Orsu Metals Completes the Sale of Varvarinskoye Project
Nov. 2. Marketwire
Orsu Metals Corporation announces today the closing of the sale of its 100% owned Varvarinskoye gold-copper mine in northern Kazakhstan (the “Varvarinskoye Project”) to OJSC Polymetal, previously announced on June 15, 2009. As a result of the sale, Orsu and its group companies no longer have any long-term debt or hedging obligations and Orsu intends to use the proceeds from the sale of the Varvarinskoye Project to fund the company’s operating costs and to fund ongoing exploration activities on its existing properties. Orsu remains excited by the prospects of its exploration portfolio and will continue to pursue new opportunities and assets in countries of the Former Soviet Union.
Orsu’s exploration and development projects include the Karchiga Volcanogenic Massive Sulphide (“VMS”) deposit in Kazakhstan and the Talas and Tokhtazan exploration licence areas in Kyrgyzstan. The business acquisition of Lero Gold Corp. (“Lero”) in 2008 positioned Orsu as a growth company which will aggressively continue the exploration and development of its copper-gold projects in Kyrgyzstan and Kazakhstan and pursue new opportunities and acquisitions in countries of the Former Soviet Union.