Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) reports that as announced on November 6, 2017, Orsu has now closed the purchase of an additional 60% interest in Sibzoloto Investments Limited (“Sibzoloto”), the indirect holder of the Sergeevskoe gold project in Russia on November 30, 2017.
On closing the definitive agreement, the sellers of the 60% interest in Sibzoloto were paid US$420,000 and were granted a net smelter return royalty of 0.75% on the Sergeevskoe project, to be capped at US$7,500,000 at which point it will expire.
Orsu will carry the holders of the 10% interest in Sibzoloto until completion of a definitive feasibility study on the Sergeevskoe project, at which point the 10% interest will become a participating interest subject to dilution.
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.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement 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 statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information, please contact:
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
Tel: +1-604-536-2711 ext 6