Orsu Metals Corp.said April 11 that it has agreed to sell its 94.75% interest in , which owns the company's copper-gold-zinc projectin Kazakhstan, for an initial US$7.75 million, plus deferred consideration of upto US$2 million.
Under the deal with Karasat Trading FZE, the deferred considerationwill be based on recovery of VAT and relief obtained from accumulated tax lossesin GRK MLD.
The sale is conditional on shareholder approval and consent fromthe Kazakh authorities for the change in ownership.
Orsu has also conditionally agreed to sell its effective 51%interest in the Kogodaicopper-silver project in Kazakhstan to the same party for US$10,000 via the saleof its 63.75% interest in HarssinManagement BV.
The Kogodai transaction is not dependent on the completion ofthe Karchiga transaction.
In addition, Orsu intends to cancel its listing on the AIM, effectiveMay 11, to cut costs. The company will retain its Toronto Stock Exchange listing.