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Re: Orsu gets approval from ECIC for debt payment extension

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posted on Feb 27, 2009 06:13AM

Mr. Petro Mychalkiw reoprts

ORSU METALS CORPORATION RECEIVES FULL APPROVAL FOR EXTENSION OF PRINCIPAL PAYMENT DEADLINE

Orsu Metals Corp. has recieved, further to the announcement in Stockwatch dated Jan. 8, 2009, all necessary approvals from Export Credit Insurance Corp. (ECIC) for the extension of the deadline for the company's principal debt payment of $16.65-million (U.S.) to March 31, 2009.

Orsu, working with its adviser Endeavour Financial, is continuing its discussions with its existing lending syndicate, comprised of Investec Bank Ltd., Nedbank Ltd. and Natixis Bank, in relation to restructuring of the payments due under the loan facility including hedging payments due under the facilit

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