Welcome!

News Feed Item

Orvana Releases Results for the Second Quarter of Fiscal 2014

TORONTO, ONTARIO -- (Marketwired) -- 05/14/14 -- Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announced today financial and operating results for the second quarter ended March 31, 2014 ("Q2 2014").

The Company reported a net loss in the second quarter of fiscal 2014 of $7.0 million or $0.05 per share and an adjusted net loss of $3.3 million or $0.02 per share excluding the unrealized loss from the revaluation of the Company's derivative instruments and the tax effect thereof and the loss from discontinued operations relating to the divestiture of Copperwood.

The unaudited condensed interim consolidated financial statements for the second quarter of fiscal 2014 (the "Q2 2014 FS") and Management's Discussion & Analysis related thereto (the "Q2 2014 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, and fine troy ounces of gold and silver are referred to as "ounces" or "oz".

Q2 2014 Operating and Financial Highlights


--  We completed the hoist repairs, upgrades and the majority of hoist
    commissioning at the Boinas Mine.
--  We commissioned two gold gravity concentrators to the processing circuit
    at the Don Mario Mine and expect increased gold production in the second
    half of fiscal 2014 and thereafter.
--  We announced the divestiture of our Copperwood project in Michigan for
    total cash consideration of up to $25,000 including $20,000 cash on
    closing with the closing of the sale estimated to occur on or about May
    30, 2014.
--  Orvana produced 19,535 ounces of gold, 5.0 million pounds of copper and
    277,656 ounces of silver and had sales of 16,509 ounces of gold, 3.5
    million pounds of copper and 166,866 ounces of silver compared with
    production of 18,144 ounces of gold, 3.9 million pounds of copper and
    191,374 ounces of silver and sales of 19,248 ounces of gold, 3.9 million
    pounds of copper and 213,879 ounces of silver in the second quarter of
    fiscal 2013. (1)
--  Revenue in the second quarter of fiscal 2014 was $29,125 compared with
    revenue of $45,576 in the second quarter of fiscal 2013, primarily due
    to lower commodity prices and lower sales volume in the second quarter
    of fiscal 2014.
--  Mining costs for the second quarter of fiscal 2014 decreased by $3,287
    or 12% from $27,438 to $24,151 primarily due to lower sales volume
    compared to the second quarter of fiscal 2013.
--  Net loss was $6,953 in the second quarter of fiscal 2014 compared with
    net income of $6,483 in the second quarter of fiscal 2013 primarily as a
    result of lower revenue and a loss from the fair market revaluation of
    the Company's outstanding derivative instruments.
--  Adjusted net loss was $3,340 in the second quarter of fiscal 2014
    compared with adjusted net income of $991 in the second quarter of
    fiscal 2013, primarily due to lower revenue from lower sales and lower
    commodity prices. (2)
--  Orvana had cash flows provided by operating activities from continuing
    operations of $3,886 in the second quarter of fiscal 2014 compared with
    $14,080 in the second quarter of fiscal 2013 and cash flows provided by
    operating activities before changes in non-cash working capital of
    $3,587 in the second quarter of fiscal 2014 compared with $10,604 in the
    second quarter of fiscal 2013. (2)
--  Working capital increased to $30,753 at March 31, 2014 including the
    reclassification of Copperwood as an asset held for sale, compared with
    $16,351 at December 31, 2013.
--  Capital expenditures were $10,302 for the first half of fiscal 2014
    consisting primarily of primary mine development at the EVBC Mines, EVBC
    hoist repairs and upgrade costs, the addition of gravity gold
    concentrators at the Don Mario Mine and tailings dam raises at both the
    EVBC and the Don Mario Mines compared with $10,681 for the first half of
    fiscal 2013.
--  Debt net of cash, cash equivalents and restricted cash for debt
    repayment was $39,995 at March 31, 2014 and payment of long-term
    principal and interest was $7,900 in the six months ended March 31,
    2014.
--  All-in sustaining costs (by-product) were $1,431 per ounce of gold at
    EVBC compared with $1,032 in the second quarter of fiscal 2013. All-in
    sustaining costs (co-product) were $967 per ounce of gold, $17.70 per
    ounce of silver and $2.57 per pound of copper at the Don Mario Mine
    compared with $1,262 per ounce of gold, $24.39 per ounce of silver and
    $2.70 per pound of copper in the second quarter of fiscal 2013. (3)

