INOVIQ LTD — Capital/Financing Update 2005

Mar 30, 2005

PLACEMENT

31 March 2005

ASX and AIM Code "EUG"

Eurogold Limited ("Eurogold") is pleased to announce that it has raised £2.5m through the issue of 35,714,286 shares ("Placing Shares") at $£0.07$ (A\$0.17) to institutional clients of Durlachers Limited.

As previously noted in our December Quarterly Report the funds will be primarily used to complete the construction of the Central Tailings Project in Romania, and to secure the balance of the Saulyak Project in the Ukraine.

Because of the 15% placement restriction imposed by ASX it is expected that the issue of 17,714,286 of the Placing Shares will require shareholder approval. The meeting of shareholders will take place in May 2005.

OXUS GOLD PLC

Oxus Gold Plc ("Oxus") announced on 18 April 2005 in their half-yearly report that they had "acquired a 16.49% strategic shareholding in Eurogold Limited ". Oxus stated that "discussions" continue with the management of Eurogold with a view to developing this alliance to the benefit of the shareholders of both companies".

Eurogold confirms that discussions have been ongoing with Oxus and that Oxus has sought to maintain their holding in Eurogold by participating in this current placement. The Eurogold directors have allowed for this in the allotment of the Placing Shares, with 5,888,100 of the Placing Shares being placed with Oxus.

As a substantial shareholder with an interest of greater than 10% in Eurogold's ordinary shares, Oxus is a related party of Eurogold for the purposes of the AIM Rules. Having consulted with Eurogold's nominated adviser (RFC Corporate Finance Ltd), Eurogold's directors consider the terms of the placement of shares to Oxus are fair and reasonable insofar as Eurogold's shareholders are concerned.

In accordance with Eurogold's continuous disclosure obligations we will inform the market of any material outcome which may result from these discussions

PETER GUNZBURG Executive Chairman