Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) owns 90 percent of the Sergeevskoe gold exploration project located in the Zabaikalskiy Region of eastern Russia. The property is leased from the Russian Government until 2031.
In February 2022, countries around the world imposed a number of sanctions on Russia in response to its invasion of Ukraine. These sanctions include, but are not limited to, removing certain Russian banks from the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) messaging system, which will affect the Company’s ability to fund its operations in Russia. The Company has some cash reserves in Russia, but prolonged sanctions impacting the Company’s ability to fund operations in Russia, specifically the Sergeevskoe project, may jeopardize the viability of the Company’s business operations in Russia. The Company is analysing the evolving situation and assessing the risks associated with these sanctions and their impact on the Company’s operations.
For further information, please contact:
Sergei Stefanovich, Managing Director of Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.