PRESS RELEASE Orsu Provides Update on Extension of Tokhtazan Project Licences
6 April 2010
Orsu Metals Corporation (the "Company") (TSX:OSU, AIM:OSU), the London-based precious and base metals exploration and development company, is pleased to announce that the Akdjol and Tokhtazan licences, comprising the Tokhtazan licence area (the "Tokhtazan Project"), were extended by the Ministry of Natural Resources of the Kyrgyz Republic until 31 December 2012.
In accordance with the terms of the Tokhtazan licence:
- the 2010 exploration program shall include 1200m of drilling and 1500m3 of trenching, with minimum expenditures of US$220,000;
- the 2011 exploration program shall include 800m of drilling and 1000m3 of trenching, with minimum expenditures of US$166,000; and
- the 2012 exploration program shall include 300m of drilling and 500m3 of trenching, with minimum expenditures of US$147,000.
In accordance with the terms of the Akdjol licence:
- the 2010 exploration program shall include 700m of drilling and 2000m3 of trenching, with minimum expenditures of US$110,000;
- the 2011 exploration program shall include 600m of drilling and 2000m3 of trenching, with minimum expenditures of US$156,000; and
- the 2012 exploration program shall include 600m of drilling and 1000m3 of trenching, with minimum expenditures of US$147,000.
ENDS
Notes to Editors: 1. Matthew Boyes, BSc, Mineral Resources Manager 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 reviewed the contents of this press release. Mr. Boyes has verified the data disclosed in this release. 2. Minimum expenditures under Tokhtazan and Akdjol licences are based on the local currency of Kyrgyz soms. Exchange rate of 45.52 Kyrgyz soms for 1 United States dollar was used for the purpose of this press release.
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 in this press release includes, but may not be limited to, the exploration programs on the Tokhtazan and Akdjol licences as well as the timing of and minimum expenditures relating to same. 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, fluctuations between the United States dollar and Kyrgyz som exchange rate, risks normally incidental to exploration, the Company's inability to obtain additional financing if, when and as needed in the future, the possibility that future exploration efforts or results will not be consistent with expectations, future unforeseen liabilities and those other risks set out in the Company's public documents filed on SEDAR. In connection with the forward-looking information contained in this press release, the Company has made certain assumptions about the Company's business, including the continued exploration of the Tokhtazan and Akdjol licences will be warranted, 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, and 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 and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Additional information about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its Annual Information Form dated 24 March 2010 which is available under the Company's profile on SEDAR at www.sedar.com.
For more information, please contact:
Alexander Yakubchuk, COO, Orsu Metals Corporation Tel: +44 (0) 20 7518 3999
Ryan Gaffney, Canaccord Adams Limited Tel: +44 (0) 20 7050 6500
Keith Schaefer, Vanguard Shareholder Solutions Tel: +1 604 608 0824
www.orsumetals.com info@orsumetals.com
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