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Orsu Metals proceeding with Karchiga copper-gold project sale

Following shareholder approval, Orsu Metals Corp. is proceeding with the sale of its 94.75% interest in GRK MLD LLP, which owns the company's Karchiga copper-gold-zinc project in Kazakhstan, to Karasat Trading FZE for a total of US$7.8 million

The company has conditionally transferred its participation interest in GRK MLD to Karasat on Jan. 25.

According to a Jan. 26 release, Orsu already received a US$100,000 deposit in May 2016 and is owed the balance of US$7.7 million, which will be paid by Karasat upon registration of the transfer with the Kazakh authorities.

The assignment deed for the transfer of the inter-company debt will become effective upon receipt of the payment by Orsu.

Orsu expects to receive the due amount not later than Feb. 15.