Orsu Metals Corporation

Orsu Metals Corporation

April 24, 2009 18:31 ET

Orsu Metals Corporation: Filing of Annual Financial Statements, MD&A and AIF

LONDON, UNITED KINGDOM--(Marketwire - April 24, 2009) - Orsu Metals Corporation ("Orsu" or the "Company") (AIM:OSU)(TSX:OSU) announces that it has completed its annual consolidated financial statements and related audit, and has filed the annual consolidated financial statements, management discussion and analysis and annual information form for the Company's financial year ended December 31, 2008 (the "Annual Materials").

Orsu failed to complete and file the Annual Materials within the time required by Canadian National Instrument 51-102 Continuous Disclosure Obligations due to the following factors:

- unprecedented market volatility which has required the Company to review the carrying value of its producing assets and mineral properties, and select and implement appropriate valuation methodologies;

- significant management time and effort dedicated to discussions with the Company's lenders in relation to restructuring of the payments due under the loan facility, including hedging payments due under the facility; and

- finalisation of the mineral property valuations and subsequent purchase price allocation following the Company's acquisition of Lero Gold Corp. on 19 June 2008.

Each of the Annual Materials can be reviewed on SEDAR under the Company's profile at www.sedar.com or on the Company's website at www.orsumetals.com.

Contact Information

  • Orsu Metals Corporation
    Petro Mychalkiw
    +44 (0) 20 7518 3999
    Orsu Metals Corporation
    Tania Tchedaeva
    Company Secretary
    +44 (0) 20 7518 3999
    Orsu Metals Corporation
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7518 3999
    +44 (0)20 7513 3998 (FAX)
    Canaccord Adams Limited
    Ryan Gaffney
    +44 (0) 20 7050 6500
    Vanguard Shareholder Solutions
    Keith Schaefer
    +1 604 608 0824