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Additional Information
Market: AIM TSX
Sector: Gold Mining
EPIC: OSU
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Orsu Metals
www.orsumetals.com

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.
Full Orsu Metals profile here
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Orsu Metals gets 3-months extension for debt repayment deadline

8th Jan 2009, 12:00 am

Orsu Metals said its existing lending syndicate, comprised of Investec Bank Ltd, Nedbank Ltd and Natixis Bank, has conditionally approved a three months extension of the deadline for its principal debt payment of US$16.65 million to March 31 2009.


The extension is conditional upon Export Credit Insurance Corporation, South Africa (ECIC"), agreeing to this extension which is expected shortly.


This extension is expected to provide Orsu sufficient time to finalise its ongoing funding arrangements. As at September 30 2008, a total of US$61.0 million long-term debt had been drawn down under the Varvarinskoye limited recourse project finance debt facility with the lenders, of which US$36.1 million is due within one year, including a first tranche of US$16.65 million which was due December 31 2008.


As partial consideration for the extension, Orsu will issue to the lenders an aggregate of 5,000,000 common share purchase warrants. Each warrant will entitle the holder to purchase one common share of the company at a price of CDN$0.1 for a period of 24 months.

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