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OSU Orsu Metals

1.20
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Orsu Metals LSE:OSU London Ordinary Share VGG6777T1562 COM SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.20 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Orsu Metals Orsu Metals Corporation annual results for the year ended December 31, 2015 (Audited)

30/03/2016 7:00am

UK Regulatory


 
TIDMOSU 
 
Orsu Metals Corporation annual results for the year ended December 31, 2015 (Audited) 
FOR:  ORSU METALS CORPORATION 
 
TSX, AIM SYMBOL:  OSU 
 
March 30, 2016 
 
Orsu Metals Corporation annual results for the year ended December 31, 2015 (Audited) 
 
LONDON, UNITED KINGDOM--(Marketwired - March 30, 2016) - Orsu Metals Corporation ("Orsu" or the "Company"), the 
dual listed (TSX:OSU)(AIM:OSU) London-based base and precious metals exploration and development company today 
reports its audited annual results for the year ended December 31, 2015. 
 
A full Management's Discussion and Analysis of the results ("MD&A") and audited Consolidated Financial Statements 
for the year ended December 31, 2015 ("Financials") will soon be available on the Company's profile on SEDAR 
(www.sedar.com) or on the Company's website (www.orsumetals.com). Copies of the MD&A and Financials can also be 
obtained upon request from the Company Secretary. 
 
The Financials have been prepared in accordance with applicable International Financial Reporting Standards 
("IFRS") as issued by the International Accounting Standards Board ("IASB"). 
 
All amounts are reported in United States Dollars ($) unless otherwise indicated. Canadian Dollars are referred to 
herein as CAD$ and British Pounds Sterling are referred to as GBP. 
 
The following information has been extracted from the MD&A and the Financials. Reference should be made to the 
complete text of the MD&A and the Financials. 
 
2015 HIGHLIGHTS 
 
A year on year reduction of $0.7 million in net losses from continuing operations to $4.5 million for the year 
ended December 31, 2015, from a comparable loss of $5.2 million for the year ended December 31, 2014, along with a 
year on year reduction of $0.8 million in net cash outflows. 
 
As at December 31, 2015 the Company had cash and cash equivalents of $4.7 million and estimates to have sufficient 
working capital to fund its exploration and administration obligations for the next 12 months. 
 
In January 2015, the Company announced that Mr Christopher Power, the Company's Technical Director, would leave 
the Company by mutual consent on April 30, 2015. 
 
In March 2015, the Company announced that pursuant to a review of a mandate announced on July 31, 2012 (the 
"Mandate") by UniCredit Bang AG ("UniCredit") and Barclays Bank plc ("Barclays"), the Company was notified by 
UniCredit and Barclays that the Mandate had formally lapsed with immediate effect in accordance with their 
internal policies and protocols. The Company had appointed UniCredit and Barclays as co-ordinating mandated lead 
arrangers under the Mandate to use commercially reasonable efforts to arrange a project finance facility of up to 
$90 million to finance the Company's Karchiga Project in Kazakhstan. 
 
In April 2015, the Company announced that it had entered into a new conditional exclusivity agreement (the 
"Exclusivity Agreement") with David-Invest LLP ("David-Invest"), a Kyrgyz registered company, and a related 
company, David Way Limited ("David Way"), a Hong Kong registered company (together the "Potential Buyers") with a 
view to the potential sale of the Akdjol-Tokhtazan Project which expired on December 31, 2015. 
 
In May 2015, the Company announced that Mr Timothy Hanford would not stand for re-election as a director, and 
accordingly his directorship terminated as at the conclusion of the Company's annual shareholder meeting held on 
June 22, 2015. 
 
In September 2015, the Company announced the grant of a total of 15.7 million stock options (each an "Option") to 
directors, senior management, employees and consultants, with each Option entitled to purchase one common share of 
the Company (each a "Common Share") at an exercise price of CAD$0.02. Each Option vested with immediate effect and 
will expire on September 2, 2020. 
 
POST YEAR END HIGHLIGHTS 
 
In January 2016, the Company announced that further to the Exclusivity Agreement with the Potential Buyers, the 
Potential Buyers had not exercised their option to purchase the Akdjol-Tokhtazan Project before the deadline of 
December 31, 2015 and consequently, the Exclusivity Agreement had lapsed and ongoing discussions between the 
Company and the Potential Buyers would continue on a non-exclusive basis. 
 
