Marakand Minerals Limited said Monday that full year pretax loss was US$19.4 million, compared with a loss of US$2 million in the previous year.

The company said in the event that Marakand has no future role in the Khandiza project, and in light of the disposal by Oxus of Marakand’s exploration assets in Turkey, announced on Apr. 26, 2007, Marakand would become a dormant company with no activities.

However Marakand remains the owner of the rights to the feasibility study and the environmental and social impact assessment undertaken in relation to the Khandiza project, together with associated geological exploration data, results of all technical and engineering studies and financial analyses carried out subsequent to June 1996. As at Jun. 30, 2007, the book value of these studies was US$9,405,000.

The Board has concluded that there is therefore no remaining commercial value for the Company in respect of the Khandiza project and have, accordingly, written down the value of its investment to reflect this.

Oxus Gold Plc has agreed to acquire the 15.96% of the shares in the Company which it does not own by means of a share-for-share exchange. A circular together with further financial details in respect of Oxus Gold Plc has been sent to all shareholders.

Presently the day-to-day expenditure of the Company is being funded by Oxus Gold Plc through an inter-company loan account. The Company and its Uzbek subsidiary no longer have any cash resources or any ability to pursue its interests in the Khandiza project.

The company said this has been a disappointing year for the Group following difficulties in engaging with the Uzbek authorities in respect of the development of the Khandiza zinc-lead-copper-silver project in Uzbekistan.