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Orvana Achieves Strong Mine Performance in Fiscal Third Quarter
Published : August 09, 2013
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Mots clés associés :   Copper | Dollar |

TORONTO, ONTARIO--(Marketwired - Aug. 9, 2013) - Orvana Minerals Corp. (News - Market indicators) (the "Company" or "Orvana") announced today financial and operating results for the third quarter ended June 30, 2013 ("Q3 2013"). The Company reported record gold production from its El Valle-Boinás and Carlés mines in Spain ("EVBC").

The Company reported net income for Q3 2013 of $11.3 million and adjusted net loss of $0.7 million excluding certain non-recurring items.

The unaudited consolidated interim financial statements for Q3 2013 ("Q3 Financials") and management's discussion & analysis related thereto ("Q3 2013 MD&A") are available on SEDAR and at www.orvana.com.

Dollar amounts (other than per ounce/pound and per share amounts) are in thousands of U.S. dollars unless stated otherwise, and fine troy ounces of gold and silver are referred to as "ounces" or "oz".

Q3 2013 Operating and Financial Highlights

  • Record gold production from EVBC of 18,439 ounces.

  • Strong total metals production of 22,319 ounces of gold, 4.6 million pounds of copper and 303,704 ounces of silver compared to 18,344 ounces of gold, 5.1 million pounds of copper and 248,908 ounces of silver in the third quarter of fiscal 2012. (1)

  • On June 16, 2013, there was a significant hoist incident at the Boinás Mine at EVBC. A fully loaded skip failed to stop going into the surface dump, crashed into the top of the headframe and dropped down the shaft when the wire rope attachment failed. Preliminary findings show no damage to the hoist or shaft but significant damage to the steel sets at the shaft bottom and to the loading pocket. Repairs are expected to take approximately six months at a cost of up to $3,500. Underground production from the Boinás Mine has continued since the shaft accident using truck haulage through the existing underground ramp access with efforts to increase tonnage from higher grade skarns and oxide areas. Production at the Carlés Mine is unaffected and options to expand its production are underway. Due to the hoist incident at the Boinás Mine, production is forecasted to drop to about 90% of former levels at EVBC until the repairs are completed. The Company, however, remains on track to meet its original total metals production guidance for fiscal 2013.

  • Following the end of the third quarter, as part of the Company's ongoing operational optimization initiatives, the Company suspended the operations of its sulphuric acid plant at the UMZ Mine used to process oxides. LPF processing costs were significantly higher than flotation-only processing costs and throughput of the LPF circuit was approximately half that of the flotation-only circuit. The Company recorded an impairment charge of the LPF plant and related consumables of $6,423. The Company will continue to process transition and sulphide ores now by the flotation-only circuits. This suspension of the LPF plant will result in increased production of about 5% per quarter.

  • Sales of 20,480 ounces of gold, 4.1 million pounds of copper and 303,733 ounces of silver compared to 16,842 ounces of gold, 5.5 million pounds of copper and 284,440 ounces of silver in the third quarter of fiscal 2012. (1)

  • Consolidated revenue of $35,414 compared to $43,691 in the third quarter of fiscal 2012, a decrease of 19%.

  • Net income of $11,315 compared to $12,118 in the third quarter of fiscal 2012.

  • Adjusted net loss of $654 compared to adjusted net income of $3,611 in the third quarter of fiscal 2012. The adjusted net loss excludes certain non-recurring items including (i) the unrealized gains from the revaluation of the Company's financial instruments and the tax effect thereof, (ii) the non-cash impairment charge of $6,423 in connection with the suspension of the operations of the sulphuric acid plant at the UMZ Mine, (iii) the non-cash de-recognition of a portion of the Boinás Mine hoist of $3,500 as a result of the hoist incident, (iv) the cash union payment provision of $1,384 at the UMZ Mine, and (v) the non-cash provision for potentially uncollectible VAT at the UMZ Mine of $1,387. (2)

  • Cash flows provided by operating activities of $10,845 compared to $12,366 in the third quarter of fiscal 2012 and cash flows provided by operating activities before changes in non-cash working capital of $4,604 compared to $10,929 in the third quarter of fiscal 2012. (2)

  • Capital expenditures of $4,283 and $17,265 for the three and nine months ended June 30, 2013 consisting mostly of primary development at EVBC.

  • Debt net of cash, cash equivalents and restricted cash for debt repayment of $44,400 at June 30, 2013.

  • Payment of principal and interest on its long-term debt of $11,099 in the nine months ended June 30, 2013.

