Oxus has also decided to restructure certain executive positions. Richard Wilkins will vacate the CEO role, which he has held since January 2008, and will become the finance director, a position which has been vacant since Jonathan Kipps retired in January 2009. The position of CEO will remain unfilled for the time being.

The remuneration and management changes will take effect on July 1 2009.

To further compensate for the reduction in cash remuneration, Oxus will also cancel the share options of the directors and certain senior staff and replace them with new options price more in keeping with the current share price.

Chairman Richard Shead commented: “Whilst the funding is being sought to construct and develop the group’s 50 percent owned underground sulphide mine in Uzbekistan, it is prudent to reduce expenditure throughout the group in order to preserve its cash resources. The agreement of directors and employees to accept shares in lieu of cash represents a vote of confidence in the future prospects of the group.”

“The appointment of Mr Wilkins as finance director will more accurately reflect his future role at Oxus and he will continue to make a very valuable contribution to our efforts to develop the group’s mining operations in Uzbekistan.”