In January 2016, the Company announced that it received confirmation from the relevant Kyrgyz authorities that the 
licenses for its Akdjol-Tokhtazan Project had been until January 1, 2020. 
 
In February 2016, the Company announced its UK registered office changed to Berkeley Square House, Berkeley 
Square, London W1J 6BD, United Kingdom. The change arose following the end of the Company's lease for its former 
offices at 1 Red Place, London, United Kingdom on February 6, 2016. 
 
EXECUTIVE CHAIRMAN'S STATEMENT 
 
2015 saw a continued deterioration in the adverse economic climate which has effected the natural resources sector 
since 2008 and resulted in the Company significantly curtailing its exploration and corporate activities during 
the year. After the fall in global oil prices during the fourth quarter of 2014, copper prices fell significantly 
at the start of 2015 and remained at depressed levels throughout 2015 and are forecast to remain at relatively low 
levels for the foreseeable future. Within this challenging environment, I and the management of Orsu continued 
with our efforts to find a financing solution for the Karchiga Project, undertook limited exploration work at the 
Kogodai Project as well as continuing to seek to dispose of the Akdjol-Tokhtazan Project. As a consequence of the 
adverse economic factors and uncertainty over the timing for any improvement in the overall economic climate, 
during 2016 I and the Board of Directors will consider alternative options in relation to the Company's existing 
exploration projects as well as the future strategic direction of Orsu. 
 
In relation to the Karchiga Project, I and the Board of Directors are deeply disappointed that since the 
completion of the Karchiga Definitive Feasibility Study Report in March 2012 the Company has not been able to 
progress the construction of mining and processing facilities at the project. A number of negative factors have 
contributed to this which include the lapse of the Mandate with Barclays and UniCredit, continuing lack of equity 
investor confidence in the natural resources sector, the depressed copper price, future forecast for copper 
prices, the economic uncertainty which currently persists in China and the associated lack of pick up from other 
developing economies. Given the period of time that has lapsed, I and the Board of Directors will consider whether 
it will be possible to achieve the required financing needed to progress the project in a realistic period of time 
or whether an alternative course of action would be in the best interests of the local staff currently employed at 
the Karchiga Project as well as the shareholders of Orsu. 
 
I am pleased to report that there was a net reduction in year on year losses from the Company's continuing 
operations of $0.7 million and an overall year on year saving in cash expenditures of $0.8 million. The savings in 
cash expenditures were as a result of management continuing to take proactive steps to reduce administrative 
costs, and to operate more efficiently, as well significantly reducing exploration work at the Kogodai Project. As 
a continuing objective to reduce expenditures, and to preserve its cash assets, the Company relocated from its 
head office at Red Place, London, following the expiry of its lease in February 2016 as a result of which 
estimates that it will achieve significant future annual cash savings. As at December 31, 2015 the Company had a 
relatively strong cash balance of $4.7 million and along with the continued emphasis to minimise expenditures in a 
challenging environment remains in a relatively strong positon to look at new opportunities. In the event that 
Orsu were to dispose of one or more of its exploration projects then this would further strengthen the Company's 
position and allow it to look at new opportunities and add value to shareholder's interests. 
 
In relation to the Akdjol-Tokhtazan Project, the Company was unable to conclude a disposal of the project to the 
Potential Buyers during 2015. Under the terms of the Exclusivity Agreement all expenditures at the project were to 
be fully funded by the Potential Buyers. Following the expiry of the Exclusivity Agreement there remained 
outstanding liabilities which the Potential Buyers failed to honour for which the Company has provided for as at 
December 31, 2015. As the Company has been unable to dispose of the Akdjol-Tokhtazan Project, the Company decided 
to discontinue work at the project but continues to discuss a potential disposal with a number of interested 
parties. 
 
Having set out the financial climate in my introduction, during 2016 the Board of Directors, management and I will 
consider the current economic circumstances of the Company and the prospects for an improvement thereafter. A 
number of factors will be considered which include that the Company has been unable to generate sufficient funding 
for the progression of its most advanced exploration project, the Karchiga Project, with proven economic 
feasibility; it has disposed of its interests in exploration projects to generate cash; the Kogodai Project, as a 
new exploration project, will require a major investment to fund an exploration programme from initial exploration 
work through to economic feasibility and thereafter into the construction of mining and processing facilities for 
which the Company may not have sufficient funds; the continuing global economic uncertainties; low copper price 
and continued lack of equity finance. The Company will then decide on its strategic direction going forward which 
may include a potential disposal of one or more of its exploration interests as well as seeking new business 
opportunities other than exploration projects. 
 

