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Orvana Announces 2nd Quarter Production of 14,197 AuEq Oz & Provides Exploration Update

15.04.2021  |  CNW
  • On Track to Meet Annual Production Guidance
  • Year-to-date Exploration Program at OroValle Confirming Upside & Potential Mine Life Increase
  • 5,000m Drilling Program Underway to Expand Taguas Project Resources in Argentina
  • Undergoing Final Quality Assurance Testing of Oxides Stockpile Project at EMIPA, Bolivia

TORONTO, April 15, 2021 - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") today announced production results for the second quarter of fiscal 2021 ("Q2 2021") and exploration results for the first half of fiscal 2021 ("H1 2021") at OroValle, Spain.

Juan Gavidia, CEO of Orvana Minerals stated: "While we are on track to deliver on our production guidance for fiscal 2021, we are also pleased to report that exploration at OroValle continues to produce positive results, enhancing our current 5-Year Life-of-Mine Plan. OroValle's future has never looked brighter than today. Completing Orvana's big picture, we look forward to updating shareholders with exploration results at our in-development Taguas Project in Argentina, and with metallurgical testing programs completion at EMIPA, Bolivia, over the next upcoming quarters."

Q2 FY2021 OPERATIONAL RESULTS

OroValle

  • 10,785 gold ounces, and on track to meet fiscal year 2021 guidance
  • 1.4 million pounds, and on track to meet fiscal year 2021 guidance
  • 6,530m of exploration drilling at OroValle were undertaken pursuant to aggressive resources annual program

Taguas

  • 3,000m of diamond drilling were undertaken in the quarter, with 2,000m more to be completed in Q3
  • An updated Resource Estimate is expected in the next quarter

EMIPA

  • The Oxides Stockpile Project quality assurance (metallurgical) testing is currently in progress, and a decision on the project is expected by the end of fiscal year 2021

Objectives for Remainder of FY2021

  • OroValle: Strong cash flow generation. Deliver on production guidance, and go beyond replenishment of annual depletion thus, extending mine life
  • Taguas: Issue expanded-resource PEA by end of 2021, and define the Infill Drilling Program required to develop a Pre-Feasibility Study during 2022
  • EMIPA: Make final decision on Oxides Stockpile Project. Subject to final approval and access to required financing, it will be a one-year construction project in 2022, and a three-year production life between 2023 and 2025

Production Results


Q2 FY2021

Q1 FY2021

Q2 FY2020

FY 2021
Guidance






Ore milled (tones)

159,603

180,380

148,339


Gold Equivalent (oz)

14,197

18,398

14,843


Gold





Grade (g/t)

2.31

2.60

2.74


Recovery (%)

90.9

93.6

93.0


Production (oz)

10,785

14,127

12,139

50,000 - 55,000

Copper





Grade (%)

0.47

0.63

0.52


Recovery (%)

82.3

81.6

83.1


Production (K lbs)

1,355

2,044

1,422

7,000 - 8,500

Orovalle H1 Exploration Update

El Valle Boinás

Fiscal year 2021 drilling program focus continues on the Oxides areas with a total of 13,743m drilled in H1 2021 (see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program can be found in Table 2:


Infill (m)

Brownfield (m)

TOTAL (m)

A208

3,658

-

3,658

Boinas South

2,167

-

2,167

S107

867

-

867

High Angle East

-

4,648

4,648

Other Areas

1,796

607

2,403

TOTAL

8,488

5,255

13,743

Table 1. Orovalle H1 Drilling Fiscal Year 2021

Highlights per Area (see detailed assays in Table 2):

  • A208: 8.9m with 28.93 g/t Au. Drilling advancing to the North, next to East Breccia.
  • Boinas South: 5.9m with 11.87 g/t Au and 1.31% Cu. Mineral expansion is open at depth and to the North. Drilling continues to the North, connecting the Black Skarn area, around the intrusive contour.
  • S107: 2.1m with 43.28 g/t Au and 1.23% Cu. Drilling focused on open mineralization at depth.
  • High Angle East: 4.3m with 38.38 g/t Au and 4.22% Cu. Structure growth remains open at depth and to the North.

Area 208 (A208)

Information obtained from 16,802m of infill drilling since 2019 allowed for better understanding of the structure, which remains open at depth. Zoning can be identified within the structure, where the highest gold grades are located at the footwall.


Boinas South (SB)

The drilling campaign was focused on the lower part, targeting skarn material with the highest gold and copper grades. The structure remains open at depth and to the North. An infill drilling campaign is being planned for the next few months.

