Orsu announces joint venture agreement with Gold Fields

Orsu Metals Corporation (“Orsu”, or the “Company”) (TSX:OSU, AIM:OSU) is pleased to announce that it has successfully signed a joint venture agreement (the “agreement”) with Gold Fields Orogen Holdings BVI Limited (“Gold Fields”), a wholly owned subsidiary of Gold Fields Limited, for the further exploration and development of the Talas licence area, north west Kyrgyzstan.

After a transitional period which will expire no later than 31 December 2008, Gold Fields will become the project operator. Gold Fields will reimburse Orsu for all exploration expenditures incurred since March 2008 (approximately US$3m), as part of the agreed program and budget.

Under the agreement Gold Fields has the right to:
• During Phase One: Earn up to a 60% interest in the joint venture company which is the indirect owner of the Taldybulak, Barkol, Kentash and Korgontash properties in the Talas region by funding exploration expenditures of CAD$10 million and;
• During Phase Two: Increase its effective interest in the project by a further 10% (to a total of 70%) by funding the lesser of (i) exploration expenditures of up to a further CAD$10 million; or (ii) exploration expenditures required to complete a feasibility study, pursuant to approved programmes and budgets; and
• After Phase Two: act as lead arranger to obtain any further project financing for the project development, for which Gold Fields will receive a 1.5% arrangement fee. Gold Fields and Orsu will otherwise contribute to the project requirements on a pro-rata basis through to project development.

To read more on this news release, please go to the Company website at www.orsumetals.com