Orsu Metals
| Public (TSX: OSU, LSE: OSU) | |
| Industry | Mining |
| Founded | 1995 |
| Headquarters | United Kingdom |
Key people |
Executive Chairman: Dr Sergey v Kurzin COO: Dr Alexander Yakubchuk |
| Products | Gold, Copper |
| Website | www.orsumetals.com |
Orsu Metals Corporation, formerly European Minerals Corporation, is involved in natural resource exploration and development. The company's primary project is the development of a (2.34 million oz gold, 269 million pounds of copper) mine in Kazakhstan named Varvarinskoye. Orsu Metals is listed on both the Canadian and British stock exchanges under the ticker symbol "OSU".
In June 2008 after the acquisition of Lero Gold Corporation by European Minerals Corporation, the company changed its name to Orsu. Orsu Metals Corporation is a dual listed (AIM and TSX) new base and precious metal mining, production, exploration and development company which is operating an open pit copper-gold mine at the Varvarinskoye deposit in northern Kazakhstan and exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and Rudny Altai belt in the Republic of Kazakhstan, one of the largest and most prolific gold belts in the world.
Varvarinskoye Project
The Varvarinskoye Project is Orsu's gold and copper development project in northern Kazakhstan. The resource has been defined (NI 43-101 compliant) with proven and probable reserves of 2.34 million ounces of gold and 269 million pounds of copper.
Exploration History
The mineralization was discovered by a Russian geologist in 1936 while traveling down the Ayat river by boat. The skarn type deposit is predominantly a pyrite and chalcopyrite sulphide mineralization hosted in a Palaeozoic volcano-sedimentary sequence. Between 1985 and 1990, 100,000m of exploration drilling was completed by the Soviet Geological Survey. In 1995, European Minerals acquired an interest in the property and an additional 70,000m of exploration drilling was performed to define the resource. In 1998, a mine feasibility study was completed and concluded based on depressed metal prices that it wouldn't be economically feasible to build the mine. In 2003, the feasibility study was revised with the improved economics of higher metal prices. Based on the new study, European Minerals decided to move ahead with building a mine on the site.
Mine Development
Due to the mineralization being close to the surface, the mine has been designed to haul ore from an open pit and process it via two circuits. Ore rich in copper will be processed through a completely separate flotation circuit producing a concentrate for delivery to toll smelting. Ore with less than 0.2% copper will be processed via a standard leaching process to produce gold dore ready for sale. The mine is designed to process 4.2 million tons of ore per year for the 15 year life of the project.
Infrastructure
Kustani is the regional to the northeast of Varvarinskoye. With a strong mining community and an international airport, it provides the necessary mining support of a major city. Railway access on a main international route to Russia is provided by Bataly junction, 14 km from the mine site. Power to the site will be provided by a 70 km, 110 kV power line built jointly with the local energy company. Water is readily available from the Ayat river.