Welcome!

News Feed Item

Exclusive Agreement to Continue Joint Exploration of the East Balkhash 2 Licence Area in Kazakhstan and 2014 Work Programme

LONDON, UNITED KINGDOM -- (Marketwired) -- 03/11/14 -- 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 announces that it has entered into a new exclusivity agreement (the "Agreement") with Asem Tas-N LLC ("Asem Tas") to continue joint exploration of the Balkhash Project and has agreed a work programme in accordance with the terms of the Balkhash licence for 2014 ("2014 Contract Work Programme"). The Agreement replaces the exclusivity agreement announced on September 16, 2013 ("September 2013 Agreement"), which in turn replaced earlier exclusivity agreements announced in April 2013 and November 2012 (all previous agreements together being the "Predecessor Agreements").

The key terms of the Agreement are summarised below:

1.  Orsu is granted a further exclusive right for a period of 120 days,
    ending in July 2014, subject to extension by mutual agreement of the
    parties (the "Exclusivity Period"), to explore and participate in the
    Balkhash Project.


2.  During the Exclusivity Period:


    a.  Orsu and Asem Tas will continue to jointly explore the Balkhash
        Project, including geophysical works and verification drilling of
        exploration targets,


    b.  Orsu will initially provide funding for exploration works at the
        Balkhash Project in the amount of up to $0.5 million under an
        initial work programme agreed between the Parties ("Initial 2014
        Work Programme"), and


    c.  Asem Tas will apply to transfer the exploration licence for the
        Balkhash Project (the "Licence") to a newly formed Kazakh legal
        entity jointly owned by Orsu and Asem Tas (the "Joint Venture
        Company"), in which Orsu will hold an effective interest of 55%. A
        transfer of the Licence to the Joint Venture Company will be
        conditional upon obtaining a formal waiver of the Kazakh
        Government's pre-emptive right.


3.  The Exclusivity Agreement includes the same terms as the previous
    agreements. In particular, Orsu has agreed to pay to Asem Tas:


    a.  up to $1.5 million to compensate Asem Tas for historical exploration
        costs incurred prior to 2012 (excluding any costs funded by Orsu) on
        effective transfer of the Licence,


    b.  $20 per tonne of economically extractable copper equivalent, up to a
        maximum of $10 million, less any amount paid under a. above, on or
        before completion of a positive preliminary economic assessment
        study, and


    c.  $20 per additional tonne of economically extractable copper
        equivalent, up to a maximum of $15 million, less any amounts paid
        under a. and b. above, on completion of a positive definitive
        feasibility study.


4.  Should Orsu decide to continue its participation in the joint
    exploration of the Balkhash area, the minimum expenditure required under
    the 2014 Contract Work Programme is $2.165 million (including the
    amounts expended on the Initial Work Programme).


5.  Following the effective transfer of the Licence Orsu will finance the
    works until completion of the definitive feasibility study, subject to
    any earlier termination of funding, and Orsu will be responsible for
    arranging project finance for any the future development of the Balkhash
    Project.


6.  Orsu may terminate its funding at any point before the earlier of the
    effective transfer of the Licence or the end of the Exclusivity Period.
    Where the approval of the relevant authorities for the transfer of the
    Licence is not received due to a breach by Asem Tas, or the Kazakh
    Government exercises its pre-emptive right to acquire the Licence during
    the transfer process, Asem Tas is required to refund Orsu for its
    expenditure in connection with the Predecessor Agreements.


7.  Under the terms of the Agreement, Orsu will have the right to buy-out
    all or part of the interest of Asem Tas in the Joint Venture Company,
    for cash or shares, at a price determined by an independent expert.

Further details on the Balkhash Project are available in the Company's announcement dated November 12, 2012.

Notes to Editors:

1. All $ figures are United States Dollars unless otherwise indicated.

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 in this press release includes, but may not be limited to, the expected exploration activities by the Company related to, and the general development of, the Balkhash Project, and the anticipated funding of exploration and other costs by Orsu.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, uncertainties in the interpretation of drill and test results, risks normally incidental to exploration and development of mineral properties, the possibility that future exploration, development and/or mining results will not be consistent with expectations, the Company's inability to raise additional finance as and when needed, the Company's inability to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities (including an inability to obtain the waiver of the Kazakh Government's pre-emptive right in connection with the Licence transfer application) and other risks relating to the regulatory framework in Kazakhstan and adverse changes in the political environment and laws in Kazakhstan.

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 ability to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities (including in connection with the Licence transfer application); 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.

Contacts:
Orsu Metals Corporation
Dr Alexander Yakubchuk
Chief Operating Officer
+44 (0) 20 7518 3999
www.orsumetals.com

Canaccord Genuity Limited
Neil Elliot
+44 (0) 20 7523 8000

Vanguard Shareholder Solutions
+1 604 608 0824

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of San...
For years the world's most security-focused and distributed organizations - banks, military/defense agencies, global enterprises - have sought to adopt cloud technologies that can reduce costs, future-proof against data growth, and improve user productivity. The challenges of cloud transformation for these kinds of secure organizations have centered around data security, migration from legacy systems, and performance. In our presentation, we will discuss the notion that cloud computing, properl...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...