(OSU) Orsu Metals
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| 08-12-11 | RNS |
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FOR: ORSU METALS CORPORATION TSX, AIM SYMBOL: OSU December 8, 2011 As Part the Ongoing Definitive Feasibility Study, Orsu Announces an Increased Pit-Constrained Mineral Resource for Its Karchiga Project Mineral Resource comprising an Indicated Mineral Resource of 10.8Mt of combined sulphide and oxide mineralisation grading 1.73% Cu for 187,200t (412.7 Mlb) of contained Cu and an Inferred Mineral Resource of 0.02Mt of sulphide mineralisation grading 1.28% Cu for 300t (0.7 Mlb) of contained Cu LONDON, UNITED KINGDOM--(Marketwire - Dec. 8, 2011) - Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU)(AIM:OSU), the London-based precious and base metals exploration company, is pleased to announce an increased mineral resource estimate for its 94.75% owned Karchiga Volcanogenic Massive Sulphide ("VMS") copper project, northeast Kazakhstan (the "Karchiga Project"). The reported mineral resource estimate is constrained by an optimised open pit, has been reported according to Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves (the "CIM Standards") and forms part of the ongoing Definitive Feasibility Study ("DFS") which is expected to be completed in January 2012. The new pit-constrained mineral resource estimate (the "SRK December 2011 Mineral Resource Estimate") has been prepared by our lead DFS consultant SRK Consulting (UK) Limited, Cardiff, UK ("SRK") and relates to oxide and sulphide mineralisation in both the Central and North East lodes of the Karchiga deposit. The new estimate reflects a 28% increase in the sulphide hosted Indicated Mineral Resource tonnage, and a 23% increase in the copper metal contained within this, compared to that reported by SRK in May of this year. This has been achieved not only through the upgrading of practically all previously reported Inferred Mineral Resources to the Indicated category, but also through the addition of 0.8 Mt of sulphide mineralisation in the North East which had not previously been delineated. The most significant difference, however, is the increase in the oxide Mineral Resource. Specifically SRK has reported a 137% increase in tonnage and a 109% increase in contained copper metal in comparison with Mineral Resource Estimates for oxide mineralisation completed by Wardell Armstrong International in March 2010 ("WAI 2010 Estimate"; see Company's press-release dated March 22, 2010). Mineralisation at Karchiga occurs in a Central and a North East lode. The VMS style mineralisation in both lodes is hosted along the contacts between shallow dipping alternating amphibolite and quartz mica schist units. The two lodes have a strike length in excess of 1km and have been intersected down to depths of 200m below surface. In the Central lode, the mineralisation is located within a series of shallow-dipping massive and disseminated sulphide bodies stacked at four stratigraphic levels and primarily consists of chalcopyrite-pyrrhotite and pyrite mineralisation. Above the sulphide mineralisation of the Central lode is a zone of oxide mineralisation (containing malachite, chrysocolla and native copper) which is separated from the sulphide mineralisation by a transition zone of secondary sulphides (comprising chalcocite, covellite and native copper) (see Company's press-release dated September 29, 2011). In the North East lode, the mineralisation primarily consists of chalcopyrite-pyrrhotite and pyrite, with minor sphalerite, and is located within two subparallel shallow-dipping and moderately folded massive and disseminated sulphide lenses. SRK December 2011 Mineral Resource Estimate Table 1 presents the SRK December 2011 Mineral Resource Estimate which comprises an Indicated Mineral Resource of 10.8Mt of combined sulphide and oxide mineralisation with a mean grade of 1.73% Cu for 187,200t of contained Cu and Inferred Mineral Resources of 0.02Mt of sulphide mineralisation grading 1.28% Cu for 300t of contained Cu. These Mineral Resources have been constrained by two optimised pits and are reported at a cut-off grade of 0.3% copper for mineralisation considered to be amenable to flotation ("FL") and at a cut-off grade of 0.7% copper for mineralisation considered to be amenable to heap leaching ("HL"). /T/ Table 1: SRK December 2011 Mineral Resource Estimate: Indicated Mineral Resources ---------------------------------------------------------------------------- Grade Metal Metal Grade Metal Metal Cut-off Tonnes Cu Cu Cu Au Au Au Lode Type Cu (%) (Mt) (%) (Kt) (Mlb) (g/t) (t) (koz) ---------------------------------------------------------------------------- Central Oxide HL 0.7 1.5 1.24 18.2 40.0 0.06 0.08 2.70 ---------------------------------------------------------------------------- Central Transition HL 0.7 0.1 3.39 3.3 7.3 0.06 0.01 0.20 ---------------------------------------------------------------------------- Central Sulphide HL 0.7 0.2 1.72 3.3 7.3 0.14 0.03 0.85 ---------------------------------------------------------------------------- Central Total HL 0.7 1.8 1.41 24.8 54.6 0.07 0.12 3.75 ---------------------------------------------------------------------------- Central Oxide FL 0.3 0.3 1.15 3.2 7.0 0.11 0.03 1.00 ---------------------------------------------------------------------------- Central Transition FL 0.3 0.1 3.19 3.3 7.3 0.06 0.01 0.20 ---------------------------------------------------------------------------- Central Sulphide FL 0.3 3.8 1.87 70.3 154.9 0.13 0.51 16.30 ---------------------------------------------------------------------------- North Sulphide FL East 0.3 4.9 1.75 85.7 188.9 0.21 1.02 32.80 ---------------------------------------------------------------------------- Total FL 0.3 9.1 1.80 162.5 358.1 0.17 1.57 50.30 ---------------------------------------------------------------------------- Total All material 10.8 1.73 187.2 412.7 0.16 1.69 54.05 ---------------------------------------------------------------------------- Inferred Mineral Resources ---------------------------------------------------------------------------- Grade Metal Metal Grade Metal Metal Cut-off Tonnes Cu Cu Cu Au Au Au Lode Type Cu (%) (Mt) (%) (Kt) (Mlb) (g/t) (t) (Koz) ---------------------------------------------------------------------------- North East Sulphide 0.3 0.02 1.28 0.31 0.67 0.20 0.005 0.15 ---------------------------------------------------------------------------- (i) Some figures may not sum exactly due to rounding. /T/ As part of its work, SRK produced updated geological models for both the Central and North East lodes primarily based on a geological cut-off of 0.1% Cu and capped high grades where it considered this to be appropriate based on a statistical analysis of the available assay results. SRK also remodeled the footwall of the oxide mineralisation and in addition to this has modeled a transition zone between the sulphide and oxide mineralisation based on an updated drillhole database and acid solubility data. Notwithstanding this, the resulting Mineral Resource Estimate has been reported using a 40% acid solubility threshold which assumes that material which has an acid solubility greater than 40% will be processed using heap leaching and that which has an acid solubility of less than 40% will be processed in the flotation concentrator. A total of four domains have been modeled in the Central lode, and two in the North East lode. 3D wireframes were created from 2D sections which were spaced at a 25m interval in the Central and North East lodes. No more than 2m of waste was included in the 2D sections used to produce the 3D wireframes. SRK and Orsu previously interpreted four post-mineralisation faults which strike across the deposit but only one of these is now thought to have an effect on the mineralisation, offsetting it in the northern portion of the Central lode by some 120m. Further, the more recent drilling information does not suggest that the mineralisation is terminated by these faults as previously thought. The grade interpolation was carried out on 2m downhole composited drillhole samples from within the 0.1% Cu grade wireframe. SRK used a block size of 25m (X) by 25m (Y) by 5m (Z). Cu, and Au grades were interpolated into the blocks using an Ordinary Kriging algorithm based upon the results of geostatistical modelling completed for the relevant sulphide and oxide data sets. Specific gravity measurements were carried out for the different material types collected from Karchiga diamond drill core and an in-situ bulk density value assigned to the block model based on the relationship between grade and bulk density below the oxide mineralisation revealed by a regression analysis. Data from the 2008, 2010 and 2011 drilling has enabled separate density regression plots to be established for the sulphide mineralisation in the Central and North East lodes. Table 2 shows the pit optimisation parameters that were used to define a pit outline which was then used to constrain the SRK December 2011 Estimates to material with reasonable prospects for economic extraction. The slope angle parameters are the result of the geotechnical study undertaken by SRK. The Mining, Processing, and Operating Cost and the NSR parameters have been derived based on on-going technical work as part of the DFS by SRK. A long term price of US$3.25/lb Cu was assumed based on market consensus forecasts, previously a price of US$3.00/lb Cu had been used by SRK in May 2011 and Micon's May 2010 PEA. Currently the Company is working towards completing its DFS and thereby reporting Mineral Reserves. /T/ Table 2: Pit Optimization Parameters ---------------------------------------------------------------------------- Parameter Value ---------------------------------------------------------------------------- Overall slope angle Central Pit: Hanging Wall 49 degrees Footwall 47 degrees North East Pit: Hanging Wall 51 degrees Footwall 45 degrees Northern Wall 47 degrees ---------------------------------------------------------------------------- Mining & Processing Mining Recovery 95.0% Mining Dilution 5.0% Fresh Cu Processing Recovery 94.00% Oxide Cu Processing Recovery 55.00% ---------------------------------------------------------------------------- Costs Mining Cost Ore $1.80/t Oxide $1.30/t Waste $1.60/t Fresh Processing Cost $9.00/t ore Oxide Processing Cost $22.57/t ore General & Administrative Cost $5.00/t ore Royalty 5.7% of RoM Metal Value (above 0.7% Cu head grade) ---------------------------------------------------------------------------- Price Cu Selling Price 7,200 USD/t Cu (3.25 USD/lb) NSR 83% ---------------------------------------------------------------------------- /T/ Quality Assurance / Quality Control The reported Mineral Resource estimates are based on historical drilling performed in Soviet times as well as drilling undertaken by Orsu since 2007, including in-fill drilling completed in 2011 (see Company's press- releases dated September 1, 2011). Assays for the 2011 in-fill drilling programme have been completed for Cu, Zn, Pb, and Au in the laboratory of the Eastern Institute for Base Metals, based in Ust-Kamenogorsk, Eastern Kazakhstan, which is independent from Orsu and SRK. Standard, blank, and duplicate samples were inserted after approximately every twenty ordinary core samples. The ordinary half core samples have been taken from visually mineralised intervals and 5 m of visually unmineralised material below and above the mineralized intervals. The remaining half core samples are stored at the Orsu facility in Ust-Kamenogorsk, Kazakhstan. The SRK December 2011 Estimate used all data available at the end October 2011. Comparison with Previous Estimates Table 3 shows a comparison between the SRK December 2011 Mineral Resource Estimate and that previously completed by SRK in May 2011 for sulphide mineralisation ("SRK May 2011 Mineral Resource Estimate") and by Wardell Armstrong International for oxide mineralisation ("WAI 2010 Mineral Resource Estimate"). /T/ Table 3: Comparison of Pit-Constrained Mineral Resource Estimates for Karchiga Project ---------------------------------------------------------------------------- Indicated Mineral Resources ---------------------------------------------------------------------------- Metal Metal Cut-off Tonnes Grade Cu Cu Estimate Cu (%) Lode Type (Mt) Cu (%) (Kt) (Mlb) ---------------------------------------------------------------------------- Central & SRK May 2011 0.3 North East Sulphide 7.1 1.85 131.86 290.69 ---------------------------------------------------------------------------- SRK December Central & 2011 0.3 North East FL 9.1 1.80 162.5 358.1 ---------------------------------------------------------------------------- Variance, % 28.17 -2.70 