(1) For a description of the EVBC Mines and the Don Mario Mine, please see
    "Overall Performance - EVBC Mines" and "Overall Performance - Don Mario
    Mine" sections of the Q2 2014 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 Q2 2014 MD&A.
(3) The Company, in conjunction with initiatives undertaken within the gold
    mining industry, adopted all-in sustaining costs ("AISC") and all-in
    costs ("AIC") which are 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 Company began reporting these performance measures in the
    MD&A for the fiscal year ended September 30, 2013 and 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 Q2 2014 MD&A.

"With completion of the hoist repair and upgrades at EVBC, we expect the second half of fiscal 2014 to be closer to expectations" said Michael Winship, President and Chief Executive Officer. "We are pleased with year to date performance at the Don Mario Mine and accordingly have revised guidance."

Outlook

Orvana's short-term focus is operational optimization at the EVBC Mines and the Don Mario Mine to generate increasing operating cash flows in order to pay down debt and pursue growth alternatives. Production optimization projects have been initiated at both operating sites. Ongoing benefits have and will continue to be achieved at the Don Mario Mine. However, EVBC has been hampered with the loss of hoisting over the last nine months. Operational and corporate reviews have been underway to increase production to reduce operating and capital costs to improve liquidity and cash flows given the recent declines and continued volatility in the metals markets.

At EVBC, production and sales were lower in the first half of fiscal 2014 as a result of lower head grades in the areas being mined. The Company's focus at EVBC continues to be on improving head grades, increasing metal production and reducing total all-in costs per ounce of gold. With the completion of the hoist repairs and upgrades and the recovery of the San Martin area, the Company will continue to focus on these initiatives in the second half of fiscal 2014. Management changes have been made at EVBC to deal with the poor performance and the organization is being strengthened. Management expects the return to higher grade mineralization to take some additional time and, accordingly, has revised its production guidance lower given the volumes of metals produced to date.

The Company's focus at the Don Mario Mine continues to be on improving metal production and reducing operating costs. The suspension of the leach-precipitation-floatation ("LPF") process in the fourth quarter of fiscal 2013 has already contributed materially to these goals, particularly in unit cost reduction. Over the remainder of fiscal 2014, the Company will continue to work on optimizing recoveries of gold and silver from the new gold gravity concentrators, complete further testing of oxides processing and advance exploration activities on a success-based model. Given the production from the Don Mario Mine to date and expectations for the balance of the fiscal year, management has revised its production guidance upward for all three metals.

Orvana intends to use the proceeds received from the sale of Copperwood to repay indebtedness and for working capital. In fiscal 2014, Orvana has allocated certain amounts towards internal growth exploration initiatives at both the EVBC Mines and the Don Mario Mine and the surrounding regions. Orvana's long-term focus is to utilize future operating cash flow and mining capabilities to build long-term value for its shareholders. Growth opportunities, particularly near the Spanish operations, will continue to be investigated.

OVERALL PERFORMANCE

During the second quarter of fiscal 2014, the Company continues to achieve consistent operating results. The table below summarizes the Company's operating and financial performance data for the Company for the following periods:


