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Orvana Minerals Corp. (TSX:ORV)
today announced a development update for the El Valle-Boinás/Carlés ("EVBC") gold-copper mine in
northern Spain as well as results from the underground drilling program at Carlés, the satellite deposit.
Development update
The development in the El Valle/Boinás
and the Carles mines is progressing well. The
development has focused on preparing the mine infrastructure, main ramps and stope accesses. During December 2010, an important
ventilation raise was finalized in El Valle-Boinás
mine between the 200m and 100m levels and has significantly improved the
working conditions in the deeper levels of the mine. All of the important
production equipment has been delivered, and subsidiary equipment will be
delivered during early 2011. Approximately 15,000 tonnes
of ore from the development work has been stockpiled. Mining of the ore
from both mines is scheduled to progressively increase over the next few
months. All of the important equipment in the processing plant has been
refurbished, tested, and proven to be operational. First production is
scheduled during the spring of 2011.
Drilling Results
The drilling is a part of a planned 12-month,
20,000-metre program that commenced in September, 2010. The results
reported herein are from the Capa Z zone, which
zone lies between the Carlés North and Carlés East orebodies
and consists of over 80% inferred resources. Mineralization is hosted by
a subvertical, tabular skarn
that wraps around an intrusive. These holes are the first that the
Company has drilled in the Capa Z zone and were
both infill and stepout holes. Results are summarized
in the table below.
Hole
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From, metres
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To,
metres
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|
True Thickness, metres
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Au,
gpt
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Ag,
gpt
|
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Cu,
%
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Recovery,
%
|
|
Zone
|
|
Comments
|
10CE1001
|
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94.35
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103.20
|
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5.58
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4.21
|
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25.8
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2.32
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99.8
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Capa
Z
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Infill
|
10CE1002
|
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72.30
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74.50
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1.39
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3.44
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0.6
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0.00
|
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99.4
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Capa
Z
|
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Infill
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10CE1003
|
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25.10
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28.00
|
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1.91
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2.13
|
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1.6
|
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0.17
|
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100.0
|
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Capa
Z
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Infill
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10CE1003
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49.40
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50.85
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0.96
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2.89
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7.3
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0.47
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96.0
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Capa
Z
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Infill
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10CE1003
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58.85
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59.60
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0.50
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59.60
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13.7
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0.05
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93.0
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Capa
Z
|
|
Infill
|
10CE1004
|
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122.20
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128.25
|
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1.63
|
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2.69
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2.1
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0.02
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89.8
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Capa
Z
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Stepout
|
10CE1005
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79.95
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81.65
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0.92
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4.25
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0.5
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0.01
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99.0
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Capa
Z
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Infill
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10CE1006
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86.90
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91.75
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2.57
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1.76
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10.3
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0.86
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99.0
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Capa
Z
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Infill
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10CE1007
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|
|
|
|
|
no
intercepts
|
|
|
|
|
|
|
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Capa
Z
|
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Infill
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10CE1008
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64.60
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66.60
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1.64
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3.38
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8.2
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0.01
|
|
100.0
|
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Capa
Z
|
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Infill
|
10CE1009
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68.55
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69.45
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0.77
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2.74
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1.3
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0.05
|
|
100.0
|
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Capa
Z
|
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Infill
|
10CE1010
|
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105.75
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107.30
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0.60
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2.69
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7.5
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0.45
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100.0
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Capa
Z
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Infill
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10CE1011
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82.45
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84.55
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1.01
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5.33
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41.9
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1.31
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100.0
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Capa
Z
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Stepout
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10CE1011
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87.10
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93.30
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2.98
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4.67
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13.7
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1.44
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98.9
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Capa
Z
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Stepout
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Note: True
thicknesses were determined graphically by measuring the distance
approximately perpendicular to the contacts. No values were capped.
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"These results verify the continuity of, and in
some cases extend, the mineralization in areas where inferred resources were
estimated at Capa Z," said Agne
Ahlenius, General Manager of Kinbauri
Espana S.L., a wholly-owned subsidiary of Orvana Minerals Corp. "Drilling will continue
in Carlés and we currently have 2 rigs
underground that will drill on the A107, San Martín
and the Boinas East orebodies
at El Valle-Boinás."
