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Article: Orsu Metals Completes the Sale of Varvarinskoye Project.
- Article from:
- Marketwire Canada
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON, UNITED KINGDOM, Nov 2, 2009 (Marketwire via COMTEX) -- Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU)(AIM:OSU) announces today the closing of the sale of its 100% owned Varvarinskoye gold-copper mine in northern Kazakhstan (the "Varvarinskoye Project") to OJSC Polymetal, previously announced on June 15, 2009. As a result of the sale, Orsu and its group companies no longer have any long-term debt or hedging obligations and Orsu intends to use the proceeds from the sale of the Varvarinskoye Project to fund the company's operating costs and to fund ongoing exploration activities on its existing properties. Orsu remains excited by the prospects of its ...