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
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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
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(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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Orvana Minerals Corp.
Michael Winship
President and Chief Executive Officer
(416) 369-1629
Orvana Minerals Corp.
Daniella Dimitrov
Chief Financial Officer
(416) 369-1629
Orvana Minerals Corp.
Ann Wilkinson
Investor Relations
(416) 369-6275
awilkinson@orvana.com
www.orvana.com
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