S107

The infill drilling carried out in the deep zone has demonstrated a change in the inclination of the mineral layer, from a subvertical position to 45º Northwest, fitting the contact with the limestone. The skarn contains bands of massive copper sulphides.

High Angle East (HAE)

Drilling continues on the latest discovery at El Valle (see news release dated October 22, 2020). Zones within the structure contain Au and Au-Cu bands. The structure remains open at depth and to the North.

Greenfield exploration update
A total of 1,016.7m was completed at the Lidia Project in H1 FY2021. The second phase is anticipated for September 2021, once the results of the first phase have been completely evaluated.

Quality Control

The analytical work for the brownfield and infill drilling programs are being performed by the Orovalle laboratory, which is ISO 9001:2015 certified. Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 95%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.

After sample preparation, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.

H1 2021 Intercepts from A208, S107, SB and HAE

Zone

DDH

From (m)

To (m)

Thick (m)

Au(gpt)

Ag(g/t)

Cu(%)

A208

20V1836

9.00

10.55

1.22

15.59

1.8

0.26

A208

20V1836

19.60

20.90

0.90

3.31

0.5

0.08

A208

20V1836

23.90

25.50

1.10

6.34

1.2

0.05

A208

20V1836

62.30

63.75

0.89

4.78

0.5

0.02

A208

20V1836

87.45

88.50

0.64

4.54

0.5

0.03









A208

20V1840

10.40

12.70

2.17

4.21

3.6

0.24

A208

20V1840

35.80

37.00

0.81

8.03

0.5

0.02

A208

20V1840

102.00

105.00

2.67

13.01

0.5

0.04

A208

Including

102.00

103.50

1.33

20.33

0.5

0.04









A208

20V1843

16.10

18.90

1.99

2.75

1.9

0.23

A208

20V1843

31.50

32.70

1.00

12.95

0.5

0.06

A208

20V1843

37.50

41.85

3.63

5.43

0.5

0.03

A208

20V1843

124.50

130.35

5.13

2.32

6.1

0.31

A208

20V1843

134.75

137.55

2.46

2.64

1.9

0.25









A208

20V1845

8.50

9.80

1.10

5.13

1.0

0.32

A208

20V1845

17.65

20.50

2.44

2.72

3.3

0.10

A208

20V1845

25.90

27.50

1.37

3.19

0.5

0.03

A208

20V1845

90.20

91.70

1.43

13.67

5.0

0.36

A208

20V1845

152.35

161.70

6.75

6.72

1.1

0.07









A208

20V1847

22.90

23.90

0.73

11.37

1.5

0.02

A208

20V1847

34.70

46.10

7.98

5.26

0.5

0.05

A208

Including

38.20

39.00

0.56

21.63

0.5

0.03

A208

Including

43.80

44.90

0.77

12.83

0.5

0.03

A208

20V1847

90.70

131.00

26.87

6.41

0.5

0.03

A208

Including

92.70

102.70

6.67

11.67

0.5

0.01

A208

Including

106.70

108.70

1.33

13.89

0.5

0.01

A208

Including

117.00

119.00

1.33

20.87

0.5

0.03

A208

20V1847

171.00

173.00

0.96

3.64

0.5

0.01

A208

20V1847

186.55

187.60

0.63

6.05

0.5

0.02

A208

20V1847

198.00

201.30

1.98

9.21

0.5

0.02









A208

20V1849

8.30

9.00

0.53

9.39

1.80

0.58

A208

20V1849

25.10

36.30

6.84

2.45

1.15

0.09

A208

20V1849

94.60

103.10

4.91

10.16

0.10

0.04

A208

Including

94.60

96.60

1.16

13.65

0.10

0.02

A208

Including

101.85

103.10

0.72

39.80

0.10

0.06

A208

20V1849

156.70

158.70

0.82

5.16

0.10

0.02

A208

20V1849

166.70

168.70

0.82

3.22

0.10

0.02









A208

20V1852

9.70

11.15

1.16

3.82

1.10

0.12

A208

20V1852

26.05

45.50

15.13

2.65

0.50

0.07

A208

Including

44.20

45.50

1.01

18.45

0.20

0.02

A208

20V1852

187.70

188.90

1.20

2.31

0.80

0.12









A208

20V1858

8.60

9.70

0.86

6.88

2.00

0.62

A208

20V1858

24.75

26.20

0.64

11.14

2.10

0.07

A208

20V1858

37.20

40.20

1.07

6.08

0.85

0.06

A208

20V1858

46.35

47.90

0.55

3.12

0.50

0.04









A208

20V1861

10.40

11.45

0.69

2.93

29.70

2.23

A208

20V1861

43.65

60.00

4.18

8.89

