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Orvana Minerals Corp

Publié le 06 décembre 2013

Orvana Reports Record Mine Performance and Fiscal 2013 Results With Adjusted Net Income of $12.4 Mil

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Breaking News Release 

Orvana Reports Record Mine Performance and Fiscal 2013 Results With Adjusted Net Income of $12.4 Million or $0.09 Per Share

TORONTO, ONTARIO--(Dec. 6, 2013) - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operating results for the fourth quarter ("Q4 2013") and the fiscal year ended September 30, 2013 ("fiscal 2013"). The Company reported record gold production from its El Valle-Boin�s and Carl�s mines in Spain ("EVBC") in fiscal 2013.

The Company reported adjusted net income in fiscal 2013 of $12.4 million or $0.09 per share excluding certain non-recurring items and net income of $32.6 million or $0.24 per share. The Company recorded adjusted net income in Q4 2013 of $7.8 million or $0.06 per share and net income of $1.1 million or $0.01 per share.

The audited consolidated financial statements for fiscal 2013 ('2013 Financials") and Management's Discussion & Analysis related thereto ("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".

2013 Annual Operating and Financial Highlights

  • Fiscal 2013 production guidance was surpassed with 80,541 ounces of gold, an increase of 7% from fiscal 2013 guidance and 44% from fiscal 2012 production.
  • Orvana produced 80,541 ounces of gold, 17.3 million pounds of copper and 1,017,811 ounces of silver and had sales of 74,087 ounces of gold, 16.3 million pounds of copper and 1,073,394 ounces of silver in fiscal 2013 compared to production of 55,929 ounces of gold, 15.4 million pounds of copper and 716,280 ounces of silver and sales of 55,052 ounces of gold, 14.7 million pounds of copper and 669,810 ounces of silver in fiscal 2012.
  • Strong mining and processing performance allowed for record production numbers to be achieved in the second half of fiscal 2013 at EVBC.(1)
  • The first full year of commercial production was achieved at the UMZ Mine in Bolivia.(1)
  • Suspension of the operations of the leach precipitation flotation ("LPF") process at the UMZ Mine in the third quarter of fiscal 2013 resulting in all transition and sulphides ore being processed through the sulphide flotation circuit increasing throughput by 5% and decreasing total all-in costs by 15%, 4% and 14%, for gold, copper and silver, respectively, in the fourth quarter compared to the third quarter of fiscal 2013.
  • Final major permitting milestones were achieved at the Copperwood Project in Michigan with the Wetlands Permit obtained in February 2013.
  • Revenue of $162,199 for fiscal 2013 was recorded compared to $145,574 for fiscal 2012, an increase of 11%.
  • Adjusted EBITDA or $50,870 for fiscal 2013 was recorded compared to $43,521 for fiscal 2012, an increase of 17%.
  • Net income of $32,623 for fiscal 2013 was recorded compared to a net loss of $2,353 for fiscal 2012.
  • Adjusted net income of $12,420 for fiscal 2013 was achieved compared to adjusted net income of $15,474 for fiscal 2012. (2)
  • Cash flows provided by operating activities of $32,569 in fiscal 2013 compared to $41,705 in fiscal 2012 and cash flows provided by operating activities before changes in non-cash working capital of $38,685 in fiscal 2013 compared to $33,276 in fiscal 2012. (2)
  • Capital expenditures of $21,157 for fiscal 2013 consisting mostly of primary development at EVBC compared to $37,718 for fiscal 2012, a decrease of 44%.
  • Continued decrease in outstanding debt balances with debt net of cash, cash equivalents and restricted cash for debt repayment of $39,756 at September 30, 2013 compared to $50,184 at September 30, 2012.
  • Continued improved working capital position, with $10,337 at September 30, 2013 compared to negative working capital of $6,788 at September 30, 2012.
  • Cash and cash equivalents of $13,039 plus short-term restricted cash of $16,095 at September 30, 2013.
  • All-in costs (by-product) of $1,086 per ounce of gold at EVBC and all-in costs (co-product) of $1,051 per ounce of gold, $19.30 per ounce of silver and $2.38 per pound of copper at the UMZ Mine. (3)
  • Significant improvement to safety performance at all sites with an overall reduction of 58% in lost- time accidents compared to fiscal 2012.
  • Completion of the hoist repairs and upgrades at the Boin�s Mine are expected in early 2014.
  • Appointment of Michael Winship as President and Chief Executive Officer and appointment of John Bracale as EMIPA President in Bolivia in November 2013.

