Orsu Metals Comments on Ukraine Invasion

Rhea-AI Summary

Orsu Metals Corporation owns a 90% stake in the Sergeevskoe gold exploration project in Russia, leased until 2031. In February 2022, international sanctions imposed on Russia due to its invasion of Ukraine have raised concerns about funding operations, particularly for the Sergeevskoe project. These sanctions may hinder the company's ability to finance its activities in Russia, raising risks for business viability. Orsu is currently analyzing the situation and potential impacts on its operations.

Positive

• None.

Negative

• Potential jeopardy to funding operations due to ongoing sanctions.
• Cash reserves in Russia may be affected by sanctions, risking project viability.

VANCOUVER, BC / ACCESSWIRE / March 8, 2022 / Orsu Metals Corporation (TSX-V:OSU) ("Orsu" or the "Company") owns 90 percent of the Sergeevskoe gold exploration project located in the Zabaikalskiy Region of eastern Russia. The property is leased from the Russian Government until 2031.

In February 2022, countries around the world imposed a number of sanctions on Russia in response to its invasion of Ukraine. These sanctions include, but are not limited to, removing certain Russian banks from the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") messaging system, which will affect the Company's ability to fund its operations in Russia. The Company has some cash reserves in Russia, but prolonged sanctions impacting the Company's ability to fund operations in Russia, specifically the Sergeevskoe project, may jeopardize the viability of the Company's business operations in Russia. The Company is analysing the evolving situation and assessing the risks associated with these sanctions and their impact on the Company's operations.

ENDS

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For further information, please contact:

Sergei Stefanovich, Managing Director of Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
email: ir@orsumetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Orsu Metals Corporation

View source version on accesswire.com:
https://www.accesswire.com/692096/Orsu-Metals-Comments-on-Ukraine-Invasion

FAQ

What is Orsu Metals Corporation's main project?

Orsu Metals Corporation's main project is the Sergeevskoe gold exploration project, located in eastern Russia.

How much of the Sergeevskoe project does Orsu own?

Orsu Metals Corporation owns 90 percent of the Sergeevskoe gold exploration project.

What challenges is Orsu Metals facing due to geopolitical events?

Orsu Metals is facing challenges in funding its operations in Russia due to sanctions imposed in response to the invasion of Ukraine.

What is the status of Orsu's operations in Russia after the Ukraine invasion?

The sanctions may jeopardize the viability of Orsu's operations in Russia, particularly affecting the Sergeevskoe project.

Until when is the Sergeevskoe project leased to Orsu?

The Sergeevskoe project is leased from the Russian Government until 2031.