0.75

0.11

A208

Including

49.45

51.00

0.40

41.46

0.50

0.05

A208

Including

55.25

57.55

0.59

21.07

0.50

0.05

A208

20V1861

66.60

69.25

1.38

3.22

5.71

0.10

A208

20V1861

73.60

77.80

2.19

18.20

0.50

0.03

A208

Including

76.40

77.80

0.73

28.99

0.50

0.02

A208

20V1861

163.90

165.15

0.65

3.13

0.50

0.01

A208

20V1861

170.40

171.45

0.55

7.85

0.50

0.01









A208

20V1865

95.90

97.40

1.37

6.24

0.50

0.04

A208

20V1865

114.80

116.30

1.37

2.74

0.50

0.02

A208

20V1865

148.15

149.55

1.24

5.46

1.90

0.10









A208

20V1868

80.20

81.40

1.11

2.32

0.5

0.09

A208

20V1868

115.40

119.85

3.91

2.68

0.8

0.20

A208

20V1868

122.75

125.30

2.24

1.94

5.1

0.12

A208

20V1869

78.50

79.90

1.12

5.08

0.5

0.02

A208

20V1869

135.55

137.30

0.64

6.24

0.5

0.02

A208

20V1869

161.30

167.30

3.20

6.42

0.5

0.11

A208

20V1869

164.30

167.30

1.60

12.02

0.5

0.08









A208

20V1870

112.90

114.50

1.05

2.29

1.3

0.40

A208

20V1870

130.75

132.00

0.82

17.10

0.5

0.01

A208

20V1870

146.00

147.30

0.85

8.89

2.4

0.09









A208

20V1871

84.90

108.60

12.11

5.71

0.5

0.03

A208

Including

98.05

99.80

0.89

26.61

0.5

0.01

A208

Including

101.55

103.30

0.89

13.09

0.5

0.01









A208

20V1872

117.90

119.15

1.07

31.27

0.5

0.03

A208

20V1872

137.30

148.70

8.87

28.93

0.6

0.09

A208

Including

137.30

139.95

2.06

81.31

0.5

0.02

A208

Including

144.05

145.60

1.21

15.49

0.5

0.00

A208

Including

147.15

148.70

1.21

57.01

0.5

0.02

A208

20V1872

154.75

156.30

1.21

2.62

1.8

0.13









A208

20V1873

89.90

91.55

1.52

2.15

0.5

0.01

A208

20V1873

101.85

104.65

2.49

7.83

0.5

0.10

A208

20V1873

101.85

103.25

1.24

14.03

0.5

0.10









A208

21V1874

106.35

110.15

3.67

11.75

0.5

0.01

A208

Including

108.25

110.15

1.84

20.62

0.5

0.01









A208

21V1875

No intercepts >2g/t Au









A208

21V1876

72.00

74.00

1.82

5.55

0.5

0.01

A208

21V1876

120.10

121.85

1.59

31.59

0.5

0.03

A208

21V1876

128.85

130.60

1.59

8.72

0.5

0.03









A208

21V1877

132.00

133.50

1.25

8.01

0.5

0.02









A208

21V1878

91.90

93.90

1.89

4.67

0.5

0.04









A208

21V1879

92.90

100.75

6.45

5.58

1.3

0.09

A208

Including

95.50

96.80

1.07

11.67

0.5

0.05









A208

21V1880

60.90

62.40

1.50*

4.91

0.5

0.15

A208

21V1880

97.75

98.85

0.94

11.73

0.5

0.06









A208

21V1882

62.20

63.80

1.60*

2.15

0.5

0.11

A208

21V1882

94.85

97.85

2.63

21.52

0.5

0.03

A208

Including

96.35

97.85

1.32

40.86

0.5

0.03

A208

21V1882

101.85

103.35

1.32

2.04

0.5

0.08

A208

21V1882

106.35

107.85

1.32

2.57

0.5

0.01









A208

21V1883

51.75

53.75

2.00*

5.70

0.5

0.11

A208

21V1883

56.65

59.50

2.85*

38.04

0.5

0.27









S107

20V1838

No intercepts >2g/t Au









S107

20V1839

No intercepts >2g/t Au









S107

20V1842

88.90

90.10

1.11

9.78

94.20

7.65









S107

20V1841

8.90

10.65

1.75*

2.22

0.50

0.00









S107

20V1844

88.00

94.10

3.39

3.26

21.99

1.98

S107

20V1844

225.20

226.60

1.40

2.39

4.30

0.26









S107

20V1846

85.70

87.30

1.26

2.73

12.90

1.09









S107

20V1848

89.05

90.20

1.15*

2.78

4.20

0.03









S107

20V1850

41.35

42.80

1.45*

4.01

24.00

0.36

S107

20V1850

78.85

82.15

2.09

43.28

30.76

1.23

S107

Including

80.80

82.15

0.85

94.90

69.70

2.86









S107

20V1851

87.15

88.80

1.47

4.29

48.06

3.88









S107

20V1853

89.00

96.20

5.52

1.52

14.98

1.30









S107

20V1854

102.00

102.65

0.40

10.91

112.10

7.15









S107

20V1855

45.85

48.30

2.45*

13.06

