Orvana Minerals Asturias Corp. Resolves Dispute With Glen Eagle Resources Inc.
TORONTO, ONTARIO -- (Marketwire) -- 07/08/10 -- Orvana Minerals Corp. (TSX: ORV) announced today that it has resolved the arbitration proceedings commenced against its wholly-owned subsidiaries, Orvana Minerals Asturias Corp. ('Orvana Asturias') and Kinbauri Espana, S.L., by Glen Eagle Resources Inc. ('Glen Eagle'). Orvana Asturias was created by the amalgamation of Orvana Minerals Acquisition Corp and Kinbauri Gold Corp. ('Kinbauri') following Orvana's acquisition of Kinbauri in September 2009. Glen Eagle commenced the arbitration following Kinbauri's termination of a subscription agreement amongst it, Kinbauri, and Kinbauri Espana, S.L. in June 2009.
Without acknowledging any liability, Orvana Asturias agreed to pay Glen Eagle $1.5 million. In return, the outstanding arbitration proceedings will be dismissed on a without costs basis. As part of the settlement the parties have agreed to execute full and final mutual releases of one another as well as related entities, directors, officers and employees.
Orvana Chief Executive Officer, Roland Horst, stated that 'We are pleased to have quickly resolved this dispute without having to undergo a costly and time-consuming arbitration process. This will allow our senior management team to remain focused on developing our current projects and seeking out new opportunities.'
About Orvana
Orvana Minerals is a gold producer with a strong balance sheet and is transforming itself into a multi-mine gold and copper producer. Orvana owns and operates the copper-gold Don Mario Mine in Bolivia and is developing the advanced-stage El Valle-Boinas/Carles gold-copper project in northern Spain and the Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).
Contacts:
Orvana Minerals Corp.
Natalie Frame
Investor Relations
(289) 200-7640
Orvana Minerals Corp.
Roland Horst
Chief Executive Officer
(416) 369-1629
www.orvana.com