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Market: AIM, TSX
Sector: Gold Mining
Epic: OSU
News: Latest news
Web Site: Orsu Metals
Other Articles: 08-01-2009

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Orsu Metals

Orsu Metals

Orsu Metals Corporation is a new, dual listed (AIM & TSX), London-based base and precious metal mining, production, exploration and development company which is operating the Varvarinskoye open pit copper-gold mine in northern Kazakhstan and exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic, one of the largest and most prolific gold belts in the world and the Rudny Altai copper belt in the Republic of Kazakhstan.

Orsu was formed in June 2008 after the acquisition of Lero Gold Corporation by European Minerals Corporation.
Monday, June 15, 2009

Polymetal to acquire Orsu Metals Varvarinskoye Gold-Copper Project

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Orsu Metals (TSX & AIM: OSU) rallied this morning after the company announced that it would sell its Varvarinskoye Gold-Copper Project to OJSC Polymetal.  Varvarinskoye has long been a difficult project European Minerals, who merged with Orsu Metals last year. Despite a substantial resource, the project has been plagued by its large debt burden, failure to meet hedging obligations and an inability to refinance.  

Polymetal will pay Orsu Metals US$8 million in cash and up to maximum of US$12 million and will assume US$215 million in debt and hedging obligations.

If the agreement completes, Orsu Metals will be debt free and will focus its attention on several advanced exploration projects in Kazakhstan and Kyrgyzstan.


Commenting on the sale, Dr Sergey V Kurzin, Executive Chairman of Orsu stated: "Proceeds from this sale will allow Orsu to focus on developing its exploration and growth assets with renewed vigour with a substantially stronger balance sheet. After extended negotiations with the banks to re-finance the Varvarinskoye debt and hedging facilities, the Board believes that the sale will release the Company from its current financial and legal burdens, enabling directors and management to focus on providing Orsu shareholders with the exploration, growth and development opportunities the Company is capable of delivering."

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