23.24 23.24 ---------------------------------------------------------------------------- WAI 2010 0.7 Central Oxide 0.76 1.57 11.89 29.9 ---------------------------------------------------------------------------- SRK December 2011 0.7 Central HL 1.8 1.41 24.8 54.6 ---------------------------------------------------------------------------- Variance, % 136.84 -10.19 108.58 108.58 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Inferred Mineral Resources ---------------------------------------------------------------------------- Metal Cut-off Tonnes Grade Metal Cu Estimate Cu (%) Lode Type (Mt) Cu (%) Cu (t) (Mlb) ---------------------------------------------------------------------------- SRK May 2011 0.3 North East Sulphide 1.2 1.68 19,849 43.8 ---------------------------------------------------------------------------- SRK December 2011 0.3 North East Sulphide 0.02 1.28 300 0.7 ---------------------------------------------------------------------------- Variance, % -98.33 -23.81 -98.45 -98.40 ---------------------------------------------------------------------------- (i) Some figures may not sum exactly due to rounding. All heap leachable ("HL") and flotation ("FL") recoverable material is reported here with oxide and sulphide resources, respectively, for comparison purposes. /T/ The reported results are part of the ongoing DFS for the Karchiga Project, the completion of which is expected in January 2011. Dr Alexander Yakubchuk, COO and Director of Exploration of Orsu, commented: "We are very pleased with both the successful conversion of the previously reported inferred mineral resources to the indicated mineral resources and the additional growth of our sulphide mineral resource. In addition, a greater than expected growth of indicated mineral resources was achieved for both the tonnage of oxide mineralisation and its contained copper metal of 137% and 109%, respectively. We are looking forward to completing a Mineral Reserve estimates for Karchiga as part of the DFS, with an expected life of mine in excess of eleven years." GLOSSARY of technical terms: /T/ Amphibolite - a metamorphic rock composed mainly of amphibole, formed by the regional metamorphism of basic igneous rocks Au - a chemical symbol for gold Chalcopyrite - a copper-bearing sulphide mineral (CuFeS2) Cu - a chemical symbol for copper Indicated Mineral Resource - that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. Inferred Mineral Resource - that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Lode - a mineralised body Massive sulphide - a large, usually stratiform, conformable orebody composed mainly of iron sulphide, usually pyrite +/- pyrrhotite, and other base metal sulphides, such as chalcopyrite, along interfaces between volcanic units and sediments Mineral Resource - a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Ordinary Kriging - a geostatistical approach to the interpolation of assay data where the weighting of data points is determined based on the spatial correlation between the data in the particular deposit to which it is applied Oxide Mineral Resource - A Mineral Resource comprising mineralisation formed by the chemical interaction of an element or elements with oxygen, usually affected by surface waters Pyrite - the most common iron-bearing sulphide mineral (FeS2) Pyrrhotite - a common ferromagnetic sulphide mineral Quartz mica schist - metamorphosed sedimentary rock Sphalerite - a zinc-iron sulphide mineral ((Zn,Fe)S) Sulphide - a mineral composed of a chemical compound between a metal and sulphur Notes to Editors: 1. Alexander Yakubchuk, PhD, Director of Exploration and Chief Operating Officer for Orsu and a "qualified person" as such term is defined in National Instrument 43-101 and for the purposes of the AIM Guidance Note for Mining, Oil & Gas Companies, has prepared and reviewed the contents of this press release and has verified the data disclosed in this press release (including sampling, analytical and test data underlying the information), other than with respect to the pit-constrained mineral resource estimates noted above. 2. Dr Mike Armitage, CEng, CGeol, Group Chairman and Corporate Consultant (Resource Geology) with SRK, Ms Tracey Laight, MSc, CGeol, FGS, Senior Consultant (Mining Geology), both qualified persons as such term is defined in National Instrument 43-101, have reviewed the contents of this press release. Ms Tracey Laight is the person responsible for the Mineral Resource estimates for Karchiga Project referred to above. 3. The technical report related to the Scoping Study referred to in this press release entitled "Preliminary Assessment of The Karchiga Copper Project, East Kazakhstan Region, Kazakhstan", dated May 25, 2010 and prepared by L S Carroll, MIMMM CGeol FGS, G Harris, MAusIMM, M L Owen, CGeol EurGeol FGS, all of Wardell Armstrong International Limited, J Steedman, MAusIMM and D Wells, MIMMM CEng of Micon International Co. Limited is available under the Company's profile on SEDAR (www.sedar.com). 4. The indicated and inferred mineral resource estimates (March 22, 2010) referred to in this press release are contained in the technical report entitled "Updated Report on the Karchiga Property held by Orsu Metals Corporation, Kazakhstan", dated March 22, 2010 and prepared by M L Owen and L S Carroll of Wardell Armstrong International Limited, which is available under the Company's profile on SEDAR (www.sedar.com). /T/ FORWARD-LOOKING INFORMATION This press release contains forward-looking information which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained (or referred to) in this press release includes, but may not be limited to: statements relating to mineral resource estimates; the Company's expectations with respect to updating and upgrading current mineral resource estimates and the possible increase in tonnage; the timing for the completion of an updated NI 43-101 compliant resource estimate; and the timing of the Company's receipt of results from and timely completion of the ongoing Definitive Feasibility Study. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks normally incidental to exploration and development of mineral properties, uncertainties in the interpretation of drill and test results, the possibility that future exploration, development and/or mining results will not be consistent with expectations (including the possibility that gold may not be able to be economically recoverable from the North East lode), uncertainty of mineral resources estimates, the Company's inability to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the regulatory framework in Kazakhstan, adverse changes in the political environment in Kazakhstan and the laws governing the Company, its subsidiaries and their respective business activities, adverse changes in commodities prices, as well as certain other risks set out in the Company's public documents, including its annual information form dated March 24, 2010, filed under the Company's profile on SEDAR at www.sedar.com. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward- looking information contained in this press release, the Company has made assumptions about: the Company's business, the economy and the mineral exploration industry in general; the Company's ability to raise any required additional financing, as needed; the regulatory framework in Kazakhstan with respect to, among other things, the Company's ability to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities; the political environment in Kazakhstan; and the Company's ability to continue to obtain qualified staff and equipment in a timely and cost- efficient manner to meet the Company's demand. The Company has also assumed that no unusual geological or technical problems occur, plant and equipment work as anticipated and no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The mineral resource figures contained and/or referred to in this press release are estimates only and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates contained and referenced herein are well established, by their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Orsu Metals Corporation Alexander Yakubchuk COO +44 (0) 20 7518 3999 +44 (0)20 7518 3998 (FAX) info@orsumetals.com www.orsumetals.com OR Canaccord Genuity Limited Ryan Gaffney +44 (0) 20 7050 6500 OR Canaccord Genuity Limited Andrew Chubb +44 (0) 20 7050 6500 OR Vanguard Shareholder Solutions +1 604 608 0824 -0- Orsu Metals Corporation More |
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| 11-11-11 | RNS |
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FOR: ORSU METALS CORPORATION TSX, AIM SYMBOL: OSU November 11, 2011 Orsu Metals Corporation Interim Results for the Period Ended September 30, 2011 (Unaudited) LONDON, UNITED KINDGDOM--(Marketwire - Nov. 11, 2011) - Orsu Metals Corporation ("Orsu" or the "Company" or the "Group"), the dual listed (TSX:OSU)(AIM:OSU) London-based precious and base metals exploration and development company today reports its unaudited results for the period ended September 30, 2011. A full Management's Discussion and Analysis of the results for the period ended September 30, 2011 ("MD&A") and Consolidated Financial Statements ("Financials") will soon be available on the Company's profile on SEDAR (www.sedar.com) or on the Company's website (www.orsumetals.com). Copies of the MD&A and Financials can be also be obtained upon request to the Company Secretary. The Financials for the interim period ended September 30, 2011 have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are reported in United States Dollars unless otherwise indicated. Canadian Dollars are referred to herein as CAD$ and British Pounds Sterling are referred to as GBP. The following information has been extracted from the MD&A and the Financials. Reference should be made to the complete text of the MD&A and the Financials. BUSINESS REVIEW OF THE THREE MONTHS ENDED SEPTEMBER 30, 2011 For the three months ended September 30, 2011 the Company continued to focus on its principle exploration project, the Karchiga Project 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 (the "Karchiga Definitive Feasibility Study") for the Karchiga Project due in December 2011. In addition, the Karchiga North East Sulphide programme carried out on the North East Ore body of the Karchiga Project when remodelled will increase the total tonnage in the indicated resource category which will form the basis for the economic modelling. -- 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 ("Polymetal") as early and final settlement of its outstanding deferred consideration entitlement (the "Deferred Consideration Agreement"), pursuant to the sale and purchase agreement dated June 13, 2009 (the "SPA"), relating to the sale of the Varvarinskoye gold-copper project in Kazakhstan (the "Varvarinskoye Project"): a further $1.33 million in cash was received following an agreement between its fifty five per cent (55%) owned subsidiary Lisburne Holdings Limited ("Lisburne") and the Tasbulat Oil Corporation LLP ("Tasbulat"), 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 (the "Tasbulat Oil Royalty Agreement"). For the three months ended September 30, 2011 the Company reported a net loss of $2.7 million. QUARTER HIGHLIGHTS -- July 2011 - the Company announced the commencement of 1,700m infill drilling of the Karchiga Central Oxide and an additional 2,000m infill drilling of the Karchiga North East Sulphide as part of the ongoing definitive feasibility study for the Karchiga Definitive Feasibility Study. -- July 2011 - the Company announced that it has entered into the Deferred Consideration Agreement, with Polymetal to receive $5.5 million in cash by the end of September 2011 as early and final settlement of its outstanding deferred consideration entitlement, pursuant to the terms SPA. -- September 2011 - the Company announced the on-schedule completion of 1,786m (46 holes) infill drilling of the Karchiga Central Oxide and an additional 2,278m (26 holes) infill drilling of the Karchiga North East Sulphide. -- September 2011 - the Company announced that it had received an aggregate of US$6.83 million in cash, consisting of US$5.5 million in cash from Polymetal pursuant to the Deferred Consideration Agreement and US$1.33 million in cash following for the Tasbulat Oil Royalty Agreement. -- September 2011 - the Company announced that it had received all final assay results from its 2011 infill drilling programme in the Karchiga Central Oxide and Karchiga North East Sulphide at its Karchiga Project. OPERATIONAL REVIEW The Company's principal and most advanced exploration project is the property comprising a 47.3km2 licence area in eastern Kazakhstan containing the Karchiga volcanogenic massive sulphide ("VMS") deposit (the "Karchiga Project"), which is part of the Rudny Altai polymetallic belt. The Company's other principal exploration asset is its property in northwest Kyrgyzstan, which is comprised of four licence areas within the Tien Shan gold belt: the Taldybulak, Barkol, Korgontash and Kentash licences (collectively, the "Talas Project"). Approximately 100km to the south west of the Talas Project is the Akdjol-Tokhtazan licence area comprising the Akdjol and Tokhtazan licences (the "Akdjol-Tokhtazan Project"). KARCHIGA COPPER PROJECT, KAZAKHSTAN 2011 Exploration Programme In April 2011 the Company received positive metallurgical test work results on both the Karchiga Central Oxide and Karchiga North East Sulphide mineralization of the Karchiga Project. Subsequently in May 2011, the Company released an updated pit constrained mineral resource estimate as part of the ongoing Karchiga Definitive Feasibility Study prepared by SRK Consulting (UK) Limited ("SRK") (the "SRK 2011 Mineral Resource Estimate") which showed an increased (pit constrained) mineral resource estimate from the previously reported pit constrained mineral resource estimate (the "Karchiga Scoping Study") prepared by Micon International co Limited ("Micon") in May 2010. Details of both the SRK 2011 Mineral Resource Estimate and the Karchiga Scoping Study can be found in the Company's MD&A under "Operational review - Karchiga Copper Project, Kazakhstan" or under the company's profile on SEDAR at www.sedar.com. In light of the positive heap leach metallurgical test work results for the Karchiga Central Oxide the Company believes there is the potential for including the Karchiga Central Oxide material into the Karchiga Definitive Feasibility Study. The infill sulphide drilling program completed on the Karchiga North East Sulphide will also allow the Company to increase the total indicated tonnage by upgrading sections which were previously categorized as inferred. 2011 Metallurgical test work results The table below shows results from locked cycle tests performed on the Central and North East Composites from the Central and North East lodes, respectively, and the respective potential pits of the Karchiga deposit. The Central Composite is a blend of 15% massive and 85% disseminated mineralization, whereas the North East Composite is a blend of 25% massive and 75% disseminated mineralization. Locked cycle test for the Central and North East Composites: --------------------------------------------------------------------------- Lode % Cu % Zn % Mass of Grade in Grade in g/t Au Mineral Concen Concen in Concen % Cu % Zn % Au -ization -trate -trate -trate Recovery Recovery Recovery --------------------------------------------------------------------------- Central 10.34 24.15 1.28 0.34 96.20 73.97 28.18 --------------------------------------------------------------------------- North East 9.98 21.60 7.20 1.65 91.59 86.93 54.95 --------------------------------------------------------------------------- Comparison with previous Pit-Constrained Estimates The table below shows a comparison between the SRK 2011 Mineral Resource Estimates and previously reported mineral resource estimates in the Karchiga Scoping Study, both pit-constrained. The cut-off grade of 0.34% copper used in the mineral resource estimates in the Karchiga Scoping Study was back-calculated based on the economic parameters used in the Karchiga Scoping Study and shown in the table below. It should be noted that the SRK 2011 Mineral Resource Estimates are reported without dilution and loss, while the mineral resource estimates contained in the Karchiga Scoping Study were reported allowing for 5% mining loss and 5% mining dilution. Comparison of Pit-Constrained Mineral Resource Estimates for the Karchiga Project: ---------------------------------------------------------------------------- Indicated Mineral Resources ---------------------------------------------------------------------------- Estimate Effective Cut-off Lode Type Tonnes Grade Metal Metal Date Cu (%) (Mt) Cu (%) Cu (t) Cu (Mlb) ---------------------------------------------------------------------------- Central & May 6, North SRK 2011 2011 0.34 East Sulphide 7.1 1.85 131,789 290.5 ---------------------------------------------------------------------------- Central & Micon May 25, North 2010 2010 0.34 East Sulphide 6.5 1.97 127,804 281.7 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Inferred Mineral Resources ---------------------------------------------------------------------------- Estimate Effective Cut-off Lode Type Tonnes Grade Metal Metal Date Cu (%) (Mt) Cu (%) Cu (t) Cu (Mlb) ---------------------------------------------------------------------------- May 6, North SRK 2011 2011 0.34 East Sulphide 1.2 1.68 19,849 43.8 ---------------------------------------------------------------------------- Micon May 25, North 2010 2010 0.34 East Sulphide 1.1 1.71 18,810 41.5 ---------------------------------------------------------------------------- Additional 2011 Oxide Drilling Programme In light of the positive heap leach metallurgical test results for the oxide mineral resources the Company believes there is the potential for including the Karchiga Central Oxide into the Karchiga Definitive Feasibility Study and for upgrading the inferred mineral resource estimate into an indicated mineral resource estimate for the Karchiga North East Sulphide, which is expected to maximize the additional value from the Karchiga Project. In July 2011, the Company announced the commencement of a 1,700 m drilling programme at the Karchiga Central Oxide. As reported by the Company in the Karchiga Technical Report on March 22, 2010, the Karchiga Central Oxide has an indicated mineral resource of 0.93Mt of mineralization (at 0.5% Cu cut-off) grading 1.39% Cu and containing 12,868 t Cu. However, due to a relatively small tonnage, the Karchiga Central Oxide mineral resource estimate was not included in the economic evaluations contained in the Karchiga Scoping Study. The Karchiga Scoping Study proposed that the mineralized oxide material be mined as waste material during the first years of operation at the Central lode to allow access to its sulphide material. However, taking into account current copper prices and the positive results of the recent metallurgy test work, the Company believes that there is potential for the Karchiga Central Oxide material to be treated economically via heap leaching, and therefore potentially representing an important uplift in the economic value of the Karchiga Project. As a result of the inclusion of the oxide mineralization, the Company expects the Karchiga Definitive Feasibility Study to be completed in December 2011. This Karchiga Central Oxide mineral resource estimate also included part of the 1 to 2 m thick transition zone of secondary sulphides (with chalcocite, covellite and native copper), located between the primary sulphide (chalcopyrite, pyrrhotite, pyrite) and oxide (malachite, chrysocolla, native copper) mineralization. Due to its insignificant thickness, the transition zone was not modelled as a separate mineralized body in previous mineral resource estimates for the Karchiga deposit. Based on the distribution of the greater than 50% acid soluble copper, the top part of the transition zone was included into oxide mineralization, whereas the bottom portion was estimated as part of the sulphide mineralization. Additionally, the results of the most recent metallurgical test work announced by the Company (see the Company's press-release dated April 28, 2011) indicated that acid leaching of a blend of oxide and transitional secondary sulphide achieved 68% Cu recovery. As announced in the Company's September 29, 2011 press release, the 2011 infill 1,786m (46 holes) in the Karchiga Central Oxide revealed better than expected continuity and much greater thickness and grade of the transition zone than was previously estimated. The diagram below shows the principal relationships between the oxide, transition and primary sulphide zones in the Central lode of the Karchiga deposit (full details can be found in the Company's MD&A under "Operational Review - Karchiga copper project, Kazakhstan"). Dashed blue line shows schematic position of the dividing line between heap leachable and floatable sulphides from the transition zone. The area above the 50% acid soluble Cu line is potentially amenable to heap leaching. To view the diagram of the Karchiga deposit, please visit the following link: http://media3.marketwire.com/docs/kco-fig1.pdf Below are the best grade intercepts obtained from the drilling in the Karchiga Central Oxide (a full table of all the intercepts can be found in the Company's MD&A in Table 13 of the "Operational review - Karchiga Copper Project, Kazakhstan"): -- 1.7m grading 7.43% Cu (Hole KGDD11-161); -- 3.55m grading 6.61% Cu (Hole KGDD11-165); -- 5.4m grading 5.00% Cu (Hole KGDD11-168); -- 1.9m grading 33.00% Cu (Hole KGDD11-170); -- 8.25m grading 2.66% Cu (Hole KGDD11-171); -- 8.0m grading 3.90% Cu (Hole KGDD11-173); -- 4.55m grading 1.75% Cu (Hole KGDD11-176); -- 10.5m grading 3.94% Cu (Hole KGDD11-181); -- 2.4m grading 23.60% Cu (Hole KGDD11-182); -- 4.5m grading 6.43% Cu (Hole KGDD11-183); -- 7.4m grading 4.18% Cu (Hole KGDD11-189); -- 1.65m grading 5.81% Cu (Hole KGDD11-190); -- 4.4m grading 4.86% Cu (Hole KGDD11-192); -- 16.2m grading 7.22% Cu (Hole KGDD11-198); -- 24.8m grading 2.86% Cu (Hole KGDD11-200). Additional 2011 Sulphide Infill Drilling Programme A 2,000m infill drilling programme in the Karchiga North East Sulphide was commenced in July, 2011 and aimed to convert between 0.5Mt and 1Mt of sulphide mineralization from inferred to indicated mineral resource categories. On September 1, 2011, the Company reported completion of 2,278m (26 holes) infill drilling of the Karchiga North East Sulphide and on September 29, 2011, announced all final assay results from this programme. Assays on samples collected from the North East lode sulphide infill drill core returned results, which are generally as the Company had anticipated and can be seen in Table 14 in the Company's MD&A under the "Operational review - Karchiga Copper Project, Kazakhstan". Milestones for the Karchiga Project The milestones for the Karchiga Definitive Feasibility Study are expected to be: -- Q2 2011 - finalisation of the metallurgical flow sheet (completed); -- Q2 2011 - updated NI 43-101 mineral resource, incorporating 2010 drilling results (completed); -- Q3 2011 - finalisation of metallurgical flow sheet for oxide heap leaching (completed); -- Q3 2011 - completion of oxide and sulphide drilling programmes (completed); -- Q4 2011 - completion of geological remodelling with the inclusion of the results from the new drilling; -- Q4 2011 - start of detailed mine design; -- Q4 2011 - completion of the locally commissioned Kazakh Feasibility Study and submission for approval; -- Q4 2011 - review of the Karchiga Project financing options; -- Q4 2011 - completion of the Karchiga Definitive Feasibility Study; -- Q1 2012 - approval of the Kazakh Definitive Feasibility Study and; -- Q2 2012 - start of construction. TALAS COPPER-GOLD-MOLYBDENUM PROJECT, KYRGYZSTAN Exploration Programme Pursuant to the joint venture agreement dated December 3, 2008, as amended on August 14, 2009, between the Company, Gold Fields Orogen Holding BVI ("Gold Fields"), Lero, Kami Associates Limited (the "JV Company") and Talas Copper Gold LLC ("TCG") (the "JV Agreement"), Gold Fields is the project operator for the Talas Project. Pursuant to the JV Agreement Gold Fields has a 60% interest in the Talas Project and is the project operator and the Company retains a 40% interest in the Talas Project. For the Talas Project, Orsu and Gold Fields have approved a 2011 exploration programme and expenditure budget of $3.6 million. As per the terms of the JV Agreement, the Company is required to fund its 40% pro rata share of approximately $1.4 million. The majority of the licence expenditures are expected to be incurred in connection with environmental, social, metallurgical and resource studies, as well as a ground magnetic survey at the Taldybulak licence. As at September 30, 2011 the Company had contributed $611,000 of its 40% share of expenditure. AKDJOL-TOKHTAZAN PROJECT, KYRGYZSTAN 2011 update on progress of the Akdol-Tokhtazan Project In July 2011, the Company initiated a ground magnetic survey programme at the Akdjol-Tokhtazan Project. The programme is designed to complete mapping of the magnetic anomalies in both the Akdjol and Tokhtazan licenses. In September 2011, the Company received preliminary results of the ground magnetic survey, which are currently being processed. The results are expected to help in interpretation of structural controls