Orsu Metals Corporation announces that pursuant to a review of the mandate announced on July 31, 2012 by UniCredit Bank Austria AG and Barclays Bank PLC, the company has been notified by UniCredit and Barclays that the mandate has formally lapsed with immediate effect in accordance with their internal policies and protocols.

The company appointed UniCredit and Barclays as co-ordinating mandated lead arrangers under the mandate to use commercially reasonable efforts to arrange a project finance facility of up to US$90 million to finance Orsu’s Karchiga Copper Project in Kazakhstan.

UniCredit has expressed a willingness to maintain contact with the company in relation to potentially participating in any future funding of the Karchiga project, without any formal commitment on their part. Any new mandate with UniCredit and/or any other potential participants would be subject to new approvals being obtained at the relevant time, and any final financing would be similarly dependent upon commercially acceptable terms being agreed and all necessary approvals being obtained.

Barclays is no longer active in the market as a result of having withdrawn from base metals trading as part of a refocus of its commodities business in 2014.

As a consequence of the mandate lapsing, the company will undertake a re-appraisal of the deferred finance costs of $1.1 million currently capitalized in its financial statements.

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