Oxus Gold and Eurogold announced that they had reached a settlement in a dispute over the termination of an asset sale in 2006 of Eurogold's Ukrainian gold assets. Oxus Gold said that withouth accepting any liability, it had agreed to pay Eurogold A$7.95 million, of which A$6.78 would be in cash and the remainder in shares in Oxus Gold.
Shares in Eurogold jumped 44% on the news, though the company also confirmed that it ahd entered into a no win no fee agreement with IMF Australia. As Eurogold reached a settlement, it will have to pay 30% of the proceeds to IMF Australia.
Subsequently Eurogold has disposed of its Ukrainian gold mining assets to Resource Invest LLC for US$5 million, for which it has received US$2 million already, with the final US$3 million payment due when certain milestones are met. Eurogold said that once it received the final payment, it would have a cash position of A$10 million.