It said the option is exercisable in whole or in part until 31 January 2008.

The company said if Zeromax exercises the remaining option in full, Zeromax’s stake in Oxus Gold will increase to 109.25 million shares, or 29.72% of its current outstanding share capital. Zeromax currently owns 62.5 million shares, or 17% of the company.

On 31 December, Zeromax GmbH bought 5.5 million Oxus Gold shares at 80 pence each by partially exercising the option from RAB.

Under the terms of the option, Uzbekistan-based private company Zeromax has the right to acquire up to a further 46.75 million Oxus Gold shares, also at 80 pence each.