TSX-V-listed Orsu Metals Corp has entered into a nonbinding letter of intent (LoI) to acquire a portfolio of core assets, including the Alexandrovskoye openpit gold mining project and mining processing plant (GOK).
The GOK assets are located immediately west of the company’s Sergeevoskoe project in Russia.
Orsu and GOK are conducting a bulk test of the Sergeevoskoe mineralised material to determine the metallurgy and amenability to processing at the GOK plant.
Pursuant to the LoI, Orsu has the exclusive right to conduct due diligence and agree on the structure and terms of the execution of a definitive agreement by February 28, 2021.
The proposed transaction is subject to the completion of due diligence by each of Orsu and GOK, the negotiation and finalisation of a binding definitive agreement for the transaction, the approval of the transaction by the boards of directors of each of Orsu and the sellers, and the approval of the TSX-V.