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Additional Information
Market: LSE
Sector: Gold Mining
Epic: OXS
News: Latest news
Web Site: Oxus Gold
Other Articles: 08-02-201028-01-201018-01-2010

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Oxus Gold

Oxus Gold

Oxus Gold plc (AIM: OXS.L) (Oxus) is the only publicly listed gold mining company with primary operations inside the Republic of Uzbekistan.  Founded in 1996, Oxus was listed on London’s Alternative Investment Market (AIM) in 2001 and is currently producing significant quantities of both gold and silver from its 50% stake in the Amantaytau Goldfields JV (AGF).  Located in the Kyzylkum region of Uzbekistan, AGF is situated on one of the world’s largest areas of gold endowment,  the Tien Shan belt, second only in size to that of the Witwatersrand basin.  AGF also enjoys the privilege of being positioned just 40 kms south of the world’s largest single open pit gold mine at Muruntau.

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Monday, February 08, 2010

Fox-Davies says its previous evaluation for Oxus Gold was far too conservative, ups target to 22p

London-based stockbroker Fox-Davies Capital has raised it target price for Oxus Gold (AIM: OXS) to 22p per share from 12p. In a note, the broker said it has carefully reviewed the mine plan for Oxus’ Amantaytau Goldfields in Uzbekistan, and the evidence suggests that its previous evaluation was based on mine plans that are far too conservative, and realistically the target price should be higher.

Furthermore Fox-Davies said that it believes there is potential to easily enhance the mine performance and significantly improve the valuation, even without any exploration success. The broker last upgraded the Uzbek operating gold company in January; it reduced its discount rate following the company’s successful fund raising, however the previous price target was maintained.

The stockbroker said it has looked at a number of scenarios for the mining of Amantaytau’s underground sulphides. According to Fox-Davies, the project’s valuations vary between 17p and 24p subject to the different mining methods and scenarios being modelled. All the scenarios assumed that no further resources are discovered. Given its current knowledge the analyst believes that this is highly unlikely, however until new reserves and resources are delineated it is difficult to model them, Fox-Davies said.
 
Fox-Davies concluded that Oxus provides tremendous latent upside, with the potential to lift the target price to between 29 and 40p per share, subject to mining methods and short-term exploration results.

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