More information related to the EVBC geology and
mineralization can be found on the Company's website www.orvana.com.
QA/QC
Security measures were taken to ensure the integrity
and validity of the mineralization and proximal rocks in the new drill core
under the supervision of Santiago Gonzalez-Nistal, Chief
Geologist, Kinbauri Espana
S.L.U., a qualified person for the purposes of NI 43-101. The core was
sampled based on lithologic and alteration
considerations. Assays were completed by ALS Chemex. The
QA/QC protocol included internal and laboratory certified reference
materials, blanks, duplicates and check assays. A 30-gram sample was analyzed
by fire assay methods for gold and a conventional ICP-AES analysis was used
for the analysis of 35 elements. Copper values exceeding 10,000 ppm and silver values exceeding 100 ppm
were re-analyzed by atomic absorption using a 4-acid digestion.
Qualified Person
The technical information contained in this document
was prepared under the supervision of Bill Williams, Ph.D., VP Corporate
Development, a qualified person for the purposes of NI 43-101.
About Orvana
Orvana Minerals is a gold producer with a strong balance
sheet and is transforming itself into a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinás-Carlés ("EVBC")
gold-copper project in northern Spain, which is expected to be in production
during Spring, 2011. Orvana owns and operates the Don Mario gold mine in Bolivia
where the company is developing the fully permitted copper-gold-silver
Upper Mineralized Zone ("UMZ") deposit, which is expected to
commence initial production during early 2011. In addition, Orvana is 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-Boinás/Carlés
project in Spain and the Copperwood project in
Michigan and their potential operations and production; the outcome and
timing of decisions with respect to whether and how to proceed with such
development and production; the timing and outcome of any such
development and production; estimates of future capital expenditures; mineral
resource estimates; estimates of permitting time lines; statements and
information regarding future feasibility studies and their results;
production forecasts; future transactions; future metal prices; the ability
to achieve additional growth and geographic diversification; future
production costs; future financial performance, including the ability to
increase cash flow and profits; future financing requirements; and mine
development plans.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by Orvana as of the date of such statements, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this
news release, which may prove to be incorrect, include, but are not limited
to, the various assumptions set forth herein and in the Company's most
recently filed Annual Information Form, or as otherwise expressly
incorporated herein by reference as well as: there being no significant
disruptions affecting operations, whether due to labour
disruptions, supply disruptions, power disruptions, damage to equipment or
otherwise; permitting, development, operations, expansion and acquisitions at
the UMZ deposit, El Valle-Boinás/CarleÌs and the
Copperwood projects being consistent with the
Company's current expectations; political developments in any jurisdiction in
which the Company operates being consistent with its current expectations; certain price assumptions for gold,
copper and silver; prices for key supplies being approximately consistent
with current levels; production and cost of sales forecasts meeting
expectations; the accuracy of the Company's current mineral reserve and mineral
resource estimates; and labour and materials costs
increasing on a basis consistent with Orvana's
current expectations.
A variety of inherent risks, uncertainties and
factors, many of which are beyond the Company's control, affect the
operations, performance and results of the Company and its business, and
could cause actual events or results to differ materially from estimated or
anticipated events or results expressed or implied by forward looking
statements. Some of these risks, uncertainties and factors include
fluctuations in the price of gold, silver and copper; the need to recalculate
estimates of resources based on actual production experience; the failure to
achieve production estimates; variations in the grade of ore mined;
variations in the cost of operations; the availability of qualified
personnel; the Company's ability to obtain and maintain all necessary
regulatory approvals and licenses; the Company's ability to use cyanide in
its mining operations; risks generally associated with mineral exploration
and development, including the Company's ability to develop the UMZ deposit,
the Copperwood project or the El Valle-Boinás/CarleÌs project; the Company's ability to acquire and
develop mineral properties and to successfully integrate such acquisitions; the Company's ability to
obtain financing when required on terms that are acceptable to the Company;
challenges to the Company's interests in its property and mineral rights;
current, pending and proposed legislative or regulatory developments or
changes in political, social or economic conditions in the countries in which
the Company operates; general economic conditions worldwide; and the risks
identified in Orvana's Management's Discussion and
Analysis for the period ended September 30, 2009 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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