(MORE TO FOLLOW) Dow Jones Newswires

March 30, 2016 02:00 ET (06:00 GMT)

Finally, I would like to thank the staff and management of Orsu for their continued dedication and hard work and 
to extend our thanks on behalf of the Board to shareholders for their continued support as we look forward to the 
remainder of 2016. 
 
Dr Sergey V Kurzin 
 
Executive Chairman 
 
March 30, 2016 
 
FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2015 
 
For the year ended December 31, 2015 the Company reported a net loss from continuing operations of $4.5 million, 
compared to a net loss from continuing operations of $5.2 million for the year ended December 31, 2014. Including 
the net loss from discontinued operations resulted in a total net loss of $9.0 million for the year ended December 
31, 2015 compared to $5.3 million for the year ended December 31, 2014. 
 
During the year ended December 31, 2015 capitalized development expenditure in relation to the Karchiga Project 
amounted to $96,000 ($162,000 for the year ended December 31, 2014). 
 
In September 2015, the Company granted a total of 15.7 million Options of the Company at an exercise price of 
CAD$0.02. The Options were accounted for as equity and a fair value measured as at the date of the grant to be 
$0.1 million. 
 
As at December 31, 2015 the Company had net assets of $12.2 million ($21.1 million as at December 31, 2014) of 
which $4.7 million was held in cash and cash equivalents ($7.6 million as at December 31, 2014). 
 
The net loss from continuing operations of $4.5 million for the year ended December 31, 2015 consisted of: 
administrative costs of $2.5 million, legal and professional costs of $0.5 million, exploration costs of $0.2 
million, an impairment charge in relation to the Karchiga Project of $0.8 million, a net foreign exchange loss of 
$0.5 million and a stock based compensation charge of $0.1 million. The losses were partially offset by net 
finance income for the year ended December 31, 2015 of $0.1 million. 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at December 31, 2015 the Company's main source of liquidity was unrestricted cash and cash equivalents of $4.7 
million, compared with $7.6 million as at December 31, 2014. 
 
The Company's working capital needs as at December 31, 2015 included the funding for its care and maintenance 
costs at Karchiga, its existing and future expenditure obligations of the Kogodai Project, its corporate and 
administrative expenditure requirements and potential contributions towards project finance, if and when arranged, 
in relation to the Karchiga Project. The Company expects to fund its working capital requirements from its 
existing cash resources for the remainder of 2015, other than as set out below for the Karchiga Project, and be 
able to contribute towards the pursuit of future growth opportunities (which may include acquiring one or more 
additional assets), if and when such opportunities arise, from its unrestricted cash of $4.7 million as at 
December 31, 2015 and potential net proceeds, if any, from the sale of the Akdjol-Tokhtazan Project or other 
projects. 
 
During the year ended December 31, 2015 the net cash used by the Company's operating expenditures was $2.9 
million, compared to $3.7 million for the year ended December 31, 2014 (as set out in the audited consolidated 
financial statements for the period ended December 31, 2015). 
 
                                                                        $000 
                                                                     ------- 
Estimated working capital requirements for 2016 
=-------------------------------------------------------------- 
Estimated corporate and administrative expenditure (1)                 2,021 
Estimated expenditure for the Kogodai Project (2)                      1,044 
                                                                  ---------- 
Total                                                                  3,065 
 
Notes: 
(1) Includes office expenditure at the Karchiga Project. In estimating the 
    forecast expenditures, the Company has applied an average 2016 exchange 
    rate of GBP/ $ 1.4882 for its UK corporate expenditures and an average 
    2015 exchange rate of Kazakh Tenge/ $ 339.47 for local office 
    expenditure at the Karchiga Project. 
(2) The total exploration expenditure obligation (measured from the date of 
    the transfer of the license) is $3.75 million over five years. The 
    Company will fund the Kogodai Project in U.S. dollar currency. 
 