17.72

1.38

S107

20V1855

58.55

59.90

1.35*

2.91

7.20

0.21

S107

20V1855

96.50

97.45

0.84

5.80

2.60

6.38









S107

20V1856

62.60

63.55

0.95*

5.58

25.30

0.42

S107

20V1856

85.80

90.85

4.21

1.18

14.77

0.77









S107

20V1857

61.20

62.50

1.30*

3.96

13.50

0.32









S107

20V1859

63.95

65.10

1.15

10.79

4.00

0.06

S107

20V1859

95.35

98.40

2.88

3.49

28.78

0.95









SB

20SB001

0.90

1.75

0.72

18.96

137.20

3.35

SB

20SB001

66.45

67.85

1.09

2.39

6.90

0.24

SB

20SB001

71.80

79.35

5.87

11.87

46.69

1.31

SB

including

75.15

77.80

2.06

14.64

96.43

2.40

SB

20SB001

85.80

90.00

3.97

4.59

0.70

0.04









SB

20SB002

1.05

1.95

0.78

2.10

16.20

0.92

SB

20SB002

72.00

74.50

2.50

2.10

52.34

4.50

SB

20SB002

80.65

81.60

0.94

3.00

27.80

0.47









SB

20SB003

65.75

93.00

23.62

3.39

36.21

1.71

SB

including

66.75

67.85

0.95

7.95

98.40

9.68

SB

including

69.80

72.20

2.08

3.95

53.45

1.48

SB

including

79.60

85.95

5.50

6.94

71.93

3.00

SB

including

91.40

93.00

1.39

5.64

1.90

0.01









SB

20SB004

No intercepts >2g/t Au









SB

20SB005

0.00

0.60

0.55

2.74

24.70

0.80

SB

20SB005

1.50

2.70

1.11

2.64

22.10

1.06

SB

20SB005

4.60

5.90

1.20

5.93

55.60

1.52









SB

20SB006

0.00

0.70

0.65

2.89

22.20

0.70

SB

20SB006

2.20

3.65

1.35

2.89

19.30

0.65









SB

21SB007

0.00

1.00

0.89

2.33

20.20

0.78

SB

21SB007

60.15

74.70

13.90

2.77

12.92

0.50

SB

Including

73.20

74.70

1.43

16.68

0.50

0.22









SB

21SB008

0.00

2.20

2.13

3.72

33.10

2.70

SB

21SB008

67.15

68.80

1.37

2.40

64.10

0.97

SB

21SB008

78.30

79.55

0.99

3.96

0.50

0.07









SB

21SB009

0.00

0.95

0.81

5.13

59.60

7.00









SB

21SB011

53.00

56.10

2.86

2.32

20.94

0.91









SB

21SB010

0.00

1.55

1.21

7.54

53.50

4.01









SB

21SB012

51.50

57.25

5.30

5.27

77.67

2.26

SB

21SB012

65.30

74.20

5.64

3.52

18.52

0.43









SB

21SB013

62.40

64.10

1.53

14.54

144.30

2.29









SB

21SB014

54.90

58.30

2.87

2.20

18.18

1.09

SB

21SB014

62.65

64.10

1.22

2.86

19.10

0.68









SB

21SB015

52.30

63.80

9.46

3.45

18.76

0.48









SB

21SB016

84.95

86.45

0.75

2.37

27.90

0.62









SB

21SB017

69.00

70.25

1.11

2.21

11.20

0.26

SB

21SB017

78.40

79.55

0.83

2.85

1.10

0.02









SB

21SB018

56.65

59.85

2.99

6.63

38.97

1.07

SB

Including

58.70

59.85

1.07

15.63

97.10

2.64

SB

21SB018

74.00

76.40

1.87

2.58

4.60

0.12









HAE

20HA41

213.70

214.80

1.10*

4.34

11.70

0.89









HAE

20HA42

No intercepts >2g/t Au









HAE

20HA43

178.50

193.30

14.80*

2.16

2.16

0.13

HAE

including

178.50

184.75

6.25*

3.46

1.95

0.04

HAE

20HA43

188.95

190.40

1.45*

2.62

5.50

0.28

HAE

20HA43

191.85

193.30

1.45*

2.04

0.50

0.05









HAE

20HA44

202.50

209.75

7.25*

1.39

0.80

0.03

HAE

20HA44

221.10

222.10

1.00*

1.64

17.10

0.94









HAE

20HA45

186.20

200.45

14.25*

2.09

7.29

0.25

HAE

including

187.70

193.70

6.00*

3.29

1.78

0.03









HAE

20HA46

175.05

188.70

13.65*

2.83

2.37

0.06

HAE

including

175.05

176.55

1.50*

16.39

0.50

0.05

HAE

including

184.20

188.70

4.50*

2.85

6.17

0.14









HAE

20HA47

165.05

167.10

2.04*

2.02

168.93

8.94









HAE

20HA48

152.85

155.00

2.15*

1.90

5.27

0.09









HAE

20HA49

135.70

139.70

4.00*

2.95

24.41

1.39









HAE

20HA50

No intercepts >2g/t Au









HAE

20HA51

214.00

220.75

6.75*

4.95

3.15

0.23

HAE

20HA51

223.30

225.10

1.79*

1.79

6.65

0.14









HAE

20HA52

128.80

130.00

1.19*