of gold mineralisation in the project area. The Company mobilized drilling equipment in September 2011 and began a drilling programme consisting of 2,200 m of drilling at the Tokhtazan licence and 600 m of drilling at the Akdjol licence which is expected to be completed by the end of the year. In order to complete the planned drilling programme the Company has estimated potential drilling costs of $659K for the Tokhtazan licence and $91K for the Akdjol licence to meet the obligations which will be funded from the Company's available funds. FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 For the three months ended September 30, 2011 the Company recorded a net loss of $2.7 million. The net loss of $2.7 million consisted of administrative costs of $1.1 million, legal and professional expenses of $0.3 million, exploration costs of $1.7 million, a stock-based compensation charge of $0.3 million, the Company's share of the Talas Joint Venture losses of $0.3 and $0.1 million net foreign exchange losses partially offset by a net gain on settlement of the Tasbulat Oil Royalty Agreement of $0.9 million and unrealized derivative gains of $0.2 million. In September 2011, the Company received $1.3 million cash per the Tasbulat Oil Royalty Agreement. The Company had previously recorded as long term other assets a brought forward value of its outstanding oil interest of $0.4 million. Following the receipt of the outstanding oil interests of $1.3 million the Company recognised net income of $0.9 million for the three months ended September 30, 2011. In respect of the Company's cash flows, cash and cash equivalents decreased by $5.6 million in the nine months to September 30, 2011. The decrease of $5.6 million for the nine months to September 30, 2011 was due primarily to the Karchiga Acquisition for approximately $6.2 million, exploration expenditure primarily for the Karchiga Project of $3.4 million, corporate expenditure of $4.0 million and Orsu's pro-rata funding for the Talas Project of $0.6 million, partially offset by deferred consideration received of $7.0 million and settlement from the Tasbulat Oil Royalty Agreement of $1.6 million (full details can be found in the Company's MD&A under "Financial Review"). FINANCIAL POSITION AS AT SEPTEMBER 30, 2011 AND DECEMBER 31, 2010 As at September 30, 2011, the Company's net assets were $35.4 million, compared with $40.4 million as at December 31, 2010, of which $14.0 million consisted of cash and cash equivalents ($19.6 million as at December 31, 2010). The decrease of $5.0 million was due to the payment of $6.2 million for the Karchiga Acquisition, the Company's 40% share of losses in the Talas Joint Venture of $0.7 million and corporate and exploration expenditure of $7.4 million partially offset by a $6.1 million decrease in derivative warrant liabilities, deferred consideration income of $1.9 million and income from the Tasbulat Oil Royalty Agreement of $1.3 million. A summary of the carrying value of the Company's equity investment in the Talas Joint Venture as at September 30, 2011 is set out below: $000s Fair value of equity investment as at January 1, 2011 10,221 Funding provided by the Company during the six months ended September 30, 2011 611 Less: Company's 40% share of operating losses for the six months ended September 30, 2011 (712) --------- Fair value of equity investment as at September 30, 2011 10,120 --------- --------- LIQUIDITY AND CAPITAL RESOURCES As at September 30, 2011 the Company's main source of liquidity was unrestricted cash of $14.0 million, compared with $19.6 million as at December 31, 2010. The Company measures its consolidated working capital as comprising free cash, accounts receivable, prepayments and other receivables, less accounts payable and accrued liabilities. As at September 30, 2011, the Company's consolidated working capital was $14.6 million (compared with a consolidated working capital of $21.5 million as at December 31, 2010), which, in the Company's view, is sufficient to satisfy its working capital needs for the remainder of 2011. The Company's working capital needs as at September 30, 2011 included the maintenance of the Company's interests in, and the further exploration and the development of, the Company's mineral properties in Kyrgyzstan, the completion of the Karchiga Definitive Feasibility Study, and the funding of general corporate, legal and professional expenses. The Company expects to fund the remaining working capital requirements for 2011 as well as the contribution towards the pursuit of future growth opportunities (which may include acquiring one or more additional assets), if and when such opportunities arise from its unrestricted cash of $14.0 million as at September 30, 2011, which includes the $5.5 million cash received in September 2011 from the Deferred Consideration Agreement and the receipt of $1.3 million in September 2011 from the Tasbulat Oil Royalty Agreement. The future advancement, exploration and development of the Company's properties, including continuing exploration and development projects, and the construction of mining facilities and commencement of mining operations, if any, will require substantial additional financing in the future. To the extent that such funding is required in the future, the Company expects that it would try to raise such funding through debt and equity financing if and when required. Whilst the Company has been successful in raising debt and equity financing in the past, the Company's ability to raise additional debt and equity financing may be affected by numerous factors beyond the Company's control, including, but not limited to, adverse market conditions and/or commodity price changes and economic downturn and those other factors that are listed under "Risks and Uncertainties" on the Company's MD&A. CONVERSION TO IFRS FROM CANADIAN GAAP Effective January 1, 2011, the Canadian Accounting Standards Board required all publicly listed companies to prepare their financial statements in accordance with IFRS from the previous Canadian Generally Accepted Accounting Principles ("Canadian GAAP"). The Company has prepared in the interim financial statements as at September 30, 2011 a restated consolidated balance sheet as at September 30, 2010, and statements of net income/ (loss) and comprehensive income/ (loss) for the three and nine months ended September 30, 2010 (details can be found in note 3. "Transition to IFRS" of the Company's consolidated financial statements as at September 30, 2011). Impact on the consolidated balance sheet and equity The following table summarises the impact of conversion to IFRS on the Company's consolidated equity, as previously reported under Canadian GAAP for the six months ended September, 2010 and the year ended December 31, 2010: September December 30 2010 31 2010 $000 $000 Equity as previously reported under Canadian GAAP as at January 1, 2010 24,833 24,833 -------------------- Reclassification of share purchase warrants to derivative liabilities (42,041) (42,041) Expense of share issue costs prior to January 1, 2009 (4,598) (4,598) Re-measurement of fair value of derivative warrant liabilities 35,411 35,411 -------------------- Re-stated Equity under IFRS as at January 1, 2010 13,605 13,605 -------------------- Share issue (net of share issue and broker warrant issue costs) 18,705 18,705 Share purchase warrants issued 1,131 1,131 Share based payments 1,440 1,817 Net loss as previously reported under Canadian GAAP for the period (7,105) (4,622) Re-measurement of fair value of derivative warrant liabilities in period 9,840 11,184 Expense of share issue costs from 2010 (793) (793) Reversal of future income tax adjustments - (639) -------------------- Equity under IFRS 36,823 40,388 -------------------- -------------------- Details and further discussion of the impact of the significant accounting policy changes on transition to IFRS can be found both in the Company's MD&A under "Financial Review - Conversion to IFRS from Canadian GAAP" and the Company's consolidated financial statements note 3. "Transition to IFRS" as at September 30, 2011. DERIVATIVE FINANCIAL INSTRUMENTS The Company's derivative instruments consist of derivative assets in the form of deferred consideration relating to the sale of the Varvarinskoye Project, discontinued operations, and derivative warrant liabilities in relation to its share purchase warrants. Deferred consideration On October 30, 2009, the Company completed the sale of its Varvarinskoye Project to Polymetal for an initial consideration of $8 million with deferred consideration of up to $12 million and, as a result, the Company was released from all of its financial and guarantor obligations relating to the Varvarinskoye Project. As at December 31, 2010, the Company recognized a deferred consideration receivable asset of $5.1 million, representing the net present value of the Company's estimated future deferred consideration earnings, based upon the Company's forecast of future gold and copper metal prices and adjusted for counterparty credit risk. Of the $5.1 million deferred consideration receivable asset as at December 31, 2010 the Company recorded $1.5 million as a current deferred consideration receivable and $3.6 million as a long term deferred consideration receivable asset. In July 2011, the Company entered into Deferred Consideration Agreement with Polymetal pursuant to which the Company is to receive $5.5 million in cash by the end of September 2011 as early and final settlement of its outstanding deferred consideration entitlement, pursuant to the SPA relating to the sale of the Varvarinskoye Project. The Company received $5.5 million in September 2011, and as a result recorded net deferred consideration income of $1.9 million for the nine months ended September 30, 2011. Derivative warrant liabilities In prior years the Company has issued listed share purchase warrants in conjunction with public offerings for the purchase of common shares of the Company. These share purchase warrants were issued with an exercise price in Canadian dollars, rather than U.S. dollars (the Reporting and Functional Currency (as defined in "Critical accounting policies and estimates" in the Company's MD&A) of the Company), were only issued to participants in these public share offering, are not able to be tracked by the Company and are transferable by the warranty holder. Such share purchase warrants are considered to be derivative instruments and the Company is required to re-measure the fair value of these at the reporting date. As at September 30, 2011 the Company calculated a fair value for its warrant derivative liabilities of $0.2 million, and recorded an unrealized derivative gain to $0.2 million to net income for the three months ended September 30, 2011. Consolidated Statements of Net Income, and Comprehensive Income (Unaudited) (Prepared in accordance with IFRS) ---------------------------------------------------------------------------- 3 months ended 9 months ended September 30, September 30, 2011 2010 2011 2010 $000 $000 $000 $000 (Expenses)/ income Administration (1,074) (836) (2,708) (2,626) Legal and professional (315) (501) (899) (1,800) Exploration (1,767) (764) (3,446) (1,028) Stock based compensation (289) (600) (481) (1,440) Stock based compensation - non employees (2) (-) (37) (-) Unrealized derivative gains/ (losses) 155 (2,588) 6,071 9,840 Foreign exchange (losses)/ gains (141) 498 (6) (378) ---------------- ---------------- Net (loss)/ income from operations (3,433) (4,791) (1,506) 2,568 Deferred consideration income - - 1,908 - Net gain on settlement of oil interests 942 - 942 - Company's share of Talas Joint Venture losses (269) (271) (712) (656) Finance income 22 22 53 30 ---------------- ---------------- Net income/ (loss) and comprehensive income/ (loss) for the period (2,738) (5,040) 685 1,942 ---------------- ---------------- ---------------- ---------------- Net income/ (losses) attributable to: Shareholders of the Company (2,653) (4,817) 1,302 2,293 Non-controlling interest (85) (223) (617) (351) ---------------- ---------------- (2,738) (5,040) 685 1,942 ---------------- ---------------- ---------------- ---------------- Earnings/ (loss) per share Basic $(0.02) $(0.03) $0.01 $0.02 Diluted $(0.02) $(0.03) $0.01 $0.02 Weighted average number of common shares (in thousands) 157,696 157,696 157,696 114,209 Consolidated Balance Sheets (Unaudited) (Prepared in accordance with IFRS) ---------------------------------------------------------------------------- September 30 December 31 2011 2010 Assets $000 $000 Current assets Cash and cash equivalents 14,031 19,596 Current deferred consideration receivable - 1,500 Prepaid and receivables 1,342 1,217 -------------------------- 