Oxiana Limited has made a bid to acquire Agincourt Resources Limited for Aus$415 million.

Newmont Mining Corporation, which holds 19.9% in Agincourt has signed an option and pre-bid acceptance deed in respect of its holding in Agincourt .

Oxiana managing director Owen Hegarty says: "The acquisition of Agincourt continues the Oxiana strategy of owning, developing and operating quality resource assets in the Asian/Australian region.

" Agincourt 's Martabe Gold Project in North Sumatra, Indonesia, will significantly enhance Oxiana's gold portfolio, increasing the company's gold resource base to about 16 million ounces (including silver equivalents).

"Martabe will add an advanced and significant project in Indonesia to Oxiana's recent exploration joint venture with Kalimantan Gold. It is Oxiana's intention to maintain the focused approach to timely development of the Martabe project, subject to the results of the ongoing Feasibility Study."

Agincourt also has the controlling stake in Nova Energy Limited which holds the advanced Lake Way / Centipede uranium project in Western Australia .

"Nova represents another uranium opportunity for Oxiana which started with our investment in Toro Energy.

"The Wiluna Gold operation in Western Australia also provides us with extra gold production and the opportunity to explore for more gold and for nickel resources in a prospective region. The infrastructure at Wiluna may also have future value in a development of the Nova " Lake Way " uranium project.

"Oxiana will carefully assess its strategy for Wiluna following completion of the Agincourt acquisition. Overall the Agincourt package is another significant development step for Oxiana," Owen Hegarty says.

Agincourt managing director Peter Bowler says, "This offer confirms the Agincourt Board's view on the value of the company. The combination of Agincourt 's development projects with Oxiana's team and financial capacity is excellent. We will be working closely with Oxiana to ensure that this offer and our recommendation are put to Agincourt shareholders as soon as possible".

About Agincourt

Agincourt Resources Limited is an Australian domestic gold producer with an international outlook. The company's Wiluna Gold Mine in Western Australia is currently producing approximately 110,000 ounces per year.

In September 2006, Agincourt acquired the advanced Martabe Gold and Silver Project in Sumatra , Indonesia from Newmont Mining Corporation. Martabe is a world class project with a resource containing 5.8 million ounces of gold and 60 million ounces of silver, with potential for further resource expansions.

The company also has a 57% interest in Nova Energy an ASX-listed uranium developer and explorer with assets in Western Australia , South Australia and the Northern Territory , Namibia and Guinea , West Africa . Nova's Lake Way/Centipede undeveloped uranium project in Australia has a resource of 9000 tonnes of uranium.