Q4 2013 Operating and Financial Highlights

  • Produced 22,250 ounces of gold, 4.5 million pounds of copper and 289,335 ounces of silver and sales of 21,462 ounces of gold, 4.4 million pounds of copper and 314,011 ounces of silver. (1)
  • Revenue of $43,975 in the fourth quarter of fiscal 2013 compared to $36,997 in the third quarter of fiscal 2013 and $52,110 in the fourth quarter of fiscal 2012, an increase of 19% and decrease of 16%, respectively.
  • Net income of $1,174 in the fourth quarter of fiscal 2013 compared to net income of $11,315 in the third quarter of fiscal 2013 and a net loss of $2,007 in the fourth quarter of fiscal 2012.
  • Adjusted net income of $7,814 in the fourth quarter of fiscal 2013 compared to adjusted net loss of $654 in the third quarter of fiscal 2013 and adjusted net income of $12,325 in the fourth quarter of fiscal 2012. (2)
  • Cash flows provided by operating activities were $7,659 in the fourth quarter of fiscal 2013 compared to $10,845 in the third quarter of fiscal 2013 and $29,617 in the fourth quarter of fiscal 2012 and cash flows provided by operating activities before changes in non-cash working capital of $15,265 in the fourth quarter of fiscal 2013 compared to $4,604 in the third quarter of fiscal 2013 and $14,453 in the fourth quarter of fiscal 2012. (2)
  • All-in costs (by-product) of $1,035 per ounce of gold at EVBC and all-in costs (co-product) of $823 per ounce of gold, $14.49 per ounce of silver and $2.17 per pound of copper at the UMZ Mine. (3)
(1) For a description of EVBC and the UMZ Mine, please see "Overall Performance - EVBC Mines" and "Overall Performance - UMZ Mine" sections of the 2013 MD&A.
(2) Adjusted net income (loss), cash flows from operating activities before changes in non-cash working capital and all-in sustaining costs 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 2013 MD&A.
(3) The Company, in conjunction with initiatives undertaken within the gold mining industry, is adopting all-in sustaining costs and all-in costs non-IFRS performance measures as set out in the guidance note released by the World Gold Council in June 2013. The Company believes these performance measures more fully define the total costs associated with its metal production, however, these performance measures have no standardized meaning. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company reports these measures on a metals volumes sold basis. The comparative periods have been restated accordingly. For further information and a detailed reconciliation of these performance measures, please see the "Other Information - Non-IFRS Measures" section of the 2013 MD&A.

"Fiscal 2013 highlights our focus on continuing to optimize operations with increased throughput and record production numbers at EVBC" said Michael Winship, President and CEO. "We are seeing the results of our costs reduction initiatives with the suspension of the LPF process at the UMZ Mine and we continue to focus on overall costs reduction at all of the operations."

Overall Performance

In fiscal 2013, the Company had record consolidated production due to strong mining and processing performance at EVBC. 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:

