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Additional Information
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.
Thursday, January 08, 2009

Orsu Metals gets 3-months extension for debt repayment deadline

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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