Bolivian Government Agency to Audit Orvana's Bolivian Subsidiary, EMIPA

TORONTO, ONTARIO -- (Marketwire) -- 10/29/10 -- Orvana Minerals Corp. (TSX: ORV) has been notified that, commencing on November 8, 2010, Bolivia's Authority for the Supervision and Social Control of Companies ('AEMP'), an agency of the Bolivian central government, will conduct an audit of the legal, financial and accounting information of Orvana's Bolivian subsidiary, Empresa Minera Paititi S.A. ('EMIPA'), which owns and operates the Don Mario mine in Bolivia.

Orvana has been advised that the purpose of the audit is to verify EMIPA's compliance with Bolivian commercial and administrative regulations during the period from 2005 through 2009. EMIPA understands that it is one of a number of companies currently being audited by AEMP. EMIPA and Orvana operate in full compliance with applicable laws and regulations and will cooperate fully with the Bolivian government authorities.

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's primary asset is the El Valle/Boinas-Carles ('EVBC') gold-copper project in northern Spain, which is expected to be in production early in 2011. Orvana owns and operates the Don Mario gold mine in Bolivia where the company is developing the fully-permitted copper-gold-silver Upper Mineralized Zone ('UMZ') deposit, which is expected to commence initial production during the fall of 2010. In addition, Orvana is advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ('forward-looking statements'). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as 'believes', 'expects' 'plans', 'estimates' or 'intends' or stating that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'are projected to' be taken or achieved) are not statements of historical fact, but are forward-looking statements.

Forward-looking statements relate to, among other things, all aspects of the reactivation of production at the EI Valle-Boinas/Carles Mine and its potential operation and production.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana on which statements in this news release are based may prove to be incorrect, and they include, but are not limited to, the various assumptions set forth herein and in the Company's most recently filed Annual Information Form, as well as permitting and development at the EI Valle-Boinas/Carles Mine being consistent with the Company's current expectations and there being no significant disruptions affecting the Company's activities at the mine.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements in this press release. Some of these risks, uncertainties and factors include the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; challenges to the Company's interest in its property and mineral rights; and other risks generally associated with mine development, including the risks identified in Orvana's Annual Information Form.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Contacts:

Orvana Minerals Corp.

Natalie Frame

Investor Relations

(289) 200-7640


Orvana Minerals Corp.

Roland Horst

Chief Executive Officer

(416) 369-1629
ask_us@orvana.com
www.orvana.com