15,373 22,313 Non-current assets Deferred consideration receivable - 3,592 Exploration properties 10,458 10,458 Property, plant and equipment 416 449 Equity investment in Talas Joint Venture 10,120 10,221 Other assets - 392 -------------------------- 20,994 25,112 -------------------------- Total assets 36,367 47,425 -------------------------- -------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 670 672 Current portion of derivative warrant liabilities 174 - -------------------------- 844 672 Non-current liabilities Derivative warrant liabilities - 6,245 Other liabilities 120 120 -------------------------- 964 7,037 Equity Share capital 380,145 380,145 Share purchase warrants 4,897 4,897 Share purchase options 5,893 5,904 Contributed surplus 23,012 22,483 Non-controlling interest (374) (773) Deficit (378,170) (372,268) -------------------------- 35,403 40,388 -------------------------- Total equity and liabilities 36,367 47,425 -------------------------- -------------------------- Consolidated Statements of Cash Flows (Unaudited) (Prepared in accordance with IFRS) -------------------------------------------------------------------------- Nine months ended September 30, 2011 2010 $000 $000 ---------------------- Operating activities Income for the period 685 1,942 Items not affecting cash: Company share of Talas Joint Venture losses 712 656 Gain on settlement of oil interests (942) - Depreciation and amortization 94 112 Deferred consideration (1,908) - Share-based payments 518 1,440 Unrealized foreign exchange losses/ (gains) 13 (124) Unrealized derivative gains (6,071) (9,840) ---------------------- (6,899) (5,814) Changes in non-cash working capital Accounts receivable and other assets (373) (125) Accounts payable and accrued liabilities (15) (317) ---------------------- Net cash used by the operating activities (7,287) (6,256) Cash flows from/ (used by) investing activities Expenditures on property, plant and equipment (61) (42) Proceeds from settlement of oil interests 1,582 241 Deferred consideration received 7,000 - Funding of investment in Talas Joint Venture (611) (592) Acquisition of Eildon minority interest (6,188) - ---------------------- Net cash generated from/ (used by) investing 1,722 (393) activities Cash flows from financing activities Gross proceeds of share issue - 27,646 Share issue costs - (1,609) ---------------------- Cash flows from financing activities - 26,037 ---------------------- ---------------------- Net (decrease)/ increase in cash and cash equivalents (5,565) 19,388 ---------------------- Cash and cash equivalents - Beginning of period 19,596 3,386 ---------------------- Cash and cash equivalents - End of period 14,031 22,774 ---------------------- ---------------------- Consolidated Statements of changes in Equity (Unaudited) (Prepared in accordance with IFRS) ---------------------------------------------------------------------------- Consolidated statements of changes to equity as at December 31, 2010 and September 30, 2011: Share capital ------------------------ Share Share Number of Share purchase purchase shares capital warrants options (000s') $0000 $000 $000 ------------------------------------------------ Balance as at January 1, 2010 45,696 361,440 6,609 12,550 Share issue 112,000 21,445 - - Share issue costs - (1,862) - - Broker Warrant issue costs - (878) - - Share-based payments - - - 1,817 Share purchase warrants issued - - 1,131 - Share purchase warrants lapsed - - (2,843) - Share options forfeited or lapsed - - - (8,463) Net income/ (loss) for the period - - - - ------------------------------------------------ Balance as at December 31, 2010 157,696 380,145 4,897 5,904 ------------------------------------------------ ------------------------------------------------ Share-based payments - - - 518 Share options forfeited or lapsed - - - (529) Eildon minority interest acquisition - - - - Net income/ (loss) for the period - - - - ------------------------------------------------ Balance as at September 30, 2011 157,696 380,145 4,897 5,893 ------------------------------------------------ ------------------------------------------------ Consolidated Statements of changes in Equity (Unaudited) (Prepared in accordance with IFRS) ---------------------------------------------------------------------------- Consolidated statements of changes to equity as at December 31, 2010 and September 30, 2011: Non- Contributed controlling Total surplus interest Deficit equity $000 $000 $000 $000 ------------------------------------------------ Balance as at January 1, 2010 11,177 - (378,171) 13,605 Share issue - - - 21,445 Share issue costs - - - (1,862) Broker Warrant issue costs - - - (878) Share-based payments - - - 1,817 Share purchase warrants issued - - - 1,131 Share purchase warrants lapsed 2,843 - - - Share options forfeited or lapsed 8,463 - - - Net income/ (loss) for the period - (773) 5,903 5,130 ------------------------------------------------ Balance as at December 31, 2010 22,483 (773) (372,268) 40,388 ------------------------------------------------ ------------------------------------------------ Share-based payments - - - 518 Share options forfeited or lapsed 529 - - - Eildon minority interest acquisition - 1,016 (7,204) (6,188) Net income/ (loss) for the period - (617) 1,302 685 ------------------------------------------------ Balance as at September 30, 2011 23,012 (374) (378,170) 35,403 ------------------------------------------------ ------------------------------------------------ FORWARD-LOOKING INFORMATION This press release and the Company's MD&A contain or refer to forward-looking information. All information, other than information regarding historical fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Such forward-looking information includes, without limitation, statements relating to: the continued and future maintenance, exploration and development of the Company's properties, including the proposed work programs, anticipated milestones and the timing related thereto; development and operational plans and objectives; the Company's ability to satisfy its future expenditure obligations on mineral properties in which it has an interest; mineral resource estimates and updates and upgrades relating thereto as well as the impact thereof on the value of certain of the Company's projects; estimated project economics, cash flow, costs, expenditures, and sources of funding; the sufficiency of the Company's current working capital for the remainder of the year and anticipated exploration expenditures and estimates relating thereto; the estimated LOM, NPV and IRR for, and forecasts relating to tonnages and amounts to be mined from, and average recoveries and grades at, the Karchiga Project and/or Taldybulak as well as the other forecasts, estimates and expectations relating to the Karchiga Scoping Study, the SRK 2011 Mineral Resource Estimates, the NI 43-101 Taldybulak Scoping Study Report and the Taldybulak Scoping Study set out above in "Operational Review"; future prices and trends relating to copper, gold and molybdenum; the completion of the Karchiga Definitive Feasibility Study (and the expected mineral resource estimates to be included therein) and the potential start of construction at the Karchiga Project (including the expected timing for same); the anticipated completion of a mineral reserves estimate for, the productionof marketable concentrates from, and a reduction in future transportation costs at, the Karchiga Project; estimates and expectations relating to the transition zone and the anticipated impact thereof on the economics and payback on Karchiga operations; the potential for further enlarging the mineral endowment and improving metal grades at, and completion of a pre-feasibility study for, the Taldybulak deposit; the Company's belief that the results from the mineralogical study relating to the Akdjol-Tokhtazan Project suggest that gold should be metallurgically accessible; the future political and legal regimes and regulatory environments relating to the mining industry in Kyrgyzstan and/or Kazakhstan; the expected use of the net proceeds from the Offering; the Company's expectations and beliefs with respect to the waiver of the State's pre-emptive right with respect to the Karchiga Project and the past placements of the Common Shares being covered thereby; the significance of any individual claims by non-Ontario residents with respect to the Claim; and the Company's future growth (including new opportunities and acquisitions) and its ability to raise new funding. The forward-looking information referred to in this press release and the Company's MD&A reflects the current expectations, assumptions or beliefs of the Company based on information currently available to the Company. With respect to forward-looking information contained in this press release and the Company's MD&A, the Company has made assumptions regarding, among other things, the Company's ability to generate sufficient funds from capital markets to meet its future expected obligations and planned activities, the Company's business (including the continued exploration and development of its properties and the methods to be employed with respect to same), the estimation of mineral resources (as set out above under "Operational Review"), the parameters and assumptions employed in the Karchiga Scoping Study, the SRK 2011 Mineral Resource Estimates, as well as in defining the pit optimization of the Karchiga deposit, the NI 43-101 Taldybulak Scoping Study Report and the Taldybulak Scoping Study, the economy and the mineral exploration industry in general, the political environments and the regulatory frameworks in Kazakhstan and Kyrgyzstan with respect to, among other things, the mining industry generally, royalties/MPTs, taxes, environmental matters and the Company's ability to obtain, maintain, renew and/or extend required permits, licences, authorisations and/or approvals from the appropriate regulatory authorities, that the waiver granted by the Competent Authority covers any pre-emptive right that the Competent Authority or State has in respect of any past placements, future capital costs and cash flow discounts, anticipated mining and processing rates, the Company's ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner and to engage international and Kazakh companies to carry out additional studies for the Karchiga Definitive Feasibility Study and to obtain Kazakh Feasibility Study approval, the treatment of the Varvarinskoye Project as discontinued operations, assumptions relating to the Company's critical accounting policies, that the Company has identified all of the key issues to be investigated in connection with the Karchiga Definitive Feasibility Study, and has also assumed that no unusual geological or technical problems occur, and that equipment works as anticipated, no material adverse change in the price of copper, gold or molybdenum occurs and no significant events occur outside of the Company's normal course of business. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and metallurgical test work; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; uncertainty of capital and operating costs, production and economic returns; uncertainties relating to the estimates and assumptions used, and risks in the methodologies employed, in the Karchiga Scoping Study, the SRK 2011 Mineral Resource Estimates, the NI 43-101 Taldybulak Scoping Study Report and/or the Taldybulak Scoping Study and that the completion of additional work on the Karchiga Project and/or Taldybulak, as the case may be, could result in changes to the estimates relating to the Karchiga Scoping Study, the SRK 2011 Mineral Resource Estimates, the NI 43-101 Taldybulak Scoping Study Report and/or the Taldybulak Scoping Study, as applicable; a delay in the completion of the Karchiga Definitive Feasibility Study; the Company's inability to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the regulatory frameworks in Kazakhstan and Kyrgyzstan; adverse changes in the political environments in Kazakhstan and Kyrgyzstan and the laws governing the Company, its subsidiaries and their respective business activities; inflation; changes in exchange and interest rates; adverse changes in commodity prices; the inability of the Company to obtain required financing; adverse changes with respect to the Talas Joint Venture; adverse general market conditions; lack of availability at a reasonable cost or at all, of equipment or labour; inability to attract and retain key management and personnel; the possibility of non-resident class members commencing individual claims in connection with the Claim; the Company's inability to delineate additional mineral resources and delineate mineral reserves; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk and Uncertainties" in this MD&A. Any mineral resource figures referred to in this press release and the Company's MD&A are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates in respect of its properties are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Karchiga Scoping Study, the NI 43-101 Taldybulak Scoping Study Report and/or the Taldybulak Scoping Study are preliminary in nature, and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions of the Karchiga Scoping Study, the NI 43-101 Taldybulak Scoping Study Report and/or the Taldybulak Scoping Study will be realized. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward- looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein FOR FURTHER INFORMATION PLEASE CONTACT: Orsu Metals Corporation Petro Mychalkiw CFO +44 (0) 20 7518 3999 OR Orsu Metals Corporation Tania Tchedaeva Company Secretary +44 (0) 20 7518 3999 www.orsumetals.com OR Canaccord Genuity Limited Ryan Cohen/Andrew Chubb +44 (0) 20 7050 6500 OR Vanguard Shareholder Solutions +1 604 608 0824 Orsu Metals Corporation More |