  • During the quarter, the announcement of a potential reduction in quantitative easing in the United States. This, along with other macroeconomic indicators in the United States, suggested the United States economy was improving. In response, gold prices declined sharply during June closing below $1,200 at the end of the quarter. Other commodity prices were similarly affected. Operational and corporate reviews have been initiated to seek means to reduce operating and capital costs to improve liquidity and cash flows given the recent declines and continued volatility in the metals markets.

(1) For a description of EVBC and the UMZ Mine, please see "Overall Performance - EVBC" and "Overall Performance - UMZ Mine".
   
(2) Adjusted net income (loss) and cash flows from operating activities before changes in non-cash working capital are non-IFRS performance measures with no standard definition under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance including the Company's ability to generate cash flows from its mining operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q3 MD&A.
   

"The third quarter of 2013 highlights our focus on continuing to stabilize and optimize operations. We had record production numbers at EVBC and we continue to implement changes to further improve our performance," said Michael Winship, Interim President and CEO. "We have intensified our focus on cost reduction in the current challenging environment resulting in the suspension of the LPF plant at the UMZ Mine and continuing with flotation-only processing at lower costs and higher throughput."

OVERALL PERFORMANCE

In Q3 2013, the Company increased consolidated production due to record mining and processing performance at the EVBC Mine. The benefit of improved throughput was offset by lower metals prices. The table below summarizes the Company's operating and financial performance for the following periods:

                               
    Q2 2013     Q3 2013     Q3 2012     YTD 2013     YTD 2012  
Operating Performance (1)                                        
Gold                                        
  Production (oz)     18,144       22,319       18,344       58,223       40,773  
  Sales (oz)     19,248       20,480       16,842       52,624       36,448  
  Average realized price / oz (2)   $ 1,616     $ 1,450     $ 1,614     $ 1,574     $ 1,655  
Copper                                        
  Production ('000 lbs)     3,852       4,558       5,080       12,793       11,307  
  Sales ('000 lbs)     3,848       4,064       5,454       11,885       9,470  
  Average realized price / lb (2)   $ 3.50     $ 3.25     $ 3.37     $ 3.38     $ 3.56  
Silver                                        
  Production (oz)     191,374       303,704       248,908       728,530       439,199  
  Sales (oz)     213,879       303,733       284,440       759,384       380,358  
  Average realized price / oz (2)   $ 28.10     $ 22.58     $ 27.07     $ 26.64     $ 28.18  
Financial Performance                                        
Revenue (3)   $ 44,301     $ 35,414     $ 43,691     $ 113,743     $ 90,309  
Mining costs (4)   $ 26,163     $ 26,153     $ 27,857     $ 70,939     $ 58,836  
Depreciation and amortization   $ 6,441     $ 7,226     $ 4,803     $ 17,686     $ 11,059  
Impairment charge     -     $ 6,423       -     $ 6,423       -  
Gross margin   $ 11,697     $ (4,388 )   $ 11,031     $ 18,695     $ 20,414  
Financial instruments (gain) loss   $ (6,545 )   $ (33,700 )   $ (10,621 )   $ (51,993 )   $ 8,602  
Net income (loss)   $ 6,483     $ 11,315     $ 12,118     $ 31,449     $ (346 )
Net income (loss) per share (basic and diluted)   $ 0.05     $ 0.08     $ 0.09     $ 0.23     $ 0.00  
Adjusted net income (loss) (5)   $ 922     $ (654 )   $ 3,611     $ 4,608     $ 3,149  
Adjusted net income (loss) per share (basic and diluted) (5)   $ 0.01     $ 0.00     $ 0.03     $ 0.03     $ 0.02  
Operating cash flows   $ 14,014     $ 10,845     $ 12,336     $ 24,910     $ 12,088  
Operating cash flows before non-cash working capital changes (5)   $ 10,627     $ 4,604     $ 10,929     $ 23,420     $ 18,823  
Ending cash and cash equivalents   $ 14,346     $ 11,484     $ 11,094     $ 11,484     $ 11,094  
Restricted cash (including long-term)   $ 13,858     $ 16,304     $ 14,626     $ 16,304     $ 14,626  
Capital expenditures (including primary mine development) (6)   $ 8,753     $ 4,283     $ 4,941     $ 17,265     $ 17,304  
(1)   Metals production and sales are from EVBC and the UMZ Mine. EVBC and the UMZ Mine reached commercial production in August 2011 and January 2012, respectively.
     