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance (1)
Gold
  Production (oz)                  18,855  19,535   18,144   38,390   35,903
  Sales (oz)                       19,613  16,509   19,248   36,122   32,144
  Average realized price / oz (1)  $1,288  $1,283   $1,616   $1,286   $1,651
Copper
  Production ('000 lbs)             4,719   5,048    3,852    9,767    8,236
  Sales ('000 lbs)                  4,398   3,546    3,848    7,944    7,822
  Average realized price / lb (1)   $3.23   $3.14    $3.50    $3.19    $3.45
Silver
  Production (oz)                 252,830 277,656  191,374  530,486  424,826
  Sales (oz)                      218,016 166,866  213,879  384,882  455,651
  Average realized price / oz (1)  $20.69  $20.37   $28.10   $20.55   $29.08
----------------------------------------------------------------------------
Financial Performance
Revenue (1)                       $35,220 $29,125  $45,576  $64,345  $81,227
Mining costs (1)                  $23,776 $24,151  $27,438  $47,927  $47,684
Loss from discontinued operations     $16    $985      $72   $1,001      $72
Gross margin                       $4,508 ($2,173) $11,697   $2,335  $23,083
Derivative instruments gain (loss) $8,484 ($2,343)  $6,545   $6,141  $18,293
Net income (loss)                  $6,008 ($6,953)  $6,483    ($945) $20,134
Net income (loss) per share
 (basic/diluted)                    $0.04  ($0.05)   $0.05   ($0.01)   $0.15
Adjusted net income (loss) (2)     $1,227 ($3,340)    $991  ($2,113)  $5,336
Adjusted net income (loss) per
 share (basic/ diluted) (2)         $0.01  ($0.02)   $0.01   ($0.02)   $0.04
Operating cash flows before non-
 cash working capital changes (1)  $8,518  $3,587  $10,604  $12,105  $18,888
Operating cash flows (1)           $3,885  $3,886  $14,080   $7,771  $14,335
Ending cash and cash equivalents   $9,368  $5,914  $14,346   $5,914  $14,346
Restricted cash (including long-
 term)                            $19,063 $17,905  $13,858  $17,905  $13,858
Capital expenditures (1)           $3,120  $4,757   $8,753   $7,877  $12,982
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 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 loss represents net loss of $6,953 less the tax-adjusted
    unrealized loss of $2,628 on the Company's outstanding derivative
    instruments and the loss from discontinued operations from the
    divestiture of Copperwood of $985. Refer to the Q2 2014 MD&A for further
    information.

EVBC Mines

During the second quarter of fiscal 2014, the EVBC Mines produced 15,441 ounces of gold, 1.3 million pounds of copper and 38,846 ounces of silver compared with (i) 13,988 ounces of gold, 1.3 million pounds of copper and 33,838 ounces of silver during the first quarter of fiscal 2014, and (ii) 15,713 ounces of gold, 1.5 million pounds of copper and 41,848 ounces of silver during the second quarter of fiscal 2013. The (i) increase in production compared with the first quarter of fiscal 2014 is primarily due to higher tonnes milled and an increase in gold, copper and silver head grades of 7%, 3% and 13%, respectively, and (ii) decrease in production compared with the second quarter of fiscal 2013 is primarily due to a decrease in gold, copper and silver head grades of 8%, 15%, and 19%, respectively.

During the first quarter of fiscal 2014, significant work was completed at the EVBC Mines to recover a failed zone in the San Martin skarns area in the Boinas Mine, which occurred in the third quarter of fiscal 2012. This work was substantially completed in the second quarter of fiscal 2014 and is expected to ensure ground stability in order to allow for access to higher grade mineralization from other nearby stopes. Mining costs of $264 and $652 associated with the recovery were expensed during the quarter and the first six months of fiscal 2014, respectively.

As a result of a hoisting accident at the Boinas Mine in June 2013, an alternative production schedule continued to be used during the second quarter of fiscal 2014 which incorporated ramp haulage for all materials mined. The hoist and shaft repairs, upgrades and the majority of commissioning were completed during the second quarter of fiscal 2014 allowing hoisting to recommence. Modification to the underground materials handling system to enhance ore movement and provide the potential to hoist oxides was also completed, in addition to upgrades to the capabilities of the hoist with enhanced performance design and safety improvements. Subsequent to the end of the second quarter of fiscal 2014, the final certification process was completed. At March 31, 2014, the total costs of the basic recovery of and upgrades to the hoist were approximately $4,500. The repairs and upgrades costs were capitalized to property, plant and equipment. One of the two insurers that may afford coverage related to this loss has confirmed coverage. Orvana has exercised the "disputed loss agreement" clause under its policies which would result in both insurers having to work together to jointly resolve the insurance claim filed by the Company in respect of the basic recovery costs of the hoist estimated at approximately $2,500. Future insurance proceeds will be recorded in "other income" once received.