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FOR: ORSU METALS CORPORATION TSX, AIM SYMBOL: OSU September 29, 2011 Karchiga Definitive Feasibility Study Update-Results of 2011 Infill Drilling Programme LONDON, UNITED KINGDOM--(Marketwire - Sept. 29, 2011) - Orsu Metals Corporation (TSX:OSU)(AIM:OSU) - Karchiga infill drilling in the North East lode sulphide returned assay results, which, as anticipated, will result in an upgrade of the Inferred mineral resources to Indicated mineral resources and reserve pit optimization. In addition, the drill results from the Central lode oxide revealed greater than expected thickness, grade, consistency and extent of the transition zone, with secondary sulphide mineralization traceable for 1000 m. Highlights through the Central lode transition zone include: /T/ -- 1.7m grading 7.43% Cu (Hole KGDD11-161); -- 3.55m grading 6.61% Cu (Hole KGDD11-165); -- 5.4m grading 5.00% Cu (Hole KGDD11-168); -- 1.9m grading 33.00% Cu (Hole KGDD11-170); -- 8.25m grading 2.66% Cu (Hole KGDD11-171); -- 8.0m grading 3.90% Cu (Hole KGDD11-173); -- 4.55m grading 1.75% Cu (Hole KGDD11-176); -- 10.5m grading 3.94% Cu (Hole KGDD11-181); -- 2.4m grading 23.60% Cu (Hole KGDD11-182); -- 4.5m grading 6.43% Cu (Hole KGDD11-183); -- 7.4m grading 4.18% Cu (Hole KGDD11-189); -- 1.65m grading 5.81% Cu (Hole KGDD11-190); -- 4.4m grading 4.86% Cu (Hole KGDD11-192); -- 16.2m grading 7.22% Cu (Hole KGDD11-198); -- 24.8m grading 2.86% Cu (Hole KGDD11-200). /T/ Orsu Metals Corporation ("Orsu" or the "Company"), the London-based precious and base metals exploration and development company, is pleased to announce that, as part of the ongoing Definitive Feasibility Study ("DFS"), the Company has received all final assay results from its 2011 infill drilling programme in the Central lode oxide and North East lode sulphide at its Karchiga volcanogenic massive sulphide copper deposit in northeast Kazakhstan (the "Karchiga Deposit"). The Karchiga Deposit consists of the Central and North East lodes. The most recent National Instrument 43-101 ("NI 43-101") compliant (pit-constrained) mineral resource estimates for the Karchiga Deposit (see Company's press-release dated May 11, 2011) were focussed on the sulphide mineralization, which comprised 7.1Mt of mineralization grading 1.85% Cu for 131,860t of contained Cu in the Indicated Mineral Resource category and 1.2Mt of mineralization grading 1.68% Cu for 19,860t of contained Cu in the Inferred Mineral Resource category ("SRK 2011 May Estimates"). The Inferred Mineral Resource is restricted to the North East lode. The SRK 2011 May Estimates excluded oxide mineral resources in the Central lode, which were previously reported by the Company (see Company's press-release dated March 22, 2010). The 2011 infill drilling programme (Fig.1) is expected to upgrade the Inferred Mineral Resources in the North East lode sulphide into Indicated Mineral Resources, achieving at least 60 by 60 m drilling density with inclusion of previous drilling, and to include the Central lode oxide into the ongoing DFS, achieving approximately 30 by 30 m drilling density. To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/osu0929fig1.pdf. Central lode oxide In the Company's 22 March 2010 announcement relating to the Karchiga Deposit, Orsu reported that the Central lode oxide had a total indicated mineral resource estimate of 0.93 Mt (0.5% Cu cutoff) grading 1.39% Cu and containing 12,868t of copper (see the Company's press release dated March 22, 2010). The works conducted prior to the 2011 infill drilling programme identified a 1 to 2 m thick transition zone of secondary sulphides (with chalcocite, covellite and native copper), located between the primary sulphide (chalcopyrite, pyrrhotite, pyrite) and oxide (malachite, chrysocolla, native copper) mineralization (Fig. 2). Due to its insignificant thickness, the transition zone was not modelled as a separate mineralized body in previous mineral resource estimates for the Karchiga Deposit. Based on the distribution of the greater than 50% acid soluble copper, the top part of the transition zone was included into oxide mineralization, whereas the bottom portion was estimated as part of the sulphide mineralization. Additionally, the results of the most recent metallurgical test work announced by the Company (see the Company's press-release dated April 28, 2011) indicated that acid leaching of a blend of oxide and transitional secondary sulphide achieved 68% Cu recovery. The Indicated Mineral Resource estimates of the Central lode oxide may justify a heap leaching operation during the first 3 to 4 years of operation, which warrants inclusion of the oxide material into the ongoing DFS in order to extract the potential economic value from the oxide mineralization. To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/osu0929fig2.pdf. The 2011 infill drilling in the Central lode oxide revealed better than expected continuity and much greater thickness and grade of the transition zone than was previously estimated (Table 1 in Exhibit A). The transition zone in the Central lode can be traced for 1000 m, varying in width from 30 to 50 m. The Company estimates the average thickness to be between 3 to 5 m or greater. In addition, the assays show presence of consistent high grade (4-5% Cu) mineralization in the transition zone, with several assays returning high grade values in the range of 7.22% to 33% Cu per relevant intervals (Table 1 in Exhibit A). North East lode Assays on samples collected from the North East lode sulphide Infill drill core returned results, which can be seen in Table 2 in Exhibit A. As anticipated by Orsu, the modeling of the North East lode will result in an upgrade of mineralization from the Inferred to Indicated mineral resource categories, as well as will be used for reserve pit optimization. QAQC One thousand two hundred and one samples, including 103 standards, 64 duplicates, and 54 blanks, were prepared from the intervals hosting massive and disseminated sulphide as well as secondary sulphide and oxide mineralization in the two lodes, consisting of 694 oxide and 507 sulphide samples. All samples were submitted and assayed in the VNIITsvetMet laboratory in Ust-Kamenogorsk, Kazakhstan. The laboratory is part of VNIITsvetMet, a Kazakh Institute, which specialises in metallurgical studies for base metals and is independent of Orsu. All sampling procedures and drill core logging were reviewed by competent persons from Orsu (under guidelines set out in NI 43-101) ensuring samples are taken and results from the laboratory are checked in line with NI 43- 101 guidelines. A stringent QA/QC programme has been put in place to satisfy NI 43-101 and JORC requirements. Core samples have been collected continuously from the visually identifiable intervals mineralized with massive and/or disseminated sulphides and oxide material, including at least 5 m of host rock above and below such intervals. Fifty four blank samples have been inserted every 17th sample, followed by standards. Copper oxide and sulphide standards have been inserted, on average, every 18th and 19th sample within the sample number sequence for the drill core. Assay duplicate samples were inserted approximately every 20th sample selected from quarter core on a random basis from both mineralized and unmineralized intervals, and usually inserted after the standards. All high grade assays have been reassayed as duplicates to ensure additional quality control of assaying. In addition, gold standards were inserted every 50th sample. COO and Director of Exploration of Orsu, Dr Alexander Yakubchuk commented: "We are pleased to receive such excellent results from our 2011 infill drilling programme as part of the ongoing DFS. Modeling of the new assay data received is currently underway and we expect to have updated and upgraded NI 43-101 compliant mineral resource estimates completed by the end of October 2011. The new results indicate the possibility of modeling the transition zone as a separate high grade body of mineralization within the Central lode at Karchiga. Our metallurgical test work indicated that copper from the secondary sulphide mineralization in the transition zone can be recovered both via acid leaching and a flotation processes. The Company expects a decision on which part of the secondary sulphide should be included into potential heap leach or flotation circuits to be made upon completion of the new mineral resource modeling and mineral reserve optimization to be completed in November 2011 by the Company's lead DFS consultant SRK Consulting (UK) Limited. In any scenario, the position of the high grade transition zone within 10m to 20m depth from the surface will allow access to it during early stages of mining operation which could further improve the economics and payback period of the Karchiga operation." Exhibit A. /T/ Table 1. Summary of all drill intercepts in the Central lode, showing average copper grades per intercept at 0.1% Cu cutoff. ---------------------------------------------------------------------------- End of Drilled hole, width, Cu, Hole ID Azimuth Dip m From To m % Comment ---------------------------------------------------------------------------- KGDD11-153 240 -65 25.0 11.8 19.25 7.45 0.38 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-154 240 -65 25.0 13.4 24.1 10.7 0.41 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-155 0 -90 30.2 3.0 17.1 14.06 0.68 Total ---------------------------------------------------------------------------- incl 3.0 14.65 11.61 0.54 Oxide ---------------------------------------------------------------------------- and 14.65 17.1 2.45 1.37 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-156 240 -75 43.4 9.6 35.5 25.9 0.52 Total ---------------------------------------------------------------------------- incl 9.6 15.8 6.2 0.5 Oxide ---------------------------------------------------------------------------- and 15.8 18.0 2.2 1.84 Transition ---------------------------------------------------------------------------- and 18.0 35.5 17.5 0.36 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-157 251 -69 40.0 29.4 29.9 0.5 0.75 Sulphide ---------------------------------------------------------------------------- and 33.6 34.5 0.9 0.89 Transition ---------------------------------------------------------------------------- and 34.5 36.36 1.86 0.74 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-158 250 -65 30.0 22.2 30.0 7.8 0.36 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-159 245 -65 40.0 26.65 29.8 3.15 1.08 Transition ---------------------------------------------------------------------------- and 33.0 36.3 3.3 0.31 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-160 240 -65 20.0 9.5 15.8 6.3 0.19 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-161 250 -64 45.0 29.0 40.8 11.8 1.27 Total ---------------------------------------------------------------------------- incl 29.0 29.95 0.95 0.45 Oxide ---------------------------------------------------------------------------- and 29.95 31.65 1.70 7.43 Transition ---------------------------------------------------------------------------- and 31.65 40.8 9.15 0.22 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-162 235 -65 20.0 1.7 12.0 10.3 0.26 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-163 247 -65 35.0 26.12 35.10 8.98 0.26 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-164 247 -63 63.8 47.9 49.0 1.1 0.86 Transition ---------------------------------------------------------------------------- and 51.0 53.4 2.4 0.4 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-165 244 -65 45.0 32.15 