Welcome!

News Feed Item

Orvana Provides Update on Corporate Activities

TORONTO, ONTARIO -- (Marketwired) -- 05/05/14 -- Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is providing a general update in anticipation of the attendance by Daniella Dimitrov, Orvana's Chief Financial Officer, at the European Gold Forum in Zurich, Switzerland May 6 to May 8, 2014. Ms. Dimitrov is scheduled to present on Thursday, May 8, 2014 at 09:10 a.m. CET.

Operational Update and Outlook

Following a hoisting accident at its Boinas Mine in Spain in June 2013, the Company has been completing the recovery and upgrades to the capabilities of the hoist with enhanced performance design and safety improvements. The hoist and shaft repairs, upgrades and the majority of commissioning were completed during the second quarter of fiscal 2014 allowing hoisting to recommence. The final certification process is expected to be completed early in the third quarter of fiscal 2014. During the certification process the hoist is operational.

Production at the EVBC Mines was lower in the first half of fiscal 2014 primarily as a result of lower than planned grades in the areas mined. Due to the hoisting accident, an alternative production schedule continued to be used during the second quarter of fiscal 2014 which incorporated ramp haulage for all ore, waste and backfill haulage. Backfilling is now generally caught up to normal levels and will be further facilitated with the reduced trucking usage for ore due to hoisting capability. With the completion of the hoist repairs and upgrades and the recovery of the San Martin area, the Company will continue to focus on improving head grades, increasing metal production and reducing total all-in costs per ounce of gold in the second half of fiscal 2014. Management expects the return to higher grade mineralization to take some additional time and, accordingly, is revising its production guidance lower given the volumes of metals produced to date.

At its Don Mario Mine in Bolivia, the Company commissioned two new gravity concentrators towards the end of March 2014. This is expected to increase gold recoveries to between 60% and 65% from between 40% and 45%, resulting in expected increased gold production in the second half of fiscal 2014 and thereafter. Additional work to improve the concentrator support structure and permanent bagging area is currently in progress to ensure optimization of recoveries. Sales of the new gold concentrate are expected to commence by mid-third quarter of fiscal 2014. Given the production from the Don Mario Mine to date and expectations for the balance of the fiscal year, management is revising its production guidance upward for all three metals.

The net result of the changes in guidance for the EVBC and Don Mario Mines is that Orvana's overall guidance for gold remains largely unchanged with the high end of the guidance being reduced. The guidance for copper and silver is being increased. The following table sets out consolidated operating performance data for the EVBC and Don Mario Mines for the periods set out below together with updated fiscal 2014 guidance:


----------------------------------------------------------------------------
                                                    Original         Revised
                                                      FY2014          FY2014
                    Q1 2014 Q2 2014 YTD 2014        Guidance        Guidance
----------------------------------------------------------------------------
EVBC Mines                                                                  
Milled (tonnes)                                                             
 (dmt)              180,713 186,111  366,824                                
Gold                                                                        
 Grade (g/t)           2.62    2.80     2.71                                
 Recovery (%)          92.0    92.2     92.1                                
 Production (oz)     13,988  15,441   29,429   65,000-75,000   60,000-65,000
Copper                                                                      
 Grade (%)             0.40    0.41     0.41                                
 Recovery (%)          79.3    78.2     78.7                                
 Production ('000                                                           
  lbs)                1,258   1,322    2,580         6.0-6.5         5.5-6.0
Silver                                                                      
 Grade (g/t)           7.23    8.15     7.70                                
 Recovery (%)          80.5    79.6     80.1                                
 Production (oz)     33,838  38,846   72,684 175,000-200,000 160,000-180,000
----------------------------------------------------------------------------
Don Mario Mine                                                              
Milled (tonnes)     206,416 199,526  405,942                                
Gold                                                                        
 Grade (g/t)           1.48    1.45     1.46                                
 Recovery (%)          49.7    44.1     47.7                                
 Production (oz)      4,867   4,094    8,961   15,000-18,000   20,000-21,000
Copper                                                                      
 Grade (%)             1.38    1.51     1.44                                
 Recovery (%)          55.3    56.3     55.8                                
 Production ('000                                                           
  lbs)                3,461   3,726    7,186       12.0-14.0       13.5-15.0
Silver                                                                      
 Grade (g/t)          53.57   64.30    58.84                                
 Recovery (%)          61.6    57.9     59.6                                
 Production (oz)    218,992 238,810  457,802 700,000-750,000 800,000-900,000
----------------------------------------------------------------------------
Total EVBC and Don                                                          
 Mario Mines                                                                
Gold (oz)                             38,389   80,000-93,000   80,000-86,000
Copper (million                                                             
 lbs)                                    9.8       18.0-20.5       19.0-21.0
                                                                    960,000-
Silver (oz)                          530,486 875,000-950,000       1,080,000
----------------------------------------------------------------------------

Retirement of Chief Operating Officer

Orvana also announces that Mr. James Jacques, Orvana's Chief Operating Officer, is retiring effective May 18, 2014. Since joining the Company in 2011, Mr. Jacques has made significant contributions to the advancement of the EVBC and Don Mario Mines and the Copperwood Project. Orvana's Board of Directors expresses its gratitude to Mr. Jacques for his dedication and services to the Company. "Jim's contributions are numerous in consistently advancing organizational and operational objectives. He will be missed," said Michael Winship, President and Chief Executive Officer. "We thank Jim for his contributions and hard work and wish him the very best." A search is underway for Mr. Jacques replacement.

Divestiture of Copperwood

On February 11, 2014, the Company announced that it had entered into a definitive agreement to sell its Copperwood project for total cash consideration of up to $25 million in aggregate, of which $20 million will be paid in cash on closing and $5 million may be paid in cash or shares of the acquirer, Highland Copper Company Inc. ("Highland"), at Orvana's option, upon occurrence of certain events following closing and/or commercial production including the price of copper exceeding $4.25 and $4.50 within certain specified periods of time. The closing, expected to occur on or before May 31, 2014, is conditional upon, among other things, the completion of a financing by Highland to fund the purchase of Copperwood.

Quarterly Conference Call

The Company will release its second quarter financial results on May 14, 2014 and hold a conference call on May 15, 2014 at 11:00 a.m. (EST) to discuss its financial and operational results. Following the presentation there will be a question and answer period for analysts and investors. The conference call details are as follows and are also available on the front page of Orvana's website (www.orvana.com):

Toll-Free call 877-588-9586;

Participants in the US may call 1-702-800-7084.

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinas/Carles 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. In February 2014, the Company announced the divestiture of its Copperwood copper project in Michigan, United States. 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 El Valle-Boinas/Carles Mines in Spain (the "EVBC Mines") and the Don Mario Mine in Bolivia and their operations and production; the timing and outcome of such development and production; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; 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 EVBC and Don Mario Mines 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 EVBC Mines and/or the Don Mario Mine; the sale of the Company's Copperwood Project in Michigan; 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...