Q3 2013 Q4 2013 Q4 2012 FY2013 FY2012 FY2011
Operating Performance (1)
Gold
Production (oz) 22,319 22,250 15,155 80,541 55,929 19,313
Sales (oz) 20,480 21,462 18,604 74,087 55,052 16,179
Average realized price / oz (1) $ 1,450 $ 1,329 $ 1,666 $ 1,504 $ 1,659 $ 1,402
Copper
Production ('000 lbs) 4,558 4,509 4,058 17,304 15,366 1,056
Sales ('000 lbs) 4,064 4,427 5,259 16,312 14,730 504
Average realized price / lb (1) $ 3.25 $ 3.20 $ 3.50 $ 3.33 $ 3.54 $ 1.93
Silver
Production (oz) 303,704 289,335 277,081 1,017,811 716,280 11,691
Sales (oz) 303,733 314,011 289,356 1,073,394 669,810 13,270
Average realized price / oz (1) $ 22.58 $ 21.05 $ 31.06 $ 25.01 $ 29.43 $ 34.58
Financial Performance
Revenue (1) $ 36,997 $ 43,975 $ 52,110 $ 162,199 $ 145,574 $ 25,085
Mining costs (1) $ 27,736 $ 25,643 $ 26,240 $ 101,063 $ 88,231 $ 18,290
Impairment charge $ 6,423 $ (150 ) - $ 6,273 - -
Gross margin $ (4,388 ) $ 12,303 $ 21,912 $ 30,998 $ 42,326 $ 2,716
Derivative instruments gain (loss) $ 33,700 $ (9,853 ) $ (17,493 ) $ 42,140 $ 26,095 $ 13,611
Net income (loss) $ 11,315 $ 1,174 $ (2,007 ) $ 32,623 $ (2,353 ) $ (21,306 )
Net income (loss) per share (basic/diluted) $ 0.08 $ 0.01 $ (0.01 ) $ 0.24 $ (0.02 ) $ (0.18 )
Adjusted net income (loss) (2) $ (654 ) $ 7,814 $ 12,325 $ 12,420 $ 15,474 $ (12,671 )
Adjusted net income (loss) per share (basic/ diluted) (2) $ 0.00 $ 0.06 $ 0.09 $ 0.09 $ 0.11 $ (0.11 )
Operating cash flows $ 10,845 $ 7,659 $ 29,617 $ 32,569 $ 41,705 $ (12,623 )
Operating cash flows before non-cash working capital changes (1) $ 4,604 $ 15,265 $ 14,453 $ 38,685 $ 33,276 $ (2,263 )
Ending cash and cash equivalents $ 11,484 $ 13,039 $ 13,200 $ 13,039 $ 13,200 $ 12,244
Restricted cash (including long-term) $ 16,304 $ 17,839 $ 18,399 $ 17,839 $ 18,399 $ 2,275
Capital expenditures (1) $ 4,283 $ 3,892 $ 20,414 $ 21,157 $ 37,718 $ 59,819
(1) Refer to the 2013 MD&A for further information on operating performance, metals production, metals sales, sales volumes, revenue, mining costs, adjusted net income and capital expenditures.
(2) Adjusted net income represents net income of $32,623 less (i) the tax-adjusted unrealized gains of $30,307 on the Company's outstanding derivative instruments, plus (ii) the tax adjusted de-recognition of assets relating to the EVBC hoist incident of $1,571, (iii) the tax adjusted EMIPA union payments of $873, (iv) the EMIPA VAT provision of $1,387, and (v) the impairment charge of the LPF plant and related consumables of $6,273 (the "EMIPA Write-Down"). Refer to the 2013 MD&A for further information.

EVBC Mines

With strong mining and processing performance and higher average grades of gold, copper and silver, the EVBC Mines achieved record production numbers during fiscal 2013 of 65,992 ounces of gold, 6.7 million pounds of copper and 197,768 ounces of silver compared to 42,864 ounces of gold, 4.0 million pounds of copper and 117,113 ounces of silver in fiscal 2012, an increase of 54%, 69% and 69%, respectively.

The increase in production compared to fiscal 2012 is primarily due to an increase of 35% in tonnage mined and 32% in tonnage milled and an increase in gold, copper and silver head grades of 17%, 27% and 23%, respectively. Improved planning has provided better support to operations in development and dewatering in advance of mining. Backfilling has improved in both skarn and oxides providing for improved cycle times for mining the secondary stopes and increasing production. The Boin�s Mine continued to make progress in primary mine development advancements in both oxide and skarn areas in order to have sufficient stopes available for mining. Oxide mining with contractors has shown improved production and efficiencies following a change in the oxides contractor in the second quarter. Carles Mine production has improved from 2012 levels as ramp access has made stoping on multiple levels possible.

During the fourth quarter of fiscal 2013, the Company initiated the implementation of a number of costs savings initiatives at EVBC including the rationalization of certain contractors, reduction of company personnel and certain changes to the oxides stope widths and profile to allow for improved efficiencies in the mining of the oxides which is expected to improve mining costs.

The Company continues to make progress on the hoist recovery from the incident at the Boin�s Mine in June 2013. The basic recovery of the hoist system is estimated to cost approximately $2,244. The Company has been assisting its insurers with their evaluations relating to the recovery of the basic hoist repair costs. The Company is taking this opportunity to enhance the capabilities of the hoist with enhanced design and safety improvements. This includes a hoisting system designed to international standards with appropriate redundant safety features, a skip arrestor system and skip caging system in the headframe. Modification to the underground and haulage system that will enhance ore movement and provide the potential to hoist oxides is also being completed. The estimated costs of the upgrades are approximately $2,000 and will be paid for by EVBC. Completion of the hoist repairs and upgrades at the Boin�s Mine is expected in early 2014.

