Orsu Metals Corporation
AIM : OSU
TSX : OSU

Orsu Metals Corporation

September 19, 2008 07:51 ET

Orsu Metals Corporation-Statement of Claim Served

LONDON, UNITED KINGDOM--(Marketwire - Sept. 19, 2008) - Orsu Metals Corporation ("Orsu", or the "Company") (TSX:OSU)(AIM:OSU) announces that it has been served by Bernard Szuszkiewicz as a proposed representative plaintiff on behalf of persons who acquired securities of European Minerals Corporation ("EMC") during the period from May 16 2007 until March 31 2008 (collectively, the "Plaintiffs") with a Statement of Claim filed in the Ontario Superior Court of Justice.

The Plaintiffs are claiming general and special damages in the amount of CAD$50,000,000 and punitive damages in the amount of CAD$5,000,000. The Claim relates to the announcement by EMC on March 31, 2008 that it was reviewing its accounting for derivatives to ensure compliance with certain provisions of the CICA Handbook and that it anticipated that such review would result in a restatement of EMC's interim financial statements for the first three fiscal quarters of 2007.

The Company's directors have appointed legal council and are currently preparing their defence. The claim has not yet been certified as a class action and Orsu believes that the Claim is without merit and intends to vigorously dispute the Claim.

Contact Information

  • Orsu Metals Corporation
    Tania Tchedaeva
    Company Secretary
    +44 (0) 20 7518 3999
    +44 (0)20 7513 3998 (FAX)
    or
    Orsu Metals Corporation
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7518 3999
    +44 (0)20 7513 3998 (FAX)
    Email: info@orsumetals.com
    Website: www.orsumetals.com
    or
    Canaccord Adams Limited
    Ryan Gaffney
    +44 (0) 20 7050 6500
    or
    Vanguard Shareholder Solutions
    Keith Schaefer
    (604) 608-0824