(2)   Sales volumes represented in the table above and in the tables below with respect to EVBC and the UMZ Mine include volume adjustments relating to final liquidations from prior period sales. Average realized metal prices are calculated by dividing gross revenue recorded for the period from sales of the particular metal, before deduction of treatment and refinement charges, by ounces of gold or silver or pounds of copper sold during the period. Sales volumes used to calculate average realized metal prices and unitary cash costs do not include volume adjustments relating to final liquidations from prior period sales.
     
(3)   Revenue represents (i) gross revenue derived from the sales of metals in the applicable period less transportation, treatment, refining, penalties and selling costs associated with such sales, (ii) plus or minus realized final liquidation amounts relating to metals sold in prior periods, (iii) plus or minus mark-to-market adjustments based on unrealized price fluctuations at period end relating to metals sold in the current or prior reporting periods prior to completion of final liquidations relating to such sales.
     
(4)   Mining costs represents all costs associated with the production of the metals sold in the period including mining, milling, administration, royalties and, in respect of the UMZ Mine, mining royalty taxes payable to the Bolivian government.
     
(5)   Adjusted net income (loss), adjusted net income (loss) per share and operating cash flows before non-cash working capital changes are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q3 MD&A.
     
(6)   These amounts are presented in the consolidated cash flows in the Q3 Financials on a cash basis. Each reported period excludes unpaid capital expenditures for the EVBC Mine incurred in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable reporting period.
     

EVBC Operations, Spain

With strong mining and processing performance and higher than average grade, EVBC achieved record production numbers for the third quarter of fiscal 2013 of 18,439 ounces of gold, 1.9 million pounds of copper and 58,856 ounces of silver. Recoveries increased on gold, copper and silver in the third quarter of fiscal 2013 primarily as a result of higher head grades and stability in blend and operations of the mill.

The Company continued to realize a strong benefit from the hoisting and shaft system at the Boinás Mine. There was increased haulage and processing flexibility with the ramp and shaft combination with the hoist achieving 74% of the volume of skarns extracted in May.

However, on June 16, 2013 an incident occurred resulting in material damage to the hoist/shaft system. EVBC personnel have responded well to the adversity and it appears the loss of hoisting capability will not be as significant as initially anticipated, based on July production performance. An alternative production schedule in response to the hoist incident has been completed and is being executed. In July 2013, under the revised production schedule, the EVBC Mine produced 5,651 ounces of gold, 0.6 million pounds of copper and 19,463 ounces of silver.

International shaft and hoist expert contractors and consultants have completed a recovery plan. The Company expects that it will take about six months to repair the shaft at an estimated cost of approximately $3,500. As a result of this incident, the Company de-recognized a portion of the asset for the estimated cost to repair the damaged components of $3,500. The repair costs will be capitalized to property, plant and equipment when incurred and future insurance proceeds will be recorded in "other income" once received.

The following table includes consolidated operating and financial performance data for the EVBC Mine for the periods set out below:

                             
    Q2 2013     Q3 2013     Q3 2012     YTD 2013     YTD 2012
Operating Performance                                      
Ore mined (tonnes) (wmt)     191,460       193,202       161,115       547,713       429,568
Ore milled (tonnes) (dmt)     176,445       181,599       150,711       503,934       401,255
Gold                                      
  Grade (g/t)     3.04       3.41       3.09       3.20       2.72
  Recovery (%)     90.9       92.5       93.4       92.3       92.2
  Production (oz)     15,713       18,439       13,983       48,101       32,399
  Sales (oz)     16,824       16,808       11,358       42,391       29,380
Copper                                      
  Grade (%)     0.48       0.63       0.51       0.54       0.42
  Recovery (%)     80.4       87.3       86.5       83.4       84.3
  Production ('000 lbs)     1,488       1,942       1,468       4.778       3,151
  Sales ('000 lbs)     1,636       1,643       934       4,095       2,710
Silver                                      
  Grade (g/t)     10.0       12.1       10.4       11.2       9.4
  Recovery (%)     73.8       82.9       78.4       79.1       76.2
  Production (oz)     41,848       58,856       39,621       143,581       92,395
  Sales (oz)     43,183       51,934       36,465       128,396       77,101
Total cash costs (by-product) ($/oz of gold sold) (1)   $ 784     $ 846     $ 806     $ 821     $ 916
Total production costs (by-product) ($/oz of gold sold) (1)   $ 1,076     $ 1,178     $ 968     $ 1,127     $ 1,181
Financial Performance                                      
Revenue   $ 31,180     $ 25,242     $ 20,845     $ 73,700     $ 56,521
Mining costs   $ 17,051     $ 17,363     $ 13,644     $ 44,145     $ 34,460
Depreciation and amortization (2)   $ 4,915     $ 5,557     $ 2,730     $ 12,982     $ 7,783
Financial instruments (gain) loss   $ (6,545 )   $ (33,700 )   $ (10,621 )   $ (51,993 )   $ 8,602
Income (loss) before tax   $ 15,377     $ 30,894     $ 15,100     $ 62,264     $ 3,455
Adjusted income (loss) before tax (1)   $ 7,402     $ 1,391     $ 2,948     $ 11,515     $ 8,447
Capital expenditures (including primary development) (3)   $ 3,243     $ 2,900     $ 7,507     $ 9,500     $ 21,075
(1)   Total cash costs (by-product) and total production costs (by-product) per ounce of gold sold and adjusted income (loss) before tax are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q3 MD&A. Adjusted income before tax includes realized expenses in connection with financial instruments settled during the period and excludes the mark-to-market fair value adjustments of the Company's outstanding financial instruments at the end of the period.
     
