Date Closed

April 26, 2005

Lead Office

Toronto

Value

103.50 Million CAD

On April 11, 2005, European Minerals completed an offering of units raising gross proceeds of approximately C$97.5 million. In addition, on April 26, 2005, European Minerals completed the issuance of additional units pursuant to the exercise of the remaining portion of an over-allotment option bringing the total gross proceeds to approximately C$103.5 million. A syndicate of agents led by Canaccord Capital and Canaccord Capital (Europe), and including Haywood Securities and Pacific International Securities, placed an aggregate of 138 million units (including over-allotment units) at C$0.75 (£0.33) per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. The common shares and warrants were listed on the Toronto Stock Exchange and the common shares were also admitted to the AIM market of the London Stock Exchange.

Orsu Metals Corporation, formerly European Minerals Corporation, is involved in natural resource exploration and development. The company's primary project is the development of a (2.34 million oz gold, 269 million pounds of copper) mine in Kazakhstan named Varvarinskoye.

McCarthy Tétrault LLP advised European Minerals with a team led by Andrew Parker.