Orvana Provides an Operations Update for the Upper Mineralized Zone ("UMZ") Copper-Gold-Silver Mine, Bolivia
TORONTO, ONTARIO -- (Marketwire) -- 05/09/12 -- Orvana Minerals Corp. (TSX: ORV) ("Orvana" or the "Company"), through its wholly-owned subsidiary, Empresa Minera Paititi ("EMIPA"), reports the second consecutive month of sustained production at its Don Mario Upper Mineralized Zone ("UMZ") mine in Bolivia.
During April, transition ore was fed directly through the flotation circuit for 10 days and oxide ore was fed through the leach-precipitation-flotation ("LPF") circuit for 18 days. Results are summarized in the table below.
Flotation
-
UMZ Mill Production, Transition
April 2012 LPF - Oxide (18 days) (10 days) TOTAL
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w/ Talc TOTAL
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Throughput (tonnes) 25,745 25,745 25,272 51,017
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Head Grade Cu, % 2.34 2.34 1.76 2.05
Au, g/t 1.76 1.76 2.06 1.91
Ag, g/t 58.3 58.3 97.6 77.8
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Recovery Cu, % 62.2 1.0 63.1 42.5 54.4
Au, % 21.0 21.5 42.5 41.5 42.0
Ag, % 22.7 17.2 39.9 49.9 46.1
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Concentrate tonnes 651 100 751 621 1,372
Cu, % 57.5 5.8 50.6 30.4 41.4
Au, g/t 15 98 26 35 30
Ag, g/t 523 2,595 798 1,983 1,335
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Production Cu, tonnes 374 6 380 189 569
Cu, pounds 824,664 12,756 837,420 415,929 1,253,349
Au, ounces 306 314 620 697 1,317
Ag, ounces 10,955 8,315 19,270 39,600 58,870
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"Both processing circuits performed well and plant availability was high during the month," said Jim Jacques, Orvana's Vice President, Operations. "We now plan to run transition ore for the next two months given that it can be handled at a higher throughput, operating costs are lower, and more precious metals can be produced."
A pre-LPF circuit produced a precious-metals concentrate that has high talc content; this production, along with another 100 tonnes that was stockpiled, is being marketed. The high-lead copper concentrate made by the flotation-only process has been sold and future product made by this process is under contract through the end of the year.
Oxide ores are currently being tested in order to establish the viability of flotation-only processing to make a precious-metals concentrate.
The information presented herein was compiled by Bill Williams, Ph.D., CPG, President and Chief Executive Officer of Orvana Minerals Corp., who is a qualified person for the purposes of National Instrument 43-101.
About Orvana
Orvana Minerals is a gold-copper producer. Orvana's flagship is the El Valle/Boinas-Carles ("EVBC") gold-copper project in northern Spain. Orvana owns and operates the Don Mario UMZ Mine in Bolivia. In addition, Orvana recently completed an NI 43-101-compliant feasibility study and received a mine permit from the Michigan Department of Environmental Quality for 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 development of the Upper Mineralized Zone ("UMZ") deposit at the Don Mario Mine in Bolivia, the El Valle-Boinas/Carles project in Spain and the Copperwood project in Michigan and their potential operations and production; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.
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 contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's most recently filed Annual Information Form, or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the UMZ deposit, El Valle-Boinas/Carle's and the Copperwood projects being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.
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 events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to develop the UMZ deposit, the Copperwood project or the El Valle-Boinas/Carle's project; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in Orvana's latest Management's Discussion and Analysis under the heading "Risks and Uncertainties". This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Annual Information Form for a description of additional risk factors.
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.
Bill Williams
President and Chief Executive Officer
(416) 369-1629
ask_us@orvana.com
www.orvana.com