(2)   Depreciation and amortization amounts set out in the table above include depreciation of amounts paid by the Company to acquire EVBC on the acquisition of Kinbauri and such total depreciation and amortization costs are included in the calculation of total production costs (by-product) per ounce of gold sold.
     
(3)   These amounts are presented on a cash basis. Each reported period excludes unpaid capital expenditures incurred in the period which will be paid in subsequent periods and includes capital expenditures incurred in prior periods and paid for in the applicable reported period.
     

UMZ Mine, Bolivia

The performance of the UMZ Mine in Q3 2013 increased compared to the second quarter of fiscal 2013 mainly as a result of an overall increase in grades and recoveries for gold and silver. Higher throughput was also a factor for copper and silver. Improved recoveries were achieved as a result of increased access to sulphides from different areas of the UMZ Mine to allow for a better blending of ores being processed as well as a change in reagents.

The Company placed its sulphuric acid plant on care and maintenance and recorded an impairment charge of the plant and related consumables of $6,423 as it determined it no longer economical to process oxides through the leach-precipitation-flotation ("LPF") process at this time as a result of, among other things, declining metals prices and rising prices of necessary consumables for the LPF process. LPF processing costs were significantly higher than flotation-only processing costs and throughput of the LPF circuit is approximately half that of the flotation-only circuit. This suspension of the LPF plant will result in increased production of about 5% per quarter.

During July 2013, the Company entered into regular annual union wage negotiations as mandated under Bolivian law. Intermittent work stoppages commenced in July by way of formal strike notice from the union for set short periods of time. The Company approached the Ministry of Labour to gain assistance on inappropriate actions being taken by the union. Negotiations have then proceeded normally with no work disruptions in late July and into August. The Company is focused on finalizing its annual wage negotiations.

                         
    Q2 2013   Q3 2013     Q3 2012   YTD 2013     YTD 2012
Operating Performance (1)                                  
Ore mined (tonnes)     450,489     522,939       343,450     1,456,470       841,318
Ore milled (tonnes)     184,607     195,798       179,923     581,717       402,330
Gold                                  
  Grade (g/t)     1.01     1.39       1.92     1.20       1.84
  Recovery (%)     40.7     44.3       39.2     45.2       35.1
  Production (oz)     2,432     3,880       4,361     10,122       8,374
  Sales (oz) (2)     2,424     3,672       5,484     10,233       7,068
Copper                                  
  Grade (%)     1.26     1.40       1.83     1.37       1.82
  Recovery (%)     46.0     43.4       49.7     45.6       50.6
  Production ('000 lbs)     2,363     2,616       3,612     8,016       8,156
  Sales ('000 lbs) (2)     2,212     2,421       4,520     7,790       6,760
Silver                                  
  Grade (g/t)     42.1     61.3       87.6     52.0       84.0
  Recovery (%)     59.8     63.5       41.3     60.2       31.9
  Production (oz)     149,526     244,848       209,287     584,949       346,804
  Sales (oz) (2)     170,697     251,799       247,975     630,988       303,257
Total cash costs (co-product) ($/lb) copper (3)   $ 2.47   $ 2.15     $ 2.35   $ 2.21     $ 3.18
Total cash costs (co-product) ($/oz) gold (3)   $ 1,155   $ 925     $ 1,119   $ 1,023     $ 1,030
Total cash costs (co-product) ($/oz) silver (3)   $ 22.52   $ 16.12     $ 21.20   $ 19.27     $ 18.99
Financial Performance                                  
Revenue   $ 13,121   $ 10,172     $ 22,846   $ 40,043     $ 33,788
Mining costs   $ 9,112   $ 8,790     $ 14,193   $ 26,793     $ 24,376
Depreciation and amortization   $ 1,499   $ 1,669     $ 2,073   $ 4,704     $ 3,276
EMIPA Q3 adjustments (4)     -   $ 9,194       -   $ 9,194       -
Income (loss) before tax   $ 369   $ (10,350 )   $ 6,315   $ (3,918 )   $ 4,944
Adjusted income (loss) before tax   $ 369   $ (1,156 )   $ 6,315   $ 5,276     $ 4,944
Capital expenditures   $ 423   $ 317     $ 232   $ 2,110     $ 806
(1)   The UMZ Mine commenced commercial production on January 1, 2012. Information relating to production for fiscal 2012 includes production from the UMZ Mine during the start-up and commissioning period in the first quarter of fiscal 2012. Sales for the first quarter of fiscal 2012 from the UMZ Mine were credited against capitalized commissioning costs and sales from January 1, 2012 onwards were recorded as revenue.
     
