Oxus owns 50% in Amantaytau Goldfields (AGF), which is developing the project.

"The Phase 2 underground project is the reason why Oxus invested in AGF....over 80% of our resources are contained within this project and there is very significant potential to increase this further and to continue mining in excess of 300 000 ounces a year for well over a decade," said acting Oxus chairperson Douglas Sutherland

"We are delighted to have received formal approval from the Uzbek Government to proceed, and we shall now focus on bringing together all the relevant resources in order to bring the project into production as quickly as possible."

Wardell Armstrong International will conduct the bankable feasibility study.