Orsu Metals focuses on Karchiga project
Nov 11. Stock Market Wire
Orsu Metals has continued to focus on its principle exploration project, the Karchiga Project (for three months ended September 30) and raised additional funds totalling $6.83 million:
The Company received the assay results from the central oxide/ transitional drilling program (the Karchiga Central Oxide) and the infill drilling program of the North East sulphide (the Karchiga North East Sulphide) undertaken between June to September 2011. The positive results obtained from the Karchiga Central Oxide means that it will now be included into the definitive feasibility study for the Karchiga Project due in December.
The Company received an aggregate of US$6.83 million in cash in September 2011: $5.5 million in cash from the Open Joint Stock Company Polymetal as early and final settlement of its outstanding deferred consideration entitlement, pursuant to the sale and purchase agreement dated June 13, 2009, relating to the sale of the Varvarinskoye gold-copper project in Kazakhstan
A further $1.33million in cash was received following an agreement between its 55% owned subsidiary Lisburne Holdings Limited and the Tasbulat Oil Corporation LLP Kazakhstan, for the early and final settlement of Lisburne’s oil royalty entitlement pursuant to the oil royalty agreement dated September 2, 1999 between Lisburne and Tasbulat.
For the three months ended September 30, 2011 the Company reported a net loss of $2.7 million.