(2)   The sales volumes for the first quarter of fiscal 2013 have been adjusted from the previously reported information to deduct volume adjustments relating to final liquidations from prior period sales. Sales volume used to calculate unitary cash costs do not include volume adjustments relating to final liquidations from prior period sales.
     
(3)   Total cash costs (co-product) per pound of copper and per ounce of gold and silver are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q3 MD&A.
     
(4)   Other expenses include $7,807 of non-recurring payments including the LPF plant impairment charge and $1,384 in payments made to union employees.
     

Copperwood Project

Orvana continues to advance its copper project (the "Copperwood Project") located in the Upper Peninsula of Michigan, United States. The Company has achieved the necessary permits. Optimization work is being done further to the Copperwood Project feasibility study, with a focus on additional metallurgical testing and mine design.

Total capital expenditures in respect of the Copperwood Project during Q3 2013 and for the nine months ended March 31, 2013 were $362 and $2,647, respectively, compared to a total of $5,842 in fiscal 2012. These capital expenditures included metallurgical testing, mine planning, costs associated with permitting including the Wetland Permit, well field investigation and peer review and supporting costs. Orvana is continuing to investigate a variety of possible options to enhance the value of the Copperwood Project to Orvana's shareholders including mine financing, partnerships and third party acquisition.

Liquidity

In addition to its long-term debt at EVBC, the Company has a loan facility (the "Fabulosa Loan") with Fabulosa Mines Limited ("Fabulosa"), the Company's 52% shareholder, in the amount of $11,500. Orvana is making principal and interest payments under the EVBC Loan, interest and stand-by fees payments under the Fabulosa Loan and repaid $3,000 of principal under the Fabulosa Loan in the third quarter to date.

The Fabulosa Loan was amended subsequent to the end of the quarter. The availability and maturity periods were extended until September 30, 2014 from August 31, 2013 and December 31, 2013, respectively. Interest of 12%, is payable monthly along with stand-by fees. Principal amounts outstanding under the Fabulosa Loan are now required to be repaid in the minimum amount of $500 per month commencing on April 1, 2014, provided that the entire principal and interest will be repaid by the new maturity date. In connection with such extension and amendment, the Company agreed to issue warrants to purchase 500,000 common shares of the Company exercisable for five years at an exercise price equal to an average of current market trading prices, subject to the approval of the Toronto Stock Exchange.

Debt net of cash, cash equivalents and restricted cash for debt repayment stood at $44,400 at June 30, 2013. At the date hereof, the Company has the ability to draw approximately $8,770 under the Fabulosa Loan until September 30, 2014.

Outlook

Orvana's short-term focus is operational optimization at EVBC and the UMZ Mine to generate increasing operating cash flows in order to pay down debt. Operational and corporate reviews have been initiated to seek means to reduce operating and capital costs to improve liquidity and cash flows given the recent declines and continued volatility in the metals markets. As well, Orvana will continue to de-risk the Copperwood Project and look for means to possibly advance the development.

Fiscal 2013 guidance for production remains at 75,000 ounces of gold (58,223 ounces for the first three quarters), 18 million pounds of copper (12.8 million pounds for the first three quarters) and 850,000 ounces of silver (728,530 ounces for the first three quarters).