3.31

45.00

1.08









HAE

20HA53

167.80

171.30

3.50*

2.79

21.25

0.47

HAE

20HA53

178.70

184.70

6.00*

8.85

386.16

1.69









HAE

20HA54

159.90

163.80

3.90*

2.58

1.39

0.03









HAE

21HA55

92.75

94.00

1.25*

5.34

21.80

1.26

HAE

21HA55

96.50

99.85

3.34*

8.68

5.21

0.10

HAE

21HA55

176.00

176.90

0.90*

3.39

16.50

0.58









HAE

21HA56

109.45

112.70

3.25*

3.57

3.24

0.12









HAE

21HA57

31.90

33.25

1.35*

4.03

0.50

0.03









HAE

21HA58

204.45

206.00

1.55*

4.01

12.70

0.40

HAE

21HA58

207.55

209.10

1.54*

2.34

23.50

0.87









HAE

21HA59

No intercepts >2g/t Au









HAE

21HA60

147.30

150.00

2.69*

10.55

3.90

0.23

HAE

Including

148.65

150.00

1.34*

18.02

7.30

0.42

HAE

21HA60

155.40

156.55

1.15*

2.34

0.50

0.00

HAE

21HA60

165.50

169.00

3.50*

3.06

1.01

0.00









HAE

21HA61

188.40

189.90

1.50*

2.67

1.70

0.07









HAE

21HA62

55.85

60.15

4.30*

38.38

76.35

4.22

HAE

Including

55.85

57.25

1.40*

83.21

101.80

2.85

HAE

Including

58.65

60.15

1.50*

25.89

71.40

5.07

HAE

21HA62

136.55

139.05

2.50*

8.92

37.70

0.81

HAE

Including

137.80

139.05

1.25*

11.38

8.90

0.19









* Not true widths as there is currently insufficient data to calculate true orientation

ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the El Valle operation in northern Spain, and the Don Mario gold-silver property in Bolivia, currently in care and maintenance. Orvana is in the process of closing the acquisition of Taguas, Argentina. Additional information is available at Orvana's website (www.orvana.com).

Cautionary Statements - Forward-Looking Information

Certain statements made herein 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", "intends" or "anticipates" 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.

The forward-looking statements herein relate to, among other things: Orvana's ability to achieve improvement in free cash flow; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to in the case of Don Mario, the processing of the mineral stockpiles and the reprocessing of the tailings material; Orvana's ability to optimize its assets to deliver shareholder value; the Company's ability to optimize productivity at Don Mario and El Valle; any measures taken by the Company to prevent and/or mitigate the impact of COVID-19 and other infectious diseases at or near the Company's mines and support the sustainability of its business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions (including the completion of the acquisition of Taguas); 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; mine development plans, Orvana's exploration activities and programs and its plan and expectations for its properties, as well as the timing and costs associated with same; . Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company 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 Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company 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 El Valle and Don Mario 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 the effect of COVID-19 and other infectious diseases on the Company's operations, workforce and supply chain, 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 interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined as the exploration program advances, the success of exploration activities, the Company's ability to continue to operate the El Valle and/or Don Mario and/or ability to resume long-term operations at the Carlés Mine; the Company's ability to successfully implement a sulphidization circuit and ancillary facilities to process the current oxides stockpiles at Don Mario; