Orsu Metals Corporation
AIM : OSU
TSX : OSU

Orsu Metals Corporation

November 18, 2009 11:12 ET

Orsu Provides Update on Mineral Exploration Projects

LONDON, UNITED KINGDOM--(Marketwire - Nov. 18, 2009) - Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU)(AIM:OSU), the London-based precious and base metals exploration and development company, provides the following update of the on-going exploration work at the Talas exploration licence area in north west Kyrgyzstan.

Talas Update

The Talas exploration licence area comprises the Taldybulak-Talas, Barkol, Kentash and Korgontash tenements. As of 30 October 2009, Gold Fields Limited through its subsidiary Gold Fields Orogen Holding (BVI) Limited ("Gold Fields") has completed 22,013m of drilling since the commencement of the JV programme with Orsu. The majority of drilling completed to date has been infill drilling within the area of known mineralization. Drilling for the 2009 season has now been completed for all of the Talas licences. The most recent results are shown in Table 1 below. Results from several drill holes are still pending and Orsu expects to receive all assays by the end of November 2009.

Table 1: Significant mineral intersections received from the 2009 Taldybulak infill drill programme

Hole IDFrom (m)To (m)Length (m)Au (g/t)Cu (%)
TB0040128.0166.038.00.760.36
TB0040186.0274.088.01.510.20
TB0040308.0506.0198.01.830.26
      
TB0062502.0652.0150.00.730.23
TB0062678.0784.0106.00.840.10
      
TB006832.0150.0118.01.450.27
TB0068188.0214.026.00.690.03
TB0068254.0460.0206.01.050.17
      
TB0069430.0598.0168.00.970.22

(All drill results were composited at a 0.3g/t cut-off, and reported intervals are not true thickness which has yet to be confirmed. All drill holes were collared within the boundary of the previously delineated resource outline (see May 2008 NI43-101 Technical Report filed on SEDAR at www.sedar.com). TB0062 and TB0069 have extended the known mineralisation at depth.)

Gold Fields has initiated a reinterpretation of the geology and identified mineralization. Upon completion of the updated geological model an updated resource calculation will be produced in accordance with National Instrument 43-101. The updated calculation is expected to be completed by end of Q1 2010.

Notes to Editors:

  1. For avoidance of confusion:
  • The Taldybulak copper-gold porphyry prospect within the Taldybulak exploration licence area is a separate asset from the Taldybulak Levoberezhny gold deposit previously owned by Central Asia Gold Limited; and
  • The Talas Copper Gold Limited Liability Company, holder of the Taldybulak licence, is a separate company from Talas Gold Mining Company, which was the owner of the Jerooy Gold Project.
  1. On 3 December 2008, Orsu Metals Corporation signed a Talas Joint Venture agreement with Gold Fields for the further exploration and development of the Talas licence area, north west Kyrgyzstan. Gold Fields is the project operator. Under the agreement Gold Fields has the right to:
  • During Phase One: Earn up to a 60% interest in the joint venture company which is the indirect owner of the Taldybulak, Barkol, Kentash and Korgontash properties in the Talas region by funding exploration expenditures of CAD$10 million;
  • During Phase Two: Increase its effective interest in the project by a further 10% (to a total of 70%) by funding the lesser of (i) exploration expenditures of up to a further CAD$10 million; or (ii) exploration expenditures required to complete a feasibility study, pursuant to approved programmes and budgets; and
  • After Phase Two: Act as lead arranger to obtain any further project financing for the project development, for which Gold Fields will receive a 1.5% arrangement fee. Gold Fields and Orsu will otherwise contribute to the project requirements on a pro-rata basis through to project development.
  • Phase One will conclude no later than three years from 13 August 2008. During Phase One, the funding will be focussed on exploration work in all Talas licence areas with an emphasis on further defining known mineralised systems and their strike extensions. In addition, a scoping study for the Taldybulak-Talas deposit in the Taldybulak licence is due to be completed during 2009 for submission to the relevant licensing authority. Phase Two will continue for an additional period of up to three years after completion of Phase One and will include the provision to include additional mineral resources in the case of further exploration success in the Talas project area.
  1. Orsu Metals Corporation operates a stringent QA/QC policy that includes external certified standard samples and blanks in each individual batch sent for analysis. Further information on the Taldybulak-Talas project can be viewed on www.sedar.com (report entitled "Technical Report on the Exploration Licences Held by Lero Gold Corporation in Kyrgyzstan & Kazakhstan, Central Asia" and dated May 2008.)

  2. 4. 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, including sampling, analytical and test data underlying the information.

 

Contact Information

  • Orsu Metals Corporation
    Alexander Yakubchuk
    COO
    +44 (0) 20 7518 3999
    or
    Canaccord Adams Limited
    Ryan Gaffney
    +44 (0) 20 7050 6500
    or
    Vanguard Shareholder Solutions
    Keith Schaefer
    604 608 0824
    www.orsumetals.com