41.1 8.95 2.91 Total ---------------------------------------------------------------------------- incl 32.15 36.8 4.65 1.59 Oxide ---------------------------------------------------------------------------- and 36.8 40.35 3.55 6.61 Transition ---------------------------------------------------------------------------- and 40.35 41.1 0.75 1.45 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-166 248 -64 50.0 34.10 35.30 0.8 1.39 Sulphide ---------------------------------------------------------------------------- and 37.7 50.0 12.3 1.30 Sulphide ---------------------------------------------------------------------------- incl 37.7 39.3 1.6 7.7 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-167 240 -65 35.5 10.7 25.05 14.35 0.26 Total ---------------------------------------------------------------------------- incl 10.7 23.0 12.3 0.3 Oxide ---------------------------------------------------------------------------- and 23.0 25.05 2.05 0.43 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-168 241 -68 40.6 14.3 34.2 19.9 1.69 Total ---------------------------------------------------------------------------- incl 14.3 21.4 7.1 0.51 Oxide ---------------------------------------------------------------------------- and 21.4 26.8 5.4 5.00 Transition ---------------------------------------------------------------------------- and 26.8 34.2 7.6 0.41 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-169 0 -89 35.0 6.0 13.6 7.6 0.61 Oxide ---------------------------------------------------------------------------- and 16.0 17.9 1.9 0.74 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-170 239 -65 35.8 13.3 29.2 16.9 4.64 Total ---------------------------------------------------------------------------- incl 13.3 21.6 8.3 8.24 Oxide ---------------------------------------------------------------------------- incl 16.2 18.2 1.9 33.0 Transition ---------------------------------------------------------------------------- and 21.6 29.2 8.6 0.71 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-171 238 -64 40 12.5 34.7 22.2 1.48 Total ---------------------------------------------------------------------------- incl 12.5 17.15 4.65 0.28 Oxide ---------------------------------------------------------------------------- and 17.15 25.4 8.25 2.66 Transition ---------------------------------------------------------------------------- and 25.4 34.7 9.3 0.6 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-172 242 -65 32.5 2.2 30.5 28.3 0.78 Total ---------------------------------------------------------------------------- incl 2.2 25.2 23 0.77 Oxide ---------------------------------------------------------------------------- and 25.2 30.5 5.3 0.85 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-173 243 -65 52.6 0.0 41.0 41 1.04 Total ---------------------------------------------------------------------------- incl 0.0 22.0 22 0.22 Oxide ---------------------------------------------------------------------------- and 22.0 30.0 8 3.9 Transition ---------------------------------------------------------------------------- incl 22.0 26.6 4.6 4.86 Transition ---------------------------------------------------------------------------- and 30.0 41.0 11 0.44 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-174 245 -70 60.2 3.2 10.6 7.4 0.53 Oxide ---------------------------------------------------------------------------- and 10.6 11.3 1.3 2.21 Transition ---------------------------------------------------------------------------- and 11.3 20.2 8.9 0.61 Sulphide ---------------------------------------------------------------------------- and 27.2 30.2 3 1.12 Sulphide ---------------------------------------------------------------------------- and 42.2 43.2 1 0.99 Sulphide ---------------------------------------------------------------------------- and 47.6 56.5 8.9 0.61 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-175 234 -63 46.3 4.0 22.5 18.5 0.26 Oxide ---------------------------------------------------------------------------- and 28.5 31.4 2.9 0.14 Oxide ---------------------------------------------------------------------------- and 31.4 33.5 2.1 1.42 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-176 243 -64 28.2 3.1 22.0 18.9 1.32 Total ---------------------------------------------------------------------------- incl 3.1 17.45 14.35 1.19 Oxide ---------------------------------------------------------------------------- and 17.45 22.0 4.55 1.75 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-177 228 -74 54.65 32.0 48.4 16.4 0.66 Total ---------------------------------------------------------------------------- incl 32.0 38.0 6 0.11 Oxide ---------------------------------------------------------------------------- and 38.0 48.4 10.4 0.97 Sulphide ---------------------------------------------------------------------------- incl 40.0 41.65 1.65 3.04 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-178 240 -69 51.9 32.0 43.0 11 1.57 Sulphide ---------------------------------------------------------------------------- incl 34.1 37.2 3.1 4.57 ---------------------------------------------------------------------------- and 47.2 49.7 2.5 0.45 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-179 239 -63 56.35 20.8 38.2 17.4 1.87 Total ---------------------------------------------------------------------------- incl 20.8 22.25 1.45 3.07 Transition ---------------------------------------------------------------------------- and 22.25 29.8 7.55 0.44 Oxide ---------------------------------------------------------------------------- and 29.8 38.2 8.4 2.93 Sulphide ---------------------------------------------------------------------------- and 40.45 45.85 5.4 0.85 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-180 0 -90 35.65 1.6 17.3 15.7 0.38 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-181 0 -90 38.0 0.0 32.1 32.1 1.69 Total ---------------------------------------------------------------------------- incl 0.0 20.0 20 0.54 Oxide ---------------------------------------------------------------------------- and 20.0 30.5 10.5 3.94 Transition ---------------------------------------------------------------------------- and 30.5 32.1 1.6 1.38 Sulphide ---------------------------------------------------------------------------- and 34.0 38.0 4 0.15 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-182 0 -90 38.0 7.6 29.55 21.95 1.73 Oxide ---------------------------------------------------------------------------- incl 9.6 12.0 2.4 23.6 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-183 0 -90 31.3 18.0 29.0 11 3.01 Oxide ---------------------------------------------------------------------------- incl 20.5 25.0 4.5 6.43 Transition ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-185 240 -64 30.3 2 15.5 13.5 0.68 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-186 243 -70 32.6 4.25 13.35 9.1 1.09 Oxide ---------------------------------------------------------------------------- and 22.0 31.0 9 0.9 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-187 0 -90 46.55 0 16.9 16.9 0.71 Total ---------------------------------------------------------------------------- incl 0 14.5 14.5 0.83 Oxide ---------------------------------------------------------------------------- and 14.5 16.9 2.4 3.19 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-189 242 -65 21.5 0.5 11.0 10.5 0.77 Oxide ---------------------------------------------------------------------------- and 11.0 18.4 7.4 4.18 Transition ---------------------------------------------------------------------------- and 18.4 21.5 3.1 0.49 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-190 244 -65 41.1 31.4 38.7 7.3 0.64 Total ---------------------------------------------------------------------------- incl 31.4 34.35 2.95 0.29 Oxide ---------------------------------------------------------------------------- and 34.35 36.0 1.65 5.81 Transition ---------------------------------------------------------------------------- and 36.0 38.7 2.7 1.4 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-191 240 -60 26.1 13.5 26.1 12.6 0.53 Total ---------------------------------------------------------------------------- incl 13.5 23.0 9.5 0.68 Oxide ---------------------------------------------------------------------------- and 23.0 24.0 1 3.05 Transition ---------------------------------------------------------------------------- and 24.0 26.1 2.1 0.11 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-192 239 -55 45.0 25.4 33.6 8.2 2.74 Total ---------------------------------------------------------------------------- incl 25.4 27.4 2 0.31 Oxide ---------------------------------------------------------------------------- and 27.4 32.8 4.4 4.86 Transition ---------------------------------------------------------------------------- and 32.8 33.6 1.8 1.14 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-193 245 -70 45.7 41.15 45.7 4.55 2.47 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-195 240 -66 30.3 7.05 11.1 3.05 0.31 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-196 240 -65 18.6 11.2 18.3 7.1 0.58 Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-197 240 -55 30.4 No mineralization ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-198 240 -70 51.7 32.4 51.7 19.3 6.27 Total ---------------------------------------------------------------------------- incl 32.4 48.6 16.2 7.22 Transition ---------------------------------------------------------------------------- incl 32.4 35.8 3.4 8.27 ---------------------------------------------------------------------------- incl 42.7 44.9 2.2 27.02 ---------------------------------------------------------------------------- and 48.6 51.7 3.1 1.28 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-200 240 -65 43.3 12.6 43.5 30.9 2.57 Total ---------------------------------------------------------------------------- incl 12.6 18.7 6.1 1.41 Oxide ---------------------------------------------------------------------------- and 18.7 43.5 24.8 2.86 Transition ---------------------------------------------------------------------------- incl 18.7 29.8 11.1 5.33 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-201 246 -70 50.0 9.1 21.85 12.75 0.87 ---------------------------------------------------------------------------- incl 9.1 14.75 5.65 0.49 Oxide ---------------------------------------------------------------------------- and 14.75 17.85 3.1 1.65 Transition ---------------------------------------------------------------------------- and 17.85 21.85 4.0 0.80 Sulphide ---------------------------------------------------------------------------- and 25.85 31.1 6.25 0.84 Sulphide ---------------------------------------------------------------------------- and 36.88 40.0 3.12 4.73 Sulphide ---------------------------------------------------------------------------- and 46.77 50.0 3.23 0.73 Sulphide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-203 243 -65 50.6 26.5 44.45 17.95 1.3 Sulphide ---------------------------------------------------------------------------- # Estimated true widths vary from 70% to 100% of drilled width Table 2. Summary of all drill intercepts in the North East lode sulphide, showing average copper grades per intercept at 0.1% Cu cutoff. ---------------------------------------------------------------------------- End of Drilled hole, width, Cu, Hole ID Azimuth Dip m From To m % Comment ---------------------------------------------------------------------------- KGDD11-184 220 -60 135.0 108.9 112.0 3.1 1.26 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-188 228.6 52.4 133.8 116.1 119.0 2.9 1.8 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-194 222.5 -69.6 140.3 131.45 136.2 4.75 0.77 ---------------------------------------------------------------------------- incl 134.2 135.2 1.0 2.35 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-199 233.8 -58.1 157.9 143.2 143.7 0.5 0.25 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-202 217.3 -70.7 120.0 93.05 95.6 2.55 2.81 ---------------------------------------------------------------------------- and 98.7 101.0 2.3 0.94 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-204 223 -50 101.0 64.2 68.6 4.4 0.76 ---------------------------------------------------------------------------- and 85.87 87.25 1.38 0.44 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-205 218.4 -59.5 100.3 92.65 93.25 1.6 0.42 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-206 228.3 -69.3 125 123.5 124.0 0.5 0.18 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-207 229 -56.2 100.0 94.9 95.95 1.05 0.72 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-209 220 -55 90.0 70.7 77.9 7.2 4.68 ---------------------------------------------------------------------------- incl 76.75 77.9 1.15 22.14 ---------------------------------------------------------------------------- and 81.0 83.8 2.8 0.19 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-210 224.7 -53.8 86.0 50.9 56.4 5.5 2.16 ---------------------------------------------------------------------------- incl 51.9 53.6 1.7 4.86 ---------------------------------------------------------------------------- and 63.9 64.4 0.5 0.58 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-211 225.2 -60.6 95.0 74.5 82.0 7.5 1.35 ---------------------------------------------------------------------------- incl 77.4 78.7 1.3 6.07 ---------------------------------------------------------------------------- and 87.0 89.6 2.6 1.09 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-212 226.2 -59.7 86.1 43.0 47.65 4.65 0.41 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-213 221.2 -59.4 83.1 57.7 59.0 1.3 4.20 ---------------------------------------------------------------------------- incl 58.45 59.0 0.55 8.62 ---------------------------------------------------------------------------- and 69.4 71.4 2.0 2.37 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-214 239 -65.6 44.4 37.8 40.5 2.7 2.70 ---------------------------------------------------------------------------- and 42.4 43.4 1.0 0.13 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-215 267.8 -70.4 33.9 12.5 24.8 12.3 0.73 ---------------------------------------------------------------------------- incl 15.9 16.5 0.6 4.79 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-216 43.4 -51 100.2 67.1 94.6 27.5 1.98 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-217 0 -90 103.1 52.0 58.5 6.5 0.69 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-218 0 -90 68.1 10.25 28.1 17.85 1.62 ---------------------------------------------------------------------------- and 32.0 35.0 3.0 0.12 ---------------------------------------------------------------------------- and 44.3 48.15 3.85 0.25 ---------------------------------------------------------------------------- and 51.25 53.9 2.65 2.71 ---------------------------------------------------------------------------- and 57.9 58.75 0.85 0.26 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-219 244 -65.6 65.4 56.6 58.5 1.9 2.99 ---------------------------------------------------------------------------- and 59.5 60.5 1.0 0.13 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-200 235 -65.3 91.6 72.7 74.8 2.1 0.95 ---------------------------------------------------------------------------- and 78.8 79.8 1.0 1.04 ---------------------------------------------------------------------------- and 83.93 84.5 0.57 3.14 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-221 242.9 -65.7 75.0 No mineralization ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-222 0 -90 143.8 133.0 139.0 6 1.15 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-223 260 -55 50.0 13.0 16.2 3.2 0.58 ---------------------------------------------------------------------------- and 18.0 19.8 1.8 0.94 ---------------------------------------------------------------------------- incl 19.1 19.8 0.7 2.24 ---------------------------------------------------------------------------- and 23.5 28.15 4.65 1.05 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- KGDD11-224 285 -55 90.0 53.6 55.1 1.5 0.39 ---------------------------------------------------------------------------- and 63.0 68.1 5.1 1.56 ---------------------------------------------------------------------------- and 80.0 80.7 0.7 2.12 ---------------------------------------------------------------------------- # Estimated true widths vary from 70% to 100% of drilled width /T/ GLOSSARY of technical terms: Cu - a chemical symbol for copper. Indicated Mineral Resource - that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. Inferred Mineral Resource - that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Lode - a mineralised body. Mineral Resource - a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Oxide Mineral Resource - A Mineral Resource comprising mineralization formed by the chemical interaction of an element or elements with oxygen, usually affected by surface waters. Sulphide - a chemical compound of a metal and sulphur. Notes to editor: /T/ 1. The oxide mineral resource estimates from the Company's March 22, 2010 press release referred to in this press release are contained in the technical report entitled "Updated Report on the Karchiga Property held by Orsu Metals Corporation, Kazakhstan", dated March 22, 2010 (the "March 22, 2010 Technical Report") and prepared by M L Owen, CGeol EurGeol FGS, and L S Carroll, MIMMM CGeol FGS, of Wardell Armstrong International Limited, which is available under the Company's profile on SEDAR (www.sedar.com). Each of the foregoing persons is a "qualified person", as such term is defined in NI 43-101, and independent of Orsu. 2. Dr Mike Armitage, CEng, CGeol, Group Chairman and Corporate Consultant (Resource Geology) with SRK, Ms Tracey Laight, MSc, CGeol, FGS, Senior Consultant (Mining Geology) with SRK, both qualified persons as such term is defined in National Instrument 43-101 and independent of Orsu, have reviewed the contents of this press release. Ms Tracey Laight is the person responsible for the Mineral Resource estimates for Karchiga Project referred to above. 3. Alexander Yakubchuk, PhD, Director of Exploration and Chief Operating Officer for Orsu and a "qualified person" as such term is defined in National Instrument 43-101 and for the purposes of the AIM Guidance Note for Mining, Oil & Gas Companies, has prepared and reviewed the contents of this press release and has verified the data disclosed in this press release (including any sampling, analytical and test data underlying the information), other than with respect to the mineral resource estimates noted above. /T/ FORWARD-LOOKING INFORMATION This press release contains forward-looking information which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained (or referred to) in this press release includes, but may not be limited to: statements relating to mineral resource estimates; the Company's expectations with respect to updating and upgrading current mineral resource estimates and the timing thereof; statements relating to mining operations and anticipated recovery methods at the Karchiga Deposit; and estimates and expectations relating to the transition zone and the anticipated impact thereof on the economics and payback period on the Karchiga operations. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks normally incidental to exploration and development of mineral properties, uncertainties in the interpretation of drill and test results, the possibility that future exploration, development and/or mining results will not be consistent with expectations, uncertainty of mineral resources estimates and the assumptions used, and methodologies employed, in the SRK 2011 May Estimates and the March 22, 2010 Technical Report, the Company's inability to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the regulatory framework in Kazakhstan, adverse changes in the political environment in Kazakhstan and the laws governing the Company, its subsidiaries and their respective business activities, adverse changes in commodities prices, as well as certain other risks set out in the Company's public documents, including its annual information form dated March 22, 2011, filed under the Company's profile on SEDAR at www.sedar.com. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward- looking information contained in this press release, the Company has made assumptions about: the Company's business, the economy and the mineral exploration industry in general; the parameters used in defining the pit optimization for the Karchiga Deposit; the Company's ability to raise any required additional financing, as needed; the regulatory framework in Kazakhstan with respect to, among other things, the Company's ability to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities; the political environment in Kazakhstan; and the Company's ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet the Company's demand. The Company has also assumed that no unusual geological or technical problems occur, plant and equipment work as anticipated and no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The mineral resource figures contained and/or referred to in this press release are estimates only and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates contained and referenced herein are well established, by their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Orsu Metals Corporation Alexander Yakubchuk COO +44 (0) 20 7518 3999 +44 (0)20 7518 3998 (FAX) info@orsumetals.com www.orsumetals.com OR Canaccord Genuity Limited Ryan Gaffney / Andrew Chubb +44 (0) 20 7050 6500 OR Vanguard Shareholder Solutions +1 604 608 0824 -0- Orsu Metals Corporation More |
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FOR: ORSU METALS CORPORATION TSX, AIM SYMBOL: OSU September 21, 2011 Orsu Receives US$6.83 Million in Cash in Early and Final Settlement for Deferred Consideration and Oil Royalties Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU)(AIM:OSU), the London-based precious and base metals exploration and development company, is pleased to announce that it has received an aggregate of US$6.83 million in cash. Further to the announcement on 25 July 2011, Orsu has now received US$5.5 million in cash from 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. In addition, Orsu has received a further US$1.33 million in cash in final settlement of its outstanding oil royalty interests. The Company anticipates that its group cash balance at the end of September 2011, including the cash received for the settlement of Orsu's aforementioned deferred consideration and oil royalty entitlements, will be approximately US$14 million. FORWARD-LOOKING INFORMATION This press release contains forward-looking information which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to statements relating to: the anticipated effect of the receipt of the deferred consideration and oil royalty settlements on the group's cash balance and on the Company's financial statements. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, adverse general market conditions, adverse changes in cost and capital estimates and other anticipated expenses and certain other risks. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward- looking information contained in this press release, the Company has made assumptions about: the Company's business and related financial requirements, the economy, the mineral exploration industry in general. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward- looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. FOR FURTHER INFORMATION PLEASE CONTACT: Orsu Metals Corporation Petro Mychalkiw CFO +44 (0) 20 7518 3999 www.orsumetals.com Canaccord Genuity Limited Ryan Gaffney / Andrew Chubb +44 (0) 20 7050 6500 Vanguard Shareholder Solutions +1 604 608 0824 Orsu Metals Corporation More |
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87th Minesite Forum Wednesday 15th February 2012
Wednesday 15th February 2012 76th Minesite Forum NEW VENUE Merchant Taylors' Hall 30 Threadneedle Street London EC2R 8JB Presenting Companeis Include: Orsu Metals |
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Is this little rally your doing SpikeyDT?
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Gold prices climb after EU treaty; Shanta Gold, GGG Resources, Orsu Metals rally
Wednesday, February 01, 2012 http://bit.ly/wXUBhC |
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This share has been a bit of a dog for me and I was about to offload the remainder but these last few days there's been a flurry of positive news about copper mainly based on projected soft landing for China's economy and forecast excess demand over supply. So I'm hanging on to my OSU shares.....for now.
Mercator Minerals: http://watch.bnn.ca/#clip605555 Credit Suisse: http://watch.bnn.ca/#clip605546 Barclays Capital: http://watch.bnn.ca/#clip604573 http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9031058/Commodities-gold-equities-could-finally-start-to-perform.html Copper shines in start to 2012 Copper has enjoyed its best start to a year since at least 1987, after the previous 12 months saw the price slide 21pc, its first annual fall since 2008. Some will be hoping that the price signals rosier times are ahead for the global economy. After all, the metal is nicknamed "Doctor copper" for its ability to signal the health of demand. Metal traders are betting so, at least, cheered by better than expected growth figures from China, the world's biggest copper consumer, and the US. Fingers crossed. |
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