Orsu metals corporation Gets Approval of Class Action Claim Settlement/ Announces Completion of Earning Period by 24hgold

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PRESS RELEASES - FEBRUARY 23, 2010

Ontario Superior Court of Justice Approves Settlement of Class Action Claim

Orsu Metals Corporation ("Orsu" or the "Company", formerly European Minerals Corporation or "EMC") (TSX:OSU, AIM:OSU), the London-based precious and base metals exploration and development company, announces that the settlement of the class action claim filed by Pysznyj against Orsu Metals Corporation (then European Minerals Corporation), William G. Kennedy and James Cole on 2 June 2008 (the "Claim") has been approved by the Ontario Superior Court of Justice. The settlement will become effective on 22 March 2010 after expiry of the 30-day appeal period. Given that no class members objected to the settlement, no appeal is expected. In addition the Company retains the right to cancel the settlement if too many class members opt out during the 60-day opt out period, which will commence no later than 5 April 2010. However, it is not expected that this right will need to be triggered.

The Company reached an agreement (the "Agreement") to settle the Claim for C$2.2 million, which is shared equally between Orsu and Orsu's insurer in November 2009, which was subject only to the approval of the court. In entering into the Agreement, neither the Company nor any of the other defendants have made any admission of liability, wrongdoing or fault in relation to the Claim.

The Claim relates to the announcement by EMC on 31 March 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 plaintiff served the Claim against the Company and its former CEO, William G. Kennedy, and CFO, James Cole, claiming general and special damages in the amount of CAD$50,000,000 and punitive damages in the amount of CAD$5,000,000.

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Orsu Announces Completion of Earning Period for Talas Joint Venture

Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU, AIM:OSU), the London-based precious and base metals exploration and development company, announces that Gold Fields Limited, through its subsidiary Gold Fields Orogen Holding BVI Limited ("Gold Fields"), has notified the Company that it will not exercise the Second Phase Option to increase its interest in the Talas joint venture company (the indirect owner of the Taldybulak, Barkol, Kentash and Korgontash properties in the Talas region of the Kyrgyz Republic (the "Talas Project")) to 70% through funding additional exploration expenditure and the earning period has therefore been completed. Gold Fields intends to continue developing the Talas Project with its 60% ownership while Orsu will retain a 40% interest.

As previously announced on 4 February 2010, Gold Fields earned a 60% interest in the Talas joint venture company by way of funding exploration expenditure of C$10million and exercising its earn-in option. Gold Fields will continue to be the project operator of exploration activities pursuant to the joint venture agreement between the Company and Gold Fields dated 3 December 2008 ("the JV Agreement") and Gold Fields has advised the Company that it intends to continue developing the Talas Project in accordance with the JV Agreement. Under the terms of the JV Agreement both parties are required to fund on a pro-rata basis further project expenditures, required to continue exploration activities, complete a feasibility study and complete the project development in accordance with approved programmes and budgets to be set by Gold Fields. Dilution provisions apply under the terms of the JV agreement if either party decides not to contribute to expenditure in accordance with its pro-rata share.

Gold Fields is currently undertaking an internal resource and scoping study and believes that the Talas Project is a significant opportunity. Gold Fields will continue work to confirm the mineral resources by way of value engineering and additional drilling. An internal scoping study by Gold Fields is expected to be completed by the middle of 2010.

Orsu is currently undertaking resource verification and has engaged Wardell Armstrong International to prepare an updated mineral resource estimate for Taldybulak Cu-Au porphyry, which is expected to be completed by the end of March 2010.

Dr Sergey V Kurzin, Executive Chairman of Orsu, commented, "We are pleased with the progress and potential resource growth in our Talas Project in Kyrgyzstan. Now that the earning period has ended, the 60:40 ownership of the Talas Project between Gold Fields and the Company will provide Orsu with a greater than expected resource ownership interest in this potentially large project."

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For further information, please contact:

Dr Sergey V. Kurzin, Executive Chairman, Orsu Metals Corporation
Tel: +44 (0) 20 7518 3999

Tania Tchedaeva, Company Secretary, 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
info@orsumetals.com

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