Mine performance was negatively impacted by continued reliance on ramp access at the Boinas Mine for ore, waste and backfill haulage. The grade was lower than planned due to filling delays in the higher grade San Martin area, resulting in increased mining activity in the lower grade black skarns and San Martin transition zones. 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.

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


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance
Ore mined (tonnes) (wmt)          186,874 185,835  191,460  372,709  354,511
Ore milled (tonnes) (dmt)         180,713 186,111  176,445  366,824  322,335
Gold
  Grade (g/t)                        2.62    2.80     3.04     2.71     3.11
  Recovery (%)                       92.0    92.2     90.9     92.1     92.0
  Production (oz)                  13,988  15,441   15,713   29,429   29,662
  Sales (oz)                       14,954  14,344   16,824   29,298   25,583
Copper
  Grade (%)                          0.40    0.41     0.48     0.41     0.49
  Recovery (%)                       79.3    78.2     80.4     78.7     81.4
  Production ('000 lbs)             1,258   1,322    1,488    2,580    2,835
  Sales ('000 lbs)                  1,412   1,455    1,636    2,867    2,452
Silver
  Grade (g/t)                        7.23    8.15    10.03     7.70    10.68
  Recovery (%)                       80.5    79.6     73.8     80.1     76.6
  Production (oz)                  33,838  38,846   41,848   72,684   84,725
  Sales (oz)                       37,565  40,592   43,183   78,157   76,462
----------------------------------------------------------------------------
Financial Performance
Revenue                           $21,844 $21,777  $31,446  $43,621  $48,906
Mining costs                      $16,445 $19,766  $17,317  $36,211  $27,230
Derivative instruments gain (loss) $8,484 ($2,343)  $6,545   $6,141  $18,293
Income (loss) before tax           $8,009 ($7,364) $15,350     $645  $31,730
Capital expenditures (1)           $3,727  $4,434   $3,243   $8,161   $6,598
----------------------------------------------------------------------------
Cash operating costs (by-product)
 ($/oz) gold (1)                     $884  $1,166     $784   $1,022     $805
All-in sustaining costs (by-
 product) ($/oz) gold (1)          $1,116  $1,431   $1,032   $1,270   $1,145
All-in costs (by-product) ($/oz)
 gold (1)                          $1,214  $1,564   $1,032   $1,385   $1,145
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 MD&A for further information on operating
    performance, capital expenditures, cash operating costs, AISC and AIC.
    Costs are reported per ounce of gold sold in the period.

Don Mario Mine, Bolivia

During the second quarter of fiscal 2014, the Don Mario Mine produced 4,094 ounces of gold, 3.7 million pounds of copper and 238,810 ounces of silver compared with (i) 4,867 ounces of gold, 3.5 million pounds of copper and 218,992 ounces of silver in the first quarter of fiscal 2014, and (ii) 2,432 ounces of gold, 2.4 million pounds of copper and 149,526 ounces of silver in the second quarter of fiscal 2013. The (i) increase in copper and silver production compared with the first quarter of fiscal 2014 is primarily due to an increase in copper and silver head grades of 9% and 20%, respectively, and (ii) the increase in production compared with the second quarter of fiscal 2013 is primarily due to an increase in gold, copper and silver head grades of 44%, 20% and 53%, respectively, and an increase in recoveries.

During the third quarter of fiscal 2013, the Company suspended the processing of oxides through the LPF process. It was no longer economical to process oxides through this process as costs were significantly higher than flotation-only processing costs and throughput of the LPF circuit was approximately half that of the flotation-only circuit. The Company is continuing to evaluate reagents which may allow it to process oxides through its flotation-only process. As a result of the additional testing which the Company continues to undertake relating to the processing of oxides, costs to mine and stockpile oxides continues to be capitalized. The oxides stockpile had a carrying value of $2,866 at March 31, 2014. Suspension of the LPF circuit led to a throughput increase of over 5% for the first half of fiscal 2014 compared to the same period in fiscal 2013 and a decrease in costs of approximately 30% associated with running two LPF campaigns in the first half of fiscal 2013.