During the fourth quarter, EVBC completed an internal update of its resources, reserves and its life-of- mine plan and is currently undertaking an independent external expert review thereof.

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

Q3 2013 Q4 2013 Q4 2012 FY2013 FY2012
Operating Performance (1)
Ore mined (tonnes) (wmt) 193,202 204,859 129,015 752,572 558,583
Ore milled (tonnes) (dmt) 181,599 181,763 118,436 685,697 519,690
Gold
Grade (g/t) 3.41 3.26 2.95 3.24 2.77
Recovery (%) 92.5 93.4 93.2 92.5 92.5
Production (oz) 18,439 17,823 10,465 65,992 42,864
Sales (oz) 16,808 17,411 13,457 59,802 42,837
Copper
Grade (%) 0.63 0.54 0.37 0.52 0.41
Recovery (%) 87.3 86.2 82.0 84.4 84.1
Production ('000 lbs) 1,942 1,880 800 6,658 3,951
Sales ('000 lbs) 1,643 1,990 1,241 6,085 3,951
Silver
Grade (g/t) 12.10 11.30 8.41 11.24 9.17
Recovery (%) 82.9 81.8 76.3 79.8 76.4
Production (oz) 58,856 54,241 24,718 197,768 117,113
Sales (oz) 51,934 62,447 29,098 190,843 106,199

Q3 2013 Q4 2013 Q4 2012 FY2013 FY2012
Financial Performance
Revenue $ 25,449 $ 27,904 $ 25,843 $ 102,309 $ 82,750
Mining costs $ 17,620 $ 18,017 $ 13,280 $ 62,867 $ 48,126
Derivative instruments gain (loss) $ 33,700 $ (9,853 ) $ 17,493 $ 42,140 $ (26,095 )
Income (loss) before tax $ 30,894 $ 6,994 $ (9,961 ) $ 55,270 $ (6,506 )
Capital expenditures (1) $ 2,900 $ 3,748 $ 9,457 $ 13,248 $ 31,136
Cash operating costs ($/oz) gold (1) $ 846 $ 759 $ 720 $ 803 $ 854
All-in sustaining costs (by-product) ($/oz) gold (1) $ 1,049 $ 1,035 $ 1,749 $ 1,086 $ 1,658
All-in costs (by-product) ($/oz) gold (1) $ 1,049 $ 1,035 $ 1,749 $ 1,086 $ 1,658
(1) Refer to the 2013 MD&A for further information on operating performance, capital expenditures, all-in sustaining costs and all-in costs. Costs are reported per ounce of gold sold in the period.

  Past News Releases
  Tue, Oct 15, 2013

Orvana Surpasses 2013 Production Guidance
 

  Tue, Dec 3, 2013

Orvana Appoints Michael Winship as President and CEO

UMZ Mine, Bolivia

During fiscal 2013, the UMZ Mine produced 14,549 ounces of gold, 10.6 million pounds of copper, and 820,043 ounces of silver compared to 13,065 ounces of gold, 11.4 million pounds of copper and 599,167 ounces of silver in fiscal 2012.

Production in fiscal 2013 compared to fiscal 2012 of (i) gold increased by 11% primarily as a result of a 17% increase in recoveries, (ii) copper decreased by 7% as a result of 21% lower head grades and 11% decrease in recoveries, and (iii) silver increased by 37% as a result of a 59% increase in recoveries.

In the fourth quarter, the Company commenced the implementation of the addition of gold gravity concentrators. This implementation, scheduled to be completed in the second quarter of fiscal 2014, is expected to increase gold recoveries to between 60% to 65% and, therefore, result in increased gold production from the UMZ Mine in the second half of fiscal 2014.

The Company suspended the LPF process and recorded an impairment charge of the LPF plant and related consumables of $6,273 in fiscal 2013. During the fourth quarter, the Company continued to process transition and sulphide ores by the flotation-only circuits. Throughput increased by 5% and total all-in costs decreased by 15%, 4% and 14%, for gold, copper and silver, respectively, in the fourth quarter compared to the third quarter of fiscal 2013.

