The GOK assets are located immediately west of the Company’s Sergeevskoe project located in Russia
Orsu Metals signs letter of Intent to acquire the Alexandrovskoye assets, Russia. (Credit: Steve Bidmead from Pixabay)
Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) is pleased to announce it has entered into a non-binding letter agreement (the “LOI”) to acquire a portfolio of core assets (the “Transaction”), including the Alexandrovskoye open pit gold mining project and mining processing plant (“GOK”).
The GOK assets are located immediately west of the Company’s Sergeevskoe project located in Russia. Orsu and GOK are currently conducting a bulk test of the Sergeevoskoe mineralized material to determine the metallurgy and amenability to processing at the GOK plant (see NR September 29, 2020).
Pursuant to the LOI, the Company has the exclusive right to conduct due diligence and agree on the structure and terms of the Transaction and execution of a definitive agreement by February 28, 2021.
The Transaction is subject to completion of due diligence by each of Orsu and GOK, the negotiation and finalization of a binding definitive agreement for the Transaction, the approval of the Transaction by the Boards of Directors of each of Orsu and the sellers, and the approval of the TSX Venture Exchange.
Source: Company Press Release