Orvana Announces July Operations Results
TORONTO, ONTARIO -- (Marketwire) -- 08/21/12 -- Orvana Minerals Corp. (the "Company") (TSX: ORV) is pleased to announce results of July operations for its El Valle-Boinas/Carles ("EVBC") gold-copper mine in northern Spain, which is held by its wholly-owned subsidiary Kinbauri Espana S.L.U. ("Kinbauri"), and for its Don Mario copper-gold-silver mine ("UMZ") in eastern Bolivia, which is held by its wholly-owned subsidiary Empresa Minera Paititi S. A. ("EMIPA").
Provisional July production is summarized in the table below.
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July Production EVBC UMZ TOTAL
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Throughput (tonnes) 45,851 76,488 122,339
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Head Grade Gold, g/t 3.20 1.68 -
Copper, % 0.44 1.68 -
Silver, g/t 9.7 83.2 -
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Recovery, % Gold 94.4 35.8 -
Copper 87.6 47.9 -
Silver 82.5 44.0 -
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Production (concentrate)
Gold, oz 2,391 1,481 3,872
Copper, lbs 389,078 1,356,262 1,745,340
Silver, oz 9,770 90,121 99,891
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Production (bullion)
Gold, oz 2,058 - 2,058
Silver, oz 2,018 - 2,018
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TOTAL PRODUCTION
Gold, oz 4,449 1,481 5,930
Copper, lbs 389,078 1,356,262 1,745,340
Silver, oz 11,788 90,121 101,909
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At UMZ, flotation-only processing of transition ore occurred during the entire month. In order to improve the quality of the copper concentrate, almost 500 tonnes of lead concentrate was produced and it is currently being marketed.
"We commissioned the EVBC shaft and expect it to be fully operational in September," said Jim Jacques, Chief Operating Officer of the Company. "We achieved record throughput at UMZ during the month and made a higher-quality copper concentrate," he continued. "We will focus on optimizing both operations over the coming months."
Qualified Person
The technical information herein was compiled by Bill Williams, Ph.D., CPG, President and Chief Executive Officer of Orvana, who is a qualified person for the purposes of NI 43-101.
About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinas-Carles gold-copper Mine in northern Spain. Orvana also operates the Don Mario Mine in Bolivia, where the mining and processing of the copper-gold-silver Upper Mineralized Zone deposit reached commercial production in January 2012 during the Company's fiscal year 2012 second quarter. Orvana filed an NI 43-101-compliant feasibility study earlier this year and received a mine permit 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 ("EVBC") Mine 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 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, EVBC Mine and the Copperwood project 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 maintain commercial levels of production at the UMZ deposit and the EVBC Mines to and further develop the Copperwood 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; and 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.
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.
Investor Relations
Natalie Frame
(289) 200-7640
Orvana Minerals Corp.
Bill Williams
President and Chief Executive Officer
ask_us@orvana.com
www.orvana.com