In the fourth quarter of fiscal 2013, the Company commenced a program to add gold gravity concentrators to the processing circuit. This enhancement is expected to increase gold recoveries to between 60% and 65% from between 40% and 45%, resulting in expected increased gold production from the Don Mario Mine in the second half of fiscal 2014 and thereafter. The two new gravity concentrators were commissioned in the third week of March 2014. Additional work to improve the concentrator support structure and permanent bagging area is currently in progress to ensure optimization of the recoveries of gold from the gold gravity concentrators. Sales of the new gold concentrate that will be produced as a result of the implementation of such gold gravity concentrators are estimated to commence in the third quarter of fiscal 2014. No material impact is expected on the copper concentrate composition currently produced by the Don Mario Mine as a result of the implementation of the gold gravity concentrators.

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


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance
Ore mined (tonnes) (dmt)(1)       247,257 246,551  322,086  493,808  693,851
Ore milled (tonnes) (dmt)         206,416 199,526  184,607  405,942  385,919
Gold
  Grade (g/t)                        1.48    1.45     1.01     1.46     1.10
  Recovery (%)                       49.7    44.1     40.7     47.7     45.8
  Production (oz)                   4,867   4,094    2,432    8,961    6,242
  Sales (oz)                        4,659   2,165    2,424    6,824    6,561
Copper
  Grade (%)                          1.38    1.51     1.26     1.44     1.36
  Recovery (%)                       55.3    56.3     46.0     55.8     46.8
  Production ('000 lbs)             3,461   3,726    2,363    7,187    5,400
  Sales ('000 lbs)                  2,986   2,091    2,212    5,077    5,370
Silver
  Grade (g/t)                       53.57   64.30    42.10    58.84     47.3
  Recovery (%)                       61.6    57.9     59.8     59.6     58.0
  Production (oz)                 218,992 238,810  149,526  457,802  340,101
  Sales (oz)                      180,451 126,274  170,697  306,725  379,189
----------------------------------------------------------------------------
Financial Performance
Revenue                           $13,376  $7,348  $14,130  $20,724  $32,321
Mining costs                       $7,331  $4,385  $10,121  $11,716  $20,454
Income before tax                  $3,036  $1,049     $369   $4,355   $6,432
Capital expenditures                 $789    $975     $413   $1,764   $1,795
----------------------------------------------------------------------------
Cash operating costs (co-product)
 ($/oz) gold (2)                     $761    $794   $1,162     $772   $1,080
Cash operating costs (co-product)
 ($/lb) copper (2) (3)              $2.18   $2.16    $2.49    $2.17    $2.24
Cash operating costs (co-product)
 ($/oz) silver (2)                 $14.56  $14.98   $22.63   $14.73   $21.36
----------------------------------------------------------------------------
All-in sustaining costs (co-
 product) ($/oz) gold (2)            $874    $967   $1,262     $908   $1,203
All-in sustaining costs (co-
 product) ($/lb) copper (2)         $2.46   $2.57    $2.70    $2.50    $2.49
All-in sustaining costs (co-
 product) ($/oz) silver (2)        $16.39  $17.70   $24.39   $16.91   $23.53
----------------------------------------------------------------------------
All-in costs (co-product) ($/oz)
 gold                                $874    $973   $1,265     $910   $1,205
All-in costs (co-product) ($/lb)
 copper                             $2.46   $2.58    $2.71    $2.51    $2.50
All-in costs (co-product) ($/oz)
 silver                            $16.39  $17.79   $24.45   $16.95   $23.56
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 MD&A for further information on operating
    performance, cash operating costs, AISC and AIC. Costs are reported per
    ounce of gold or silver or per pound of copper sold in the period.

We would like to reminder readers that the Company will hold a conference call on May 15, 2014 at 11:00 a.m. (Eastern Time) to discuss its financial and operational results for the second quarter of fiscal 2014. Following the presentation there will be a question and answer period for analysts and investors.

The conference call can be accessed at 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. 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
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...