Orvana Reports Results for the First Quarter of Fiscal 2013 With Adjusted Net Income of $0.03/Share

TORONTO, ONTARIO--(Feb. 8, 2013) - Orvana Minerals Corp. (TSX:ORV) (the "Company") announced today operating and financial results for the first quarter ended December 31, 2012.

The Company reported adjusted net income for the first quarter of fiscal 2013 of $0.03 per share excluding the unrealized gain from the revaluation of the Company's financial instruments and the tax effect thereof.

The unaudited condensed interim consolidated financial statements for the first quarter of fiscal 2013 (the "Q1 2013 FS") and Management's Discussion & Analysis related thereto (the "Q1 2013 MD&A") are available on SEDAR at www.sedar.com 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. Fine troy ounces of gold and silver are referred to as "ounces".

Q1 2013 Operating and Financial Highlights

"Our first quarter of fiscal 2013 results were affected by not selling the 1,000 tonnes of concentrate in the EVBC inventory until early January, but overall we are pleased with our performance" said Bill Williams, President and Chief Executive Officer. "Operations continued to improve, including the production of over 6,000 ounces of gold at the EVBC Mine in December. We expect Q2 to be a strong quarter."

Overall Performance

The following table summarizes the Company's operating and financial performance for the periods set out below:

EVBC Mine, Spain

Through its wholly-owned subsidiary, Kinbauri Espa�a S.L.U. ("Kinbauri"), the Company owns and operates the EVBC Mine, which is located in the Rio Narcea Gold Belt in northern Spain. The following table includes operating and financial performance data for the EVBC Mine for the periods set out below. The EVBC Mine reached commercial production in August 2011.

UMZ Mine, Bolivia

Through its wholly-owned subsidiary, Empresa Minera Paititi S.A. ("EMIPA"), the Company owns and operates the UMZ Mine in southeastern Bolivia. The following table includes operating and financial performance data for the UMZ Mine for the periods set out below. The UMZ Mine was not in commercial production during the first quarter of fiscal 2012, accordingly, this comparative information has not been provided..

Copperwood Project

Through its wholly-owned subsidiary, Orvana Resources US Corp., Orvana entered into long-term mineral lease agreements covering 936 hectares comprising the "Copperwood Project", which is located in the Upper Peninsula, Michigan, USA. The Company's focus over the last year has been applying for permits that would allow for mining this copper deposit. The Company achieved a number of major permitting milestones in fiscal 2012. In November 2012, the Company announced, in co-operation with the Michigan Department of Environmental Quality ("MDEQ"), that it agreed to withdraw its Wetlands Permit application in order to provide more time for review by the MDEQ and the Environmental Protection Agency ("EPA"). The permit application was re-submitted at the end of November 2012, with expectations of a decision before the end of February 2013.

Total capital expenditures in respect of the Copperwood Project during the first quarter of fiscal 2013 were $1,070 compared to a total of $5,842 in fiscal 2012.

Outlook

Orvana's short-term focus is operational optimization at the EVBC Mine and the UMZ Mine to generate increasing operating cash flows in order to pay down debt and set a foundation for growth. Fiscal 2013 guidance for production is 75,000 ounces of gold, 18 million pounds of copper and 850,000 ounces of silver.

Fiscal 2013 production guidance for the EVBC Mine is 63,000 ounces of gold, 6 million pounds of copper and 200,000 ounces of silver. Orvana continues to work on improving head grade, increasing gold production and reducing total cash costs (net of by-product revenue) per ounce of gold. The shaft, which became operational during the first quarter of fiscal 2013, is expected to allow for more efficient ore haulage resulting in improved flexibility, increased mine production and cost optimization. Orvana will also investigate alternatives to maximize the mill throughput and enhance recoveries.

Fiscal 2013 production guidance for the UMZ Mine is 12,000 ounces of gold, 12 million pounds of copper and 650,000 ounces of silver. During fiscal 2013, the Company's focus at the UMZ Mine will be on improving recoveries.

At Copperwood, the Company is awaiting the decision by the MDEQ regarding the Wetlands Permit.

Orvana's long-term focus is to utilize future cash flow and mining capabilities to build long-term value for its shareholders specifically through organic growth and possibly through certain strategic acquisitions primarily focused on advanced-stage gold and/or copper properties.

The Company will hold a conference call on Thursday, February 14, 2013 at 10:00 a.m. (Eastern Time) to discuss the first quarter results. Following the presentation there will be a question and answer period for analysts and investors.

The conference call can be accessed at 1-416-695-7806 or the North American toll-free number at 1-888-789-9572, using the pass code 8728099 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-Boin�s/Carl�s 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 ("UMZ") deposit at the Don Mario Mine in Bolivia, the El Valle-Boin�s/Carl�s 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 and in the Company's most recently filed Annual Information Form, or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the UMZ deposit, El Valle-Boin�s/Carle??s 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 develop the UMZ deposit, the Copperwood project or the El Valle-Boin�s/Carle??s Mine; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in Orvana's Management's Discussion and Analysis for the period ended September 30, 2012 under the heading "Risks and Uncertainties". This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Annual Information Form for a description of additional risk factors.

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

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