EXPLORATION – Oxus to review Amantaytau gold project

London-based Oxus Resources has been invited by the Uzbekistani government to submit a definitive proposal to develop the Amantaytau and Daugyztau gold deposits in Uzbekistan. The deposits lie 400 km south of Tashkent near the Muruntau gold mine.

Oxus has already submitted a preliminary proposal to develop the deposits at a reduced scale, in comparison with a plan submitted by British-based Lonrho. The latter reportedly spent 15 million on studies at Amantaytau before withdrawing in 1997.

Under an agreement reached with the government, Oxus has the exclusive right to prepare a prefeasibility study by March 1999 and enter into joint-venture negotiations.

Excluding low-grade material, resources in the oxide and sulphide portions of both deposits stands at 18.4 million tonnes grading 4.7 grams gold per tonne, equivalent to 2.8 million contained ounces.

Meanwhile, at Oxus’ 50%-owned Khandiza zinc project in Uzbekistan, a prefeasibility study has been completed and underground drilling is under way.

In neighboring Kyrgyzstan, Oxus and partner Normandy Mining (NDY-T) have commissioned Toronto-based Kilborn Engineering to prepare a bankable feasibility study of the Jerooy gold project.

Privately held Oxus had been planning to seek a listing on the Toronto Stock Exchange (T.N.M., Sept. 8/97), but the downturn in resource markets has forced the junior to delay a public offering. The Normandy Group holds 25% of Oxus.