VANCOUVER, BC / ACCESSWIRE / May 25, 2020 / Orsu Metals Corporation (TSXV:OSU) ("Orsu" or the "Company") reports that Sergei Stefanovich, the Managing Director of the Company, has privately acquired 1,276,162 common shares of the Company increasing his holdings to a total of 12,284,452 common shares.
Stefanovich commented on the reason for him increasing his shareholding in Orsu: "Given the recently filed NI43-101 Technical Report on the Updated Mineral Resource Estimate for the Sergeevskoe Property, Zabaikalskiy Krai, Russian Federation" dated effective January 9, 2020 (the "Sergeevskoe Report") we have no doubt that it is possible to further grow this deposit as the system remains widely open to the west and north and I continue to show my support. The Company expects to receive a permit that will allow it to commence pilot mining activities and conduct a bulk metallurgical test as early as late summer this year. The Company will be updating the shareholders on its current operating and permitting activities shortly."
Prior to the acquisition, Mr. Stefanovich owned or controlled 11,008,290 common shares of the Company representing 25.7% of the issued and outstanding shares and 26.9% assuming the exercise of 715,000 stock options (the "Options") held by Mr. Stefanovich.
After the private acquisition of 1,276,162 common shares Mr. Stefanovich now owns or controls 12,284,452 common share of the Company representing 28.7% of the outstanding common shares and 29.8% assuming the exercise the Options, reflecting an increase of 2.98% of the 42,862,544 issued and outstanding common shares of Orsu.
Mr. Stefanovich has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of the early warning report required to be filed with the applicable securities commissions in connection with the increase of 2.98% in his total position will be available on SEDAR at www.sedar.com.
About Orsu Metals Corporation
Orsu Metals Corporation is a mineral exploration and development company. The 90% owned Sergeevskoe gold project located in the Mogocha District of the Zabaikal'skiy Region of the Russian Federation is the focus of Orsu's activities. Orsu has filed a technical report titled: "NI43-101 Technical Report on the Updated Mineral Resource Estimate for the Sergeevskoe Property, Zabaikalskiy Krai, Russian Federation" dated effective January 9, 2020 (the "Sergeevskoe Report") to support the Inferred Mineral Resource of 30.42 million tonnes, grading 1.45 g/t gold and containing 1.417 Moz gold at a 0.5 g/t gold cut-off grade and US$1450 per troy ounce of gold, optimized into an open pit constrained by the license boundaries at Sergeevskoe.
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.
ENDS
For further information, please contact:
Sergei Stefanovich Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
Tel: +1-604-536-2711 ext 6
SOURCE: Orsu Metals Corporation
View source version on accesswire.com:
https://www.accesswire.com/591312/Managing-Director-Shows-Further-Support-and-Increases-Shareholding