The Company continues to evaluate reagents which may allow it to process oxide ores through its sulphide flotation process by completing certain testing in the fourth quarter of fiscal 2013 and the first quarter of fiscal 2014. As a result of the additional testing being undertaken by the Company relating to the processing of oxide ores, the EMIPA Write-Down does not include oxide ores in stockpile at September 30, 2013 with a carrying value of $1,678.

During the fourth quarter of fiscal 2013, EMIPA entered into regular annual union wage negotiations as mandated under Bolivian law. Intermittent work stoppages occurred in July. The Company successfully completed the wage negotiations in August.

The following table includes operating and financial performance data for the UMZ Mine for the periods set out below.

Q3 2013 Q4 2013 Q4 2012 FY2013 FY2012
Operating Performance (1)
Ore mined (tonnes) 258,116 245,976 322,422 1,013,646 1,016,489
Ore milled (tonnes) 195,798 206,431 191,725 788,149 594,054
Gold
Grade (g/t) 1.39 1.44 1.55 1.26 1.75
Recovery (%) 44.3 46.5 49.2 45.6 39.1
Production (oz) 3,880 4,427 4,691 14,549 13,065
Sales (oz) 3,672 4,051 5,147 14,285 12,215
Copper
Grade (%) 1.40 1.43 1.65 1.39 1.76
Recovery (%) 43.4 40.3 46.7 44.2 49.4
Production ('000 lbs) 2,616 2,630 3,259 10,646 11,415

Q3 2013 Q4 2013 Q4 2012 FY2013 FY2012
Sales ('000 lbs) 2,421 2,437 4,018 10,228 10,779
Silver
Grade (g/t) 61.30 54.57 75.23 52.67 81.17
Recovery (%) 63.5 64.9 54.4 61.5 38.6
Production (oz) 244,848 235,094 252,364 820,043 599,167
Sales (oz) 251,799 251,564 260,054 882,551 563,611
Financial Performance
Revenue $ 11,497 $ 16,072 $ 26,267 $ 59,890 $ 62,824
Mining costs $ 10,115 $ 7,627 $ 12,960 $ 38,196 $ 40,105
EMIPA Q3 adjustments (2) $ 9,194 $ (150 ) - $ 9,044 -
Income (loss) before tax $ (10,350 ) $ 8,276 $ 12,116 $ 4,358 $ 17,060
Capital expenditures $ 317 $ 581 $ 1,164 $ 2,691 $ 1,969
Cash operating costs (co-product) ($/oz) gold (1) $ 939 $ 740 $ 969 $ 951 $ 1,147
Cash operating costs (co-product) ($/lb) copper (1) $ 2.18 $ 1.97 1.92 $ 2.16 $ 2.40
Cash operating costs (co-product) ($/oz) silver (1) $ 16.34 $ 13.17 $ 18.69 $ 17.64 $ 22.88
All-in sustaining costs (co-product) ($/oz) gold (1) $ 1,010 $ 823 $ 1,587 $ 1,051 $ 1,258
All-in sustaining costs (co-product) ($/lb) copper (1) $ 2.35 $ 2.17 $ 3.61 $ 2.38 $ 2.63
All-in sustaining costs (co-product) ($/oz) silver (1) $ 17.47 $ 14.49 $ 33.00 $ 19.30 $ 24.86
All-in costs (co-product) ($/oz) gold (1) $ 1,010 $ 823 $ 1,587 $ 1,051 $ 1,258
All-in costs (co-product) ($/lb) copper (1) $ 2.35 $ 2.17 $ 3.61 $ 2.38 $ 2.63
All-in costs (co-product) ($/oz) silver (1) $ 17.47 $ 14.49 $ 33.00 $ 19.30 $ 24.86
(1) Refer to the 2013 MD&A for further information on operating performance, cash operating costs, all-in sustaining costs and all-in costs. Costs are reported per ounce of gold or silver or per pound of copper sold in the period.
(2) The "EMIPA Q3 Adjustments" includes (i) a non-cash provision of $1,387 for amounts of VAT claimed and received and amounts of VAT not yet claimed or received recorded as VAT receivables as a result of recently completed audits conducted by the Bolivian National Tax Services with respect to VAT claims, (ii) the EMIPA Write-Down of $6,423 comprised primarily of $4,715 and $1,558 representing the carrying value of the LPF plant and LPF consumables and materials in inventory at June 30, 2013, respectively, and (iii) a provision for and subsequent payment of $1,384 to EMIPA union employees in respect of two periods between 2002 and 2012.