Total EVBC production for the nine months ended June 30, was 48,101 ounces of gold (fiscal 2013 guidance of 63,000), 4.8 million pounds of copper (fiscal 2013 guidance of 6 million) and 143,581 ounces of silver (fiscal 2013 guidance of 200,000). During fiscal 2013, the Company's focus at EVBC has been on improving head grade, increasing gold production and reducing total cash costs (net of by-product revenue) per ounce of gold. The Company will continue to focus on these initiatives over the next six months while the shaft recovery project is underway. There has been good initial success with the ramp haulage production at the Boinás Mine and continued efforts to push production will occur. EVBC personnel have responded well to the adversity and it appears the loss of hoisting capability will not be as significant as initially anticipated, based on July production performance at EVBC.

Total UMZ Mine production for the nine months ended June 30, 2013 was 10,122 ounces of gold (fiscal 2013 guidance of 12,000), 8.0 million pounds of copper (fiscal 2013 guidance of 12 million) and 584,949 ounces of silver (fiscal 2013 guidance of 650,000). During fiscal 2013, the Company's focus at the UMZ Mine has been on improving metal production and reducing operating costs. The suspension of the LPF process will contribute materially to these goals, particularly in unit cost reduction.

Orvana's long-term focus is to utilize future cash flow and mining capabilities to build long-term value for its shareholders. Growth opportunities, particularly near the Spanish operations, are being investigated.

The Company will hold a conference call on August 9, 2013 at 3:00 p.m. (Eastern Time) to discuss its financial and operational results for the third quarter of fiscal 2013. Following the presentation there will be a question and answer period for analysts and investors.

The conference call can be accessed at 1-416-340-2217 or the North American toll-free number at 1-866-696-5910, using the pass code 8728 099 followed by the number sign.

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinás/Carlés gold-copper Mine in northern Spain. Orvana also owns and operates the Don Mario Mine in Bolivia, processing its copper-gold-silver Upper Mineralized Zone deposit. Orvana is also 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 development of the Upper Mineralized Zone deposit ("the UMZ Mine") at the Don Mario Mine in Bolivia, the El Valle-Boinás/Carlés Mine (the "EVBC Mine") in Spain and the Copperwood project (the "Copperwood Project") in Michigan and their 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 operating 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 Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Annual Disclosures"), 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 Mine, the 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 continue to operate the UMZ Mine and/or the EVBC Mine or 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; 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 the Annual Disclosures 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 Disclosures 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.



Orvana Minerals Corp.
Michael Winship
Interim President and Chief Executive Officer
(416) 369-1629
or
Orvana Minerals Corp.
Daniella Dimitrov
Chief Financial Officer
(416) 369-1629
or
Orvana Minerals Corp.
Natalie Frame
Investor Relations
(289) 200-7640
ask_us@orvana.com
www.orvana.com

Orvana Minerals Corp

PRODUCTEUR
CODE : ORV.TO
ISIN : CA68759M1014
CUSIP : 68759M101
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Orvana Min. est une société de production minière de cuivre et d'or basée au Canada.

Orvana Min. est productrice de cuivre, d'or, d'argent en Bolivie et en Espagne, et détient divers projets d'exploration en Bolivie.

Ses principaux projets en production sont DON MARIO (CERRO PELADO) en Bolivie et EL VALLE-BOINÁS/CARLÉS en Espagne et son principal projet en exploration est COPPERWOOD en Bolivie.

Orvana Min. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 26,6 millions CA$ (21,3 millions US$, 18,7 millions €).

La valeur de son action a atteint son plus bas niveau récent le 29 décembre 2000 à 0,05 CA$, et son plus haut niveau récent le 24 décembre 2010 à 3,97 CA$.

Orvana Min. possède 136 623 171 actions en circulation.

