance of reserves can be reconciled with the block models.

International Investment Forum 29 May 2007 Tashkent, Uzbekistan

AGF Resources
(50% attributable to Oxus)
OXUS GOLD PLC PRECIOUS METAL RESOURCES AS OF 1st JULY 2008 (UNAUDITED)
JORC Classified Deposits Cut off g/t Mt Measured Resources Grade g/t 000 ozs Gold Silver Gold Silver Mt Indicated Resources Grade g/t 000 ozs Gold Silver Gold Silver Mt Inferred Resources Grade g/t 000 ozs Gold Silver Gold Silver Expl Results 000 ozs Gold Silver

AMANTAYTAU GOLDFIELDS Oxides Asaukak Uzunbulak Amantaytau Centralny Sarybatyr Vysokovoltnoye OB4 Vysokovoltnoye OB7 Zapadny Amantaytau AGF - 17 deposits AGF - 7 Exploration Targets Total Oxides

0.6 0.6 0.4 0.6 0.6 * 0.6 0.6 0.6

0.12 0.29 0.74 1.22 1.23 3.59

1.9 2.4 2.5 1.3 1.5 -

4.0 34.1 -

7 22 59 50 58 197

15 1,332 1,347

1.7

1.09 1.94 0.29 0.89 3.63 2.39 0.46 7.02 17.71

1.4 1.5 2.4 1.8 1.2 1.0 1.1 1.4 -

1.6 2.8 27.7 51.8 -

1.3

49 95 22 51 140 80 16 308 762

56 175 3,236 3,980 7,447

1.28 0.31 0.79 0.59 0.38 0.06 12.52 15.93

1.3 1.6 2.2 1.4 0.9 1.2 1.3 -

2.1 22.6 14.7 -

53 15 55 27 11 2 535 698

88 430 180 698

1.4

1,966 453 2,419

301 25,114 25,415

Sulphides Severny 2.0 Centralny 2.0 Asaukak 0.6 Uzunbulak 0.6 Vysokovoltnoye OB4 0.6 Vysokovoltnoye OB7 * AGF - 7 deposits (sulphides only) Total Sulphides Total Amantaytau Goldfields OXUS ATTRIBUTABLE - 50%

0.94 1.99 0.10 0.06 3.71 6.79 10.38 5.19

9.0 4.8 2.2 3.6 1.3 -

3.3 5.6 33.7 -

3.4
2.8 2.8 16.1 16.1

272 304 7 6 151 740 937 468

10 10 4,019 4,039 5,386 2,693

7.95 2.62 2.82 1.50 7.28 7.32 29.49 47.20 23.60

8.0 4.5 1.9 1.9 1.1 0.9 -

1.8 3.6 35.9 62.5 -

3.3
2.6 2.6 20.3 20.3

2,040 376 173 93 265 204 3,151 3,912 1,956

161 172 8,389 14,709 23,431 30,878 15,439

0.67 3.11 1.30 8.08 3.85 6.76 23.78 39.72 19.86

5.7 4.3 1.9 2.8 1.1 0.8 -

1.8 5.6 32.1 45.1 -

2.2
1.8 1.8 12.5 12.5

123 428 78 736 133 164 1,661 2,360 1,180

76 1,451 3,981 9,805 15,313 16,011 8,005

5,171 5,171 7,590 3,795

46,683 46,683 72,098 36,049

Soviet/Uzbek Classified Resources (Additional to JORC)

AGF Sulphides OXUS ATTRIBUTABLE - 50%

P1 000 ozs Gold Silver 5,841 314,604 2,921 157,302

P2 000 ozs Gold Silver 3,745 45,110 1,873 22,555

Notes : Asaukak and Vysokovoltnoye OB7 resources take into consideration depletion up to 30th June 2008 in line with reserves, but are unaudited until such time as the resource balances can be reconciled with the block models. Balance of Amantaytau Centralny oxides, and Amantaytau Zapadny oxides as remodelled by Gemcom Northern Uzunbulak has a Soviet/Uzbek C1 resource of 0.14Mt @ 2.04g/t gold containing 9,000 ounces of gold 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 * Vysokovoltnoye OB7 resources evaluated above a cut-off of 25 g/t AgEq

International Investment Forum 29 May 2007 Tashkent, Uzbekistan

AGF Projected Oxide Production Statistics
CIP PLANT:  1.0 mtpa until Q2 2009 @ 1.8 g/t  80% recovery  50,000 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  ASAUKAK:  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 International Investment Forum
29 May 2007 Tashkent, Uzbekistan 35



AGF: Enviromental & 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

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 36

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
International Investment Forum 29 May 2007 Tashkent, Uzbekistan 37

International Investment Forum 29 May 2007 Tashkent, Uzbekistan 38

Muruntau: Worlds Largest Single Open Pit Gold Mines

Approximately 6 kilometres

Oxus mine is 25 km southwest of Muruntau

International Investment Forum 29 May 2007 Tashkent, Uzbekistan


				
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