Orsu Metals Corporation (“Orsu” or the “Company”), the London-based dual listed (TSX: OSU; AIM: OSU) base and precious metals exploration and development company, today announces that, further to the exclusivity agreement with David-Invest LLP, a Kyrgyz registered company, and a related company, David Way Limited, a Hong Kong registered company (together the “Potential Buyers”) announced on April 7, 2015, the Potential Buyers have not exercised their option to purchase the Akdjol-Tokhtazan Project before the deadline of December 31, 2015.
Consequently, the agreement has lapsed, and ongoing discussions between the Company and the Potential Buyers will continue on a non-exclusive basis. In parallel, the Company will consider the available options for this Project and will re-appraise the classification and carrying value of this Project as at December 31, 2015 (the Company’s financial year end). The Company will retain the $400,000 non-refundable deposit received from the Potential Buyers and recognise this as income for the year ended December 31, 2015.
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, the potential sale of the Licences and the timing and terms thereof, as well as the Company’s expectations relating to the use of any proceeds received from such sale.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the inability to maintain the Licences and any required permits, authorizations and/or approvals from the appropriate regulatory authorities, and other risks relating to the regulatory framework in Kyrgyzstan, adverse changes in the laws or political environment in Kyrgyzstan, 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 27, 2015, 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 resources development and extraction industry in general; and the Company’s ability to maintain the Licences. 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:
Kevin Denham, Chief Financial Officer and Company Secretary, Orsu Metals Corporation
Tel: +44 (0) 20 7518 3999
Henry Fitzgerald-O’Connor, Martin Davison Canaccord Genuity Limited
Tel: +44 (0) 20 7523 8000