Settlement with Oxus Gold Plc

RNS Number:0604U
Eurogold Limited
09 May 2008


                                    EUROGOLD
                                 L I M I T E D
                               (ACN 009 070 384)


09 May 2008                                ASX & AIM Symbol "EUG"

Settlement with Oxus Gold Plc


Further to our announcement of 2 April 2008, and in accordance with the
agreement reached with Oxus Gold Plc ('Oxus"), Eurogold Limited ("Eurogold")
advises that it has received the second tranche of funds from Oxus. This
completes the cash component of the settlement.


On or before 21 May 2008 Oxus is to issue Eurogold 2,722,074 Oxus shares in
accordance with the terms of settlement. This will complete the settlement.


IMF Australia (Limited)


In accordance with the agreement entered into with IMF (Australia) Limited
("IMF") under which IMF funded the Australian Federal Court proceeding against
Oxus, Eurogold will pay IMF 30% of the total proceeds of the settlement.


Resource Invest LLC


In July 2007 Eurogold disposed of its Ukrainian gold mining assets to Resource
Invest LLC ("RIL") for US$5 million. US$2 million has been received and the
balance of US$3 million is due from RIL upon a regulatory milestone relating to
the advancement of the Saulyak Gold Project being met.


The Directors' continue to pursue new investment opportunities.


Peter Gunzburg

Chairman


For further information, please contact:


Peter Gunzburg - Managing Director - Ph: +61 8 9481 0572, 

Email: peter@eurogold.com.au


RFC Corporate Finance Ltd acts as Eurogold's Nominated Adviser

Contact: Stuart Laing - Ph: +61 8 9480 2506, 

Email: stuartl@rfc.com.au


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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