The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Orsu Announces Approval from the Kazakh Authorities for the Development of the Karchiga Project

Monday, August 20, 2012

Orsu Announces Approval from the Kazakh Authorities for the Development of the Karchiga Project02:00 EDT Monday, August 20, 2012LONDON, UNITED KINGDOM--(Marketwire - Aug. 20, 2012) - Orsu Metals Corporation ("Orsu" or the "Company"), the dual-listed (TSX:OSU)(AIM:OSU) London-based base and precious metals exploration and development company, is pleased to announce that it has received from the relevant Kazakh authorities an approval (the "Approval") for the Karchiga technical project ("Karchiga Technical Project") relating to the development of a mining and processing complex at the Company's Karchiga Project in Kazakhstan (the "Karchiga Project"). The Approval was granted by the Central Commission for Exploration and Mining of Mineral Resources at the Ministry of Industry and New Technologies of the Republic of Kazakhstan. The Approval is the principal document which confirms the compliance of the Karchiga Technical Project with technical, economic and environmental standards of the Republic of Kazakhstan. The grant of the Approval allows for an amendment to the Company's existing Subsoil Use Contract with the Government of Kazakhstan to permit the Company to commence construction and mining at the Karchiga Project. The mining amendment is expected to be implemented in the near future. Dr Sergey Kurzin, Executive Chairman of Orsu, commented: "The grant of the Approval from the Kazakh authorities is another important milestone in the development of the Karchiga Project. It is one of the most important steps in the permitting process in Kazakhstan, which will allow Orsu to proceed with construction and mining at Karchiga." FORWARD-LOOKING INFORMATION This press release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained or referred to in this press release includes, but may not be limited to, the expected implementation of the mining amendment and the timing thereof, the Company's expectations relating to future construction and mining at the Karchiga Project and the possible arranging of a project finance facility for the Karchiga Project.Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks normally incidental to the development of mineral properties and operating hazards, the possibility that future development or mining results will not be consistent with expectations, the inability to obtain, maintain, renew and/or extend required licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities, and other risks relating to the regulatory framework in Kazakhstan, adverse changes in the laws or political environment in Kazakhstan, the inability of the Company to obtain required financing (including the above-mentioned project finance facility for the Karchiga Project) on a timely basis or on terms favourable to the Company, adverse changes in commodities prices, as well as certain other risks set out in the Company's public documents, including its annual information form dated March 30, 2012, filed under the Company's profile on SEDAR at www.sedar.com. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the Company has made assumptions about: the Company's business, the economy and the mineral resources development and extraction industry in general; the Company's ability to raise required additional financing; the Company's ability to obtain, maintain, renew and/or extend required permits, licenses, authorizations and/or approvals from the appropriate regulatory authorities; and the ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet demands. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.Any forward-looking information 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 information, whether as a result of new information, future events or results or otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: Kevin DenhamOrsu Metals CorporationChief Financial Officer and Company Secretary+44 (0) 20 7518 3999www.orsumetals.comORAndrew Chubb / Ryan GaffneyCanaccord Genuity Limited+44 (0) 20 7523 8000OR+1 604 608 0824Vanguard Shareholder Solutions