LONDON, UNITED KINGDOM -- (Marketwire) -- 03/27/13 -- Orsu Metals Corporation ("Orsu" or the "Company") the dual listed (TSX: OSU)(AIM: OSU) London-based base and precious metals exploration and development company today reports its audited annual results for the year ended December 31, 2012.
The Company's principal and most advanced project is the property, within the Republic of Kazakhstan (or "Kazakhstan"), comprising a license area in eastern Kazakhstan containing the Karchiga volcanogenic massive sulphide ("VMS") deposit which is part of the Rudny Altai polymetallic belt (the "Karchiga Project"). In addition the Company continues to seek to acquire new exploration license areas within Kazakhstan. The Company also holds exploration licenses within the Kyrgyz Republic (or "Kyrgyzstan").
A full Management's Discussion and Analysis of the results for the year ended December 31, 2012 ("MD&A") and the audited Consolidated Financial Statements ("Financials") will soon be available on the Company's profile on SEDAR (www.sedar.com) or on the Company's website (www.orsumetals.com). Copies of the MD&A and Financials can be also be obtained upon request to the Company Secretary.
The Financials for the year ended December 31, 2012 have been prepared in accordance with International Financial Reporting Standards ("IFRS").
All amounts are reported in United States Dollars unless otherwise indicated. Canadian Dollars are referred to herein as CAD$ and British Pounds Sterling are referred to as GBP.
The following information has been extracted from the MD&A and the Financials. Reference should be made to the complete text of the MD&A and the Financials.
EXECUTIVE CHAIRMAN'S STATEMENT
From the start of 2012 the primary objective that I and the management team of Orsu, with the full support of the Board of Directors, have worked towards has been the planning of and the securing of project finance for, the construction of a mine and processing facilities at Orsu's most advanced project, the Karchiga Project. Despite the continued uncertainty in the global economy during 2012, with external elements continuing to challenge the Company's ability to raise funds through equity on the capital markets as well as through debt from banks, the Company was nevertheless able to make significant progress towards securing project finance for the Karchiga Project. In 2012 the Company took a number of steps to divest of its Kyrgyz exploration interests with a view to raising additional funding for its exploration and development activities, including its expenditure obligations under the Balkhash Agreement (defined below), the acquisition of new mineral exploration properties, its corporate and administrative expenditures requirements and potential contributions towards project finance, if and when arranged, in relation to the Karchiga Project should the Company determine necessary. Finally, as part of the Company's continuing objective to potentially acquire new exploration mineral properties, in November 2012, Orsu entered into the Balkhash Agreement to jointly explore the East Balkhash 2 license area (defined below) in Kazakhstan.
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