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. Certain optimization work continues with a focus on additional metallurgical testing and mine design and Orvana is in the process of finalizing an independent concentrate marketing study.

Total capital expenditures in respect of the Copperwood Project for the fourth quarter of fiscal 2013 were $546 compared to $2,597 for the fourth quarter of fiscal 2012. Total capital expenditures for fiscal 2013 were $3,193 compared to a total of $5,842 for fiscal 2012. These capital expenditures included metallurgical testing, mine optimization studies, logistics and marketing studies, 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 and financing alternatives to enhance the value of the Copperwood Project to Orvana's shareholders. Holding costs of the Copperwood Project will be minimized in fiscal 2014 while the Company pursues various alternatives to advance the project.

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 and pursue growth alternatives. 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. Orvana will continue to de-risk the Copperwood Project and look for means to realize value. In fiscal 2014, Orvana has allocated certain amounts towards internal growth exploration initiatives at both the EVBC Mines and the UMZ Mine, and the regions thereof.

The following table sets out Orvana's fiscal 2013 guidance and production as well as its fiscal 2014 guidance.

FY2013
Guidance
FY2013
Production
FY2014
Guidance
EVBC Mines
Gold (oz) 63,000 65,992 65,000 - 75,000
Copper (million lbs) 6.0 6.7 6.0 - 6.5
Silver (oz) 200,000 197,768 175,000 - 200,000
UMZ Mine
Gold (oz) 12,000 14,549 15,000 - 18,000
Copper (million lbs) 12.0 10.6 12.0 - 14.0
Silver (oz) 650,000 820,043 700,000 - 750,000
Total
Gold (oz) 75,000 80,541 80,000 - 93,000
Copper (million lbs) 18.0 17.3 18.0 - 20.0
Silver (oz) 850,000 1,017,811 875,000 - 950,000

During fiscal 2013, the Company's focus at EVBC has been on improving head grade, increasing gold production and reducing total all-in costs per ounce of gold. The Company will continue to focus on these initiatives in fiscal 2014. Over the next three months while the shaft recovery project is underway, the Company will continue to execute on the alternative production schedule with the ramp haulage production at the Boin�s Mine which has exceeded expectations and continued efforts to push production will occur.

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 in the fourth quarter of fiscal 2013 has already contributed materially to these goals, particularly in unit cost reduction. These efforts will continue in fiscal 2014.

The permitting process in respect of the Copperwood Project continued into fiscal 2013 and is complete. Orvana is continuing to optimize the Copperwood Project and investigate a variety of possible options to enhance the value of the Copperwood Project to Orvana's shareholders.

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 December 10, 2013 at 10:00 a.m. (Eastern Time) to discuss its financial and operational results for the fourth quarter and 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 6817 072 followed by the number sign.

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary assets are the El Valle- Boin�s/Carl�s gold-copper mines 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).

Orvana Minerals Corp.

181 University Avenue
Suite 1901
Toronto, Ontario
M5H 3M7
Tel: 416 369 1629
Fax: 416 369 1402

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-Boin�s/Carl�s Mine (the "EVBC Mines") 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 Mines 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 Mines 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.

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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 Espagne.

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 Espagne.

Orvana Min. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 30,1 millions CA$ (24,0 millions US$, 21,1 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
25/03/2015to Present at the John Tumazos Very Independent Research Met...
25/03/2015Orvana to Present at the John Tumazos Very Independent Resea...
27/02/2015Orvana Announces Results of Annual Shareholders' Meeting
24/02/2015Orvana to Exhibit at Prospectors and Developers Association ...
23/02/2015Announces Annual Shareholders' Meeting, Live Webcast Februar...
23/02/2015Orvana Announces Annual Shareholders' Meeting, Live Webcast ...
05/02/2015Orvana Reports First Quarter Fiscal 2015 Results, Strong Bal...
17/01/2015Continues to Deliver Results in the First Quarter 2015 and R...
17/01/2015Orvana Continues to Deliver Results in the First Quarter 201...
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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