|By Marketwired .||
|May 5, 2014 06:16 PM EDT||
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.
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.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 30, 2015 01:00 PM EST Reads: 534
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 30, 2015 12:45 PM EST Reads: 341
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 30, 2015 12:45 PM EST Reads: 284
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Nov. 30, 2015 11:45 AM EST
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 30, 2015 11:00 AM EST Reads: 215
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 30, 2015 10:45 AM EST Reads: 462
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 30, 2015 10:30 AM EST Reads: 353
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 30, 2015 10:00 AM EST Reads: 290
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 30, 2015 09:00 AM EST Reads: 506
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 30, 2015 08:00 AM EST Reads: 564
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 30, 2015 07:00 AM EST Reads: 468
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 30, 2015 07:00 AM EST Reads: 382
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 30, 2015 06:00 AM EST Reads: 388
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 30, 2015 05:30 AM EST Reads: 494
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 30, 2015 05:15 AM EST Reads: 253