Consolidated statements of net loss and comprehensive loss (Audited) 
(Prepared in accordance with IFRS) 
=--------------------------------------------------------------------------- 
 
                                                         2015          2014 
                                                         $000          $000 
Operating expenses 
Administration                                         (2,555)       (3,214) 
Legal and professional                                   (538)         (471) 
Exploration                                              (160)         (928) 
Stock based compensation                                  (95)            - 
Stock based compensation - non employees                   (5)            - 
Foreign exchange losses                                  (498)         (238) 
Impairment of Karchiga Project                           (752)            - 
Deferred finance costs written off                          -          (515) 
                                                ---------------------------- 
                                                       (4,603)       (5,366) 
Unrealized gain on share warrant liability                 41           114 
Net of finance income less finance expense                 78            23 
                                                ---------------------------- 
                                                          119           137 
 
                                                ---------------------------- 
Net loss for the year before income tax from 
 continuing operations                                 (4,484)       (5,229) 
 
Tax charge for the year                                     -             - 
 
                                                ---------------------------- 
Net loss and comprehensive loss for the year 
 from continuing operations                            (4,484)       (5,229) 
                                                ---------------------------- 
                                                ---------------------------- 
 
Loss from discontinued operation                          (84)          (92) 
Impairment of discontinued operation                   (4,392)            - 
                                                ---------------------------- 
Net loss from discontinued operations                  (4,476)          (92) 
 
                                                ---------------------------- 
Net loss and comprehensive loss for the year           (8,960)       (5,321) 
                                                ---------------------------- 
                                                ---------------------------- 
 
Net loss attributable to owners of the parent: 
  Loss from continuing operations                      (4,326)       (5,061) 
  Loss from discontinued operations                    (4,476)          (92) 
                                                ---------------------------- 
Loss and comprehensive loss for the year 
 attributable to the parent                            (8,802)       (5,153) 
Net loss attributable to non-controlling 
 interests: 
  Loss from continuing operations                        (158)         (168) 
  Loss from discontinued operations                         -             - 
                                                ---------------------------- 
Loss and comprehensive loss for the year 
 attributable to non-controlling interests               (158)         (168) 
 
Loss per share (US dollar per share) from 
 continuing operations: 
=--------------------------------------------- 
Basic                                                  $(0.02)       $(0.03) 
Diluted                                                $(0.02)       $(0.03) 
 
Loss per share (US dollar per share) from 
 discontinued operation: 
=--------------------------------------------- 
Basic                                                  $(0.02)       $(0.00) 
Diluted                                                $(0.02)       $(0.00) 
 
Weighted average number of common shares (in 
 thousands)                                           182,696       182,696 
 
Consolidated Balance Sheets (Audited) 
(Prepared in accordance with IFRS) 
=--------------------------------------------------------------------------- 
 
                                                  December 31   December 31 
                                                         2015          2014 
Assets                                                   $000          $000 
Current assets 
Cash and cash equivalents                               4,697         7,606 
Prepaid expenses and receivables                          238           545 
Assets of discontinued operation                            -         4,583 
                                                ---------------------------- 
                                                        4,935        12,734 
                                                ---------------------------- 
 
Non-current assets 
Property, plant and equipment                           8,287         9,036 
Other assets                                               88           832 
                                                ---------------------------- 
                                                        8,375         9,868 
 
                                                ---------------------------- 
Total assets                                           13,310        22,602 
                                                ---------------------------- 

(MORE TO FOLLOW) Dow Jones Newswires

March 30, 2016 02:00 ET (06:00 GMT)

                                                ---------------------------- 
 
Liabilities 
 
Current liabilities 
Accounts payable and accrued liabilities                  436           377 
Deferred income                                             -           400 
Liabilities of discontinued operation                     475           187 
Lease obligations                                         171             - 
Share warrant liability                                     5            46 
                                                ---------------------------- 
                                                        1,087         1,010 
 
Non-current liabilities 
Other liabilities                                           -           509 
                                                ---------------------------- 
                                                        1,087         1,519 
                                                ---------------------------- 
 
Equity 
Share capital                                         382,576       382,576 
Share purchase options                                    115         5,601 
Contributed surplus                                    34,146        28,560 
Non-controlling interest                                 (727)         (569) 
Deficit                                              (403,887)     (395,085) 
                                                ---------------------------- 
                                                       12,223        21,083 
 
                                                ---------------------------- 
Total equity and liabilities                           13,310        22,602 
                                                ---------------------------- 
                                                ---------------------------- 
 
Consolidated Statements of Cash Flows (Audited) 
(Prepared in accordance with IFRS) 
=--------------------------------------------------------------------------- 
 