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Rapports annuels de Orvana Minerals Corp
Correction and re-filing of its annual report
Financements de Orvana Minerals Corp
11/08/2011. Announces Completion of Equity Offering
26/07/2011. Announces Equity Offering
18/05/2011Obtains US$15 Million Bridge Loan Commitment and Amends Shar...
Nominations de Orvana Minerals Corp
30/03/2015Announces Appointment of New Chief Executive Officer
08/04/2013. Announces Appointment of New Interim Chief Executive Offic...
09/03/2012Announces Changes to Board of Directors
04/01/2012Appoints Ron Simkus to the Board of Directors
25/02/2010Appointment of Roland Horst as Chief Executive Officer
22/02/2010Appointment of new vice president, Mining
24/08/2009Appoints James Gilbert to board of Directors
Rapports Financiers de Orvana Minerals Corp
07/02/2014Orvana Reports Results for the First Quarter of Fiscal 2014 ...
08/02/2013Orvana Reports Results for the First Quarter of Fiscal 2013 ...
08/02/2013Reports Results for the First Quarter of Fiscal 2013 With Ad...
15/05/2012Reports Results for the Second Quarter Ended March 31, 2012
15/03/2012Announces Results for the First Quarter Ended December 31, 2...
01/03/2012Announces Revised Issue Date for Its Financial Statements fo...
14/02/2011Reports First Quarter Results for the Three Months Ended Dec...
16/02/2010Reports operating results for the first quarter ended decemb...
17/08/2009Operating results for the third quarter ended june 30, 2009
19/05/2009Operating results for the 2nd quarter ended march 31, 2009
13/02/2009reports operating results for the first quarter ended decemb...
15/08/2008Reports operating results for the third quarter ended june 3...
15/05/2008Reports Operating Results for the second Quarter ended March...
Projets de Orvana Minerals Corp
09/12/2014Reports Record Gold and Copper Production, Balance Sheet Sig...
11/02/2014Highland to Acquire Orvana's Copperwood Project
06/12/2013Orvana Reports Record Mine Performance and Fiscal 2013 Resul...
15/10/2013Orvana Surpasses 2013 Production Guidance
15/10/2013Surpasses 2013 Production Guidance
23/09/2013(Copperwood)Provides Update on Copperwood Project, Upper Peninsula, Mich...
25/02/2013Orvana Granted Wetlands Permit for Copperwood Project, Upper...
25/02/2013(Copperwood)Granted Wetlands Permit for Copperwood Project, Upper Penins...
18/10/2012Orvana Reports Production Results for the Fourth Quarter and...
30/04/2012(Copperwood)Receives Part 632 Mining Permit for Copperwood Project, Uppe...
07/02/2012(Copperwood)Announces Feasibility Study Results for Copperwood Project, ...
24/06/2011(Copperwood)Announces Prefeasibility Study Results for Copperwood Projec...
05/06/2011(El Valle-boinás/carlés)Announces Commissioning of El Valle-Boinas/Carles Gold/Coppe...
25/03/2011(El Valle-boinás/carlés)Provides Update from El Valle-Boinas/Carles Mine, Northern S...
07/03/2011(Don Mario (cerro Pelado)).: Construction Completed of Leaching-Precipitation-Flotatio...
25/02/2011(Copperwood)Reports Measured and Indicated Resources Increase of 50% for...
05/03/2010(El Valle-boinás/carlés)Updated resource estimate at El Valle-Boinás/Carlés Project
17/02/2010(El Valle-boinás/carlés)Provides update on El Valle-Boinas/Carles Project
20/01/2010(Copperwood)Reports final assay batch from its Copperwood Project
13/07/2009(Copperwood)Provides drill program update
19/05/2009(Don Mario (cerro Pelado))announces completion of updated feasibility study and decisi...
13/02/2009(Copperwood)New drill results from Copperwood
11/02/2009(Copperwood)Collection for environmental studies commenced at copperwood
09/02/2009(Don Mario (cerro Pelado))Progresse on a detalied Operation Study
Communiqués de Presse de Orvana Minerals Corp
18/12/2015Orvana Reports Year End, Fourth Quarter Fiscal Results and P...
01/10/2015Merger Market article from Sept 11, 2015
30/09/2015Orvana Announces Two New Mineral Resource Estimates at Don M...
16/09/2015Orvana on Track to Deliver Don Mario Mine Life Extension and...
07/08/2015Orvana Reports Third Quarter Fiscal Results
13/04/2015to Present at the European Gold Forum, Zurich and the 1-2-1 ...
13/04/2015Orvana to Present at the European Gold Forum, Zurich and the...
12/04/2015Orvana Reports Production for Second Quarter 2015 and Update...
08/04/2015Orvana Announces Appointment of Chief Financial Officer
30/03/2015Orvana Announces Appointment of New Chief Executive Officer
25/03/2015Orvana to Present at the John Tumazos Very Independent Resea...
