19 Sep 2008 12:40
AIM: OSU
TSX: OSU
PRESS RELEASE
19 September, 2008
Orsu Metals Corporation
Statement of Claim Served
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Orsu Metals Corporation ("Orsu", or the "Company") (AIM: OSU, TSX: OSU) announces that it has been served by Bernard Szuszkiewicz as a proposed representative plaintiff on behalf of persons who acquired securities of European Minerals Corporation ("EMC") during the period from May 16 2007 until March 31 2008 (collectively, the "Plaintiffs") with a Statement of Claim filed in the Ontario Superior Court of Justice.
The Plaintiffs are claiming general and special damages in the amount of CAD$50,000,000 and punitive damages in the amount of CAD$5,000,000. The Claim relates to the announcement by EMC on March 31, 2008 that it was reviewing its accounting for derivatives to ensure compliance with certain provisions of the CICA Handbook and that it anticipated that such review would result in a restatement of EMC's interim financial statements for the first three fiscal quarters of 2007.
The Company's directors have appointed legal counsel and are currently preparing their defence. The claim has not yet been certified as a class action and Orsu believes that the Claim is without merit and intends to vigorously dispute the Claim.
ENDS
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For further information please contact:
Tania Tchedaeva, Company Secretary, Orsu Metals Corporation
Tel: +44 (0) 20 7518 3999
Gavin Dallas, Investor Relations, Orsu Metals Corporation
Tel: +44 (0) 20 7518 3999
Ryan Gaffney, Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
Keith Schaefer, Vanguard Shareholder Solutions
Tel: + 1 604 608 0824
www.orsumetals.com