                                                         2015          2014 
                                                         $000          $000 
Cash flows used by operating activities 
Net loss and comprehensive loss for the year           (8,960)       (5,321) 
Items not affecting cash: 
  Depreciation                                             97            82 
  Impairment of Karchiga Project                          752             - 
  Impairment of asset held for sale                     4,392             - 
  Unrealized exchange (gains)/ losses on cash 
   and cash equivalent balances                           (30)           35 
  Onerous provision release                              (337)            - 
  Unrealized derivative gain on share warrant 
   liability                                              (41)         (114) 
  Share-based payments                                    100             - 
  Foreign exchange losses                                 498           240 
  Retirement of fixed assets                                -            13 
  Deferred finance costs expensed                           -           515 
                                                ---------------------------- 
                                                       (3,529)       (4,550) 
Changes in non-cash working capital: 
  Accounts receivable and other assets                    743           417 
  Accounts payable and accrued liabilities                (55)          603 
                                                ---------------------------- 
Net cash used by operating activities                  (2,841)       (3,530) 
                                                ---------------------------- 
 
Cash flows used by investing activities 
  Expenditures on property, plant and 
   equipment                                              (99)         (171) 
 
                                                ---------------------------- 
Net decrease in cash and cash equivalents in 
 the year                                              (2,940)       (3,701) 
                                                ---------------------------- 
 
  Cash and cash equivalents - Beginning of the 
   year                                                 7,607        11,343 
  Exchange gains/ (losses) on cash and cash 
   equivalents                                             30           (35) 
                                                ---------------------------- 
  Cash and cash equivalents - End of the year           4,697         7,607 
                                                ---------------------------- 
                                                ---------------------------- 
 
Cash and cash equivalents per the consolidated 
 balance sheets                                         4,697         7,606 
Included in the discontinued operation                      -             1 
 
 
FORWARD-LOOKING INFORMATION 
 
This press release and the Company's MD&A contains or refers to forward-looking information. All information, 
other than information regarding historical fact that addresses activities, events or developments that the 
Company believes, expects or anticipates will or may occur in the future is forward-looking information. Such 
forward-looking information includes, without limitation, statements relating to: development and operational 
plans and objectives, including the Company's expectations relating to the continued and future maintenance, 
exploration, development and financing, as applicable, of the Karchiga Project, and the Kogodai Project and the 
timing related thereto and its acquisition and development of new mineral exploration licenses, properties and 
projects; the Company's ability to satisfy certain future expenditure obligations; the Company's expectations 
relating to the effects of the joint share ownership plan; mineral resource and mineral reserve estimates; 
estimated project economics, cash flow, costs, expenditures, revenue, capital payback, performance and economic 
indicators and sources of funding; the estimate, use and sufficiency of the Company's working capital and the 
Company's ability to fund its working capital requirements; the potential disposition of one or more of the 
Company's exploration interests or exploration projects as well as the seeking of business opportunities other 
than exploration projects; the potential raising of additional funding through the disposition of the Akdjol- 
Tokhtazan Project and the proposed uses thereof; the estimated mine life, NPV and IRR for, and forecasts relating 
to tonnages and amounts to be mined from, and processing and expected recoveries and grades at, the Karchiga 
Project as well as the other forecasts, estimates and expectations relating to the Karchiga Definitive Feasibility 
Study Report; the mine design and plan for the Karchiga Project, including mining at, and production from the 
Karchiga Project and the reasonableness of the assumptions and methodologies used in formulating the mine and 
processing plans; the future political and legal regimes and regulatory environments relating to the mining 
industry in Kazakhstan and/or Kyrgyzstan; the Company's expectations and beliefs with respect to the waiver of the 
State's pre-emptive right with respect to the Karchiga Project and the past placements of the Common Shares being 
covered thereby; the expectations relating to continued compliance with environmental regulations; the 
significance of any individual claims by non-Ontario residents in relation to the Claim; and the Company's future 
growth (including new opportunities and acquisitions) and its ability to raise or secure new funding. 
 