25/03/2015to Present at the John Tumazos Very Independent Research Met...
27/02/2015Orvana Announces Results of Annual Shareholders' Meeting
24/02/2015Orvana to Exhibit at Prospectors and Developers Association ...
23/02/2015Orvana Announces Annual Shareholders' Meeting, Live Webcast ...
23/02/2015Announces Annual Shareholders' Meeting, Live Webcast Februar...
05/02/2015Orvana Reports First Quarter Fiscal 2015 Results, Strong Bal...
17/01/2015Orvana Continues to Deliver Results in the First Quarter 201...
17/01/2015Continues to Deliver Results in the First Quarter 2015 and R...
08/01/2015Orvana Minerals to Attend Vancouver Resource Investment Conf...
16/12/2014Orvana Receives $7.5 Million Additional Cash Payment for Cop...
09/12/2014Orvana Reports Record Gold and Copper Production, Balance Sh...
01/12/2014Orvana Announces Fourth Quarter Financial Results Release Da...
04/11/2013Orvana Minerals takes strides towards sustained profitabilit...
15/08/2013Midday Breaking News From Orvana and Eagle Hill
15/08/2013Reports Successful Completion of Annual Wage Negotiations at...
09/08/2013Orvana Achieves Strong Mine Performance in Fiscal Third Quar...
09/08/2013Achieves Strong Mine Performance in Fiscal Third Quarter
17/07/2013Reports Suspension of its Leach-Precipitation-Flotation Plan...
08/07/2013Midday Breaking News From Cavan=2C Orvana=2C and Pacific Pot...
08/07/2013Advises Production Guidance for Fiscal 2013 Remains on Targe...
17/06/2013Reports Hoist Incident and Provides Company Update
14/05/2013Mid-Day Breaking News From Orvana, Skyharbour, Zenyatta, Dig...
14/05/2013Achieves Strong Mine Performance In Fiscal Second Quarter
24/04/2013Celebrates 60 Years on the TSX
15/04/2013Mid-Day Breaking News From Orvana Minerals and Pacific Potas...
03/01/2013Reports Fiscal 2012 Conference Call Details
18/10/2012Reports Production Results for the Fourth Quarter and Fiscal...
21/08/2012Mid-Day Breaking News From Orvana, Great Panther, Lomiko, Tr...
13/08/2012Mid-Day Breaking News From Orvana, CanAm, Corazon, and Rio G...
13/08/2012Reports Results for the Third Quarter With Adjusted Earnings...
18/07/2012Announces June Operations Results for El Valle-Boinas/Carles...
10/07/2012Announces June Operations Update for the Upper Mineralized Z...
19/06/2012Announces May Operations Update for El Valle-Boinas/Carles G...
05/06/2012Announces Changes to Executive Management
09/05/2012Provides an Operations Update for the Upper Mineralized Zone...
17/04/2012Announces Operations Update at El Valle-Boinas/Carles Gold/C...
10/04/2012Announces Commercial Production and Increases Gold and Silve...
16/02/2012Completes a US$13.8 Million Increase in Its Credit Facility ...
18/01/2012Provides an Operations Update and Revised Reserve Estimate f...
13/12/2011Reports Results for the Year Ended September 30, 2011
06/12/2011. Announces Changes in Management
22/09/2011Announces Drill Results and Provides an Operations Update at...
11/07/2011on Orvana Operations
05/04/2011Announces Production at Don Mario UMZ Copper-Gold-Silver Min...
26/02/2010Additions to board of directors
15/01/2010Update on activities relating to El valle-Boinas/Carles
05/10/2009Amalgamation of kinbauri gold corp. and orvana minerals acqu...
25/09/2009Completes Compulsory Acquisition of Kinbauri Common Shares
18/08/2009Takes up Kinbauri shares and extends offer until august 28, ...
13/08/2009 Urges Kinbauri shareholders to tender their shares
04/08/2009Extends offer to acquire kinbauri to august 17, 2009
30/07/2009Supports Kinbauri's decision to let shareholders decide
30/07/2009Urges Kinbauri shareholders to tender to its all-cash offer
29/07/2009Issues reminder that its all cash offer
28/07/2009Kinbauri Shareholders Urged to Tender To The Orvana Offer by...
24/07/2009receives notification that Kinbauri has agreed to waive its ...
21/07/2009raises cash offer for Kinbauri to C$0,75 per share
15/07/2009Extends its offer to acquire Kinbauri Gold Corp.
02/07/2009Extends its Offer to Acquire Kinbauri Gold Corp. to July 13,...
25/05/2009Commences all-cash offer to acquire Kinbauri Glod Corp.
19/05/2009 to apply to OSC for relief relating to Kinbauri's recent ac...
14/05/2009Highlights risks and uncertainties surrounding Kinbauri's pr...
04/12/2008Reports Record Revenue, Cash Provided by Operating Activitie...
10/09/2008Enters into a minerals lease in the state of Michigan
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TORONTO (ORV.TO)OTHER OTC (ORVMF)
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TORONTO
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