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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (65703)	6/15/2009 7:04:32 AM
From: Condor	Read Replies (1) \| Respond to of 78408

it all Condor's fault he pumped it up and then sold to us bozos..... Guilty as charged. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Canadian News -------------------------------------------------------------------------------- Orsu Metals signs definitive sale and purchase agreement to sell Varvarinskoye Gold-Copper Project in Kazakhstan - Quick Facts 6/15/2009 2:41 AM ET rttnews.com (RTTNews) - Orsu Metals Corp. (OSU.TO: News ,OSU.L: News ) announced the signing of a definitive sale and purchase agreement to sell its Varvarinskoye Gold-Copper Project in Kazakhstan to OJSC Polymetal. The total consideration for the sale of the Varvarinskoye Project is approximately US$235 million, comprising US$8 million in cash payable on closing plus deferred consideration of up to a maximum of US$12 million in cash which is contingent on and calculable by reference to the future price of both gold and copper plus the assumption or transfer of over US$215 million in debt and hedging obligations related to the financing of the Varvarinskoye Project. Under the terms of the definitive sale and purchase agreement, 100% of the shares in Three K Exploration and Mining Limited, a wholly-owned subsidiary of the Company, will be sold to Polymetal. Three K currently owns (directly and indirectly) JSC Varvarinskoye and will on completion hold (directly and indirectly) all debt and hedging obligations relating to the Varvarinskoye Project. Assuming the satisfaction or waiver of such conditions, the Company anticipates completing the sale during Q3 2009. Upon completion Orsu will have no outstanding long-term debt and intends to use the proceeds from the sale of the Varvarinskoye Project to fund the Company's operating costs and to fund ongoing exploration activities on its existing properties, as well as any new properties acquired by it.