6.83 million received-- $14 million cash on hand--- for development of the mine?
NEWS RELEASE
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Orsu Receives US$6.83 Mil in Cash In Early and Final Settlement for Deferred Consideration and Oil Royalties
September 21, 2011
Orsu Metals Corporation (TSX:OSU, AIM:OSU), the London-based precious and base metals exploration and development company, is pleased to announce that it has received an aggregate of US$6.83 million in cash.
Further to the announcement on 25 July 2011, Orsu has now received US$5.5 million in cash from Open Joint Stock Company Polymetal as early and final settlement of its outstanding deferred consideration entitlement, pursuant to the sale and purchase agreement dated June 13, 2009, relating to the sale of the Varvarinskoye gold-copper project in Kazakhstan.
In addition, Orsu has received a further US$1.33 million in cash in final settlement of its outstanding oil royalty interests.
The Company anticipates that its group cash balance at the end of September 2011, including the cash received for the settlement of Orsu's aforementioned deferred consideration and oil royalty entitlements, will be approximately US$14 million.
ENDS
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For further information please contact:
Petro Mychalkiw, CFO, Orsu Metals Corporation
Tel: +44 (0) 20 7518 3999
Ryan Gaffney / Andrew Chubb, Canaccord Genuity Limited
Tel: +44 (0) 20 7050 6500
Vanguard Shareholder Solutions
Tel: +1 604 608 0824
ir@vanguardsolutions.ca
www.orsumetals.com
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