The forward-looking information in this press release and the Company's MD&A reflects the current expectations, 
assumptions or beliefs of the Company based on information currently available to the Company. With respect to 
forward-looking information contained in this press release and the Company's MD&A, the Company has made 
assumptions regarding, among other things, the Company's ability to generate sufficient funds from debt sources 
and/or capital markets to meet its future expected obligations and planned activities (including, with respect to 
financing for the Karchiga Project, the ability of the Company to obtain such financing on terms acceptable to the 
Company or otherwise), the anticipated benefits of the joint share ownership plan, the Company's business 
(including the continued exploration and development of, as applicable, the Karchiga Project and the Kogodai 
Project and the timing and methods to be employed with respect to same), the estimation of mineral resources and 
mineral reserves, the parameters and assumptions employed in the Karchiga Definitive Feasibility Study Report, the 
economy and the mineral exploration and extraction industry in general, the political environments and the 
regulatory frameworks in Kazakhstan and Kyrgyzstan with respect to, among other things, the mining industry 
generally, royalties, taxes, environmental matters and the Company's ability to obtain, maintain, renew and/or 
extend required permits, licenses, authorisations and/or approvals from the appropriate regulatory authorities, 
including the previous waiver granted by the relevant ministry in Kazakhstan, currently the Competent Authority, 
which covers any pre-emptive right that the Competent Authority or State has in respect of any past placements, 
future capital, operating and production costs and cash flow discounts, anticipated mining and processing rates, 
the Company's ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner, 
assumptions relating to the Company's critical accounting policies, and has also assumed that no unusual 
geological or technical problems occur, and that equipment works as anticipated, no material adverse change in the 
price of copper, gold or molybdenum occurs and no significant events occur outside of the Company's normal course 
of business. 
 

(MORE TO FOLLOW) Dow Jones Newswires

March 30, 2016 02:00 ET (06:00 GMT)

Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of 
the Company to differ materially from those discussed in the forward-looking information, and even if such actual 
results are realised or substantially realised, there can be no assurance that they will have the expected 
consequences to, or effects on, the Company. Factors that could cause actual results or events to differ 
materially from current expectations include, but are not limited to: risks normally incidental to exploration and 
development of mineral properties and operating hazards; uncertainties in the interpretation of results from 
drilling and metallurgical test work; the possibility that future exploration, development or mining results will 
not be consistent with expectations; uncertainty of mineral resource and mineral reserve estimates; technical and 
design factors; uncertainty of capital and operating costs, production and economic returns; uncertainties 
relating to the estimates and assumptions used, and risks in the methodologies employed, in the Karchiga 
Definitive Feasibility Study Report; adverse changes in commodity prices; the inability of the Company to obtain 
required financing for the construction of mining and processing facilities at the Karchiga Project; the Company's 
inability to obtain an alternative financing solution in relation to the Karchiga Project; the inability of the 
Company to obtain required financing on favourable terms at all or arrange for the disposition of, and find 
potential buyers for, the Company's exploration interests or exploration projects (including the Akdjol-Tokhtazan 
Project); the Company's inability to obtain, maintain, renew and/or extend required licenses, permits, 
authorizations and/or approvals from the appropriate regulatory authorities, including (without limitation) the 
Company's inability to obtain (or a delay in obtaining) the necessary construction and development permits for the 
Karchiga Project and other risks relating to the regulatory frameworks in Kazakhstan and Kyrgyzstan; adverse 
changes in the political environments in Kazakhstan and Kyrgyzstan and the laws governing the Company, its 
subsidiaries and their respective business activities; inflation; changes in exchange and interest rates; adverse 
general market conditions; lack of availability, at a reasonable cost or at all, of equipment or labour; the 
inability to attract and retain key management and personnel; the possibility of non-resident class members 
commencing individual claims in connection with the Claim; the possibility of non-compliance with environmental or 
other applicable laws and regulations; the Company's inability to delineate additional mineral resources and 
mineral reserves; and future unforeseen liabilities and other factors including, but not limited to, those listed 
under "Risk and Uncertainties" of the Company's annual MD&A as at December 31, 2015. 
 
Any mineral resource and mineral reserve figures referred to in this press release and the Company's MD&A are 
estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates 
are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry 
practices. Valid estimates made at a given time may significantly change when new information becomes available. 
While the Company believes that the mineral resource and mineral reserve estimates in respect of its properties 
are well established, by their nature mineral resource and mineral reserve estimates are imprecise and depend, to 
a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource and 
mineral reserve estimates are inaccurate or are reduced in the future, this could have a material adverse impact 
on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed 
that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource 
as a result of continued exploration. Mineral resources that are not mineral reserves do not have demonstrated 
economic viability. 
 
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. 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. 
 
 
 
-30- 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Orsu Metals Corporation 
Kevin Denham 
Chief Financial Officer and Company Secretary 
+44 (0) 20 7518 3999 
www.orsumetals.com 
 
OR 
 
Canaccord Genuity Limited 
Henry Fitzgerald-O'Connor / Martin Davison 
+44 (0) 20 7523 8000 
 
 
 
 
Orsu Metals Corporation 
 

(END) Dow Jones Newswires

March 30, 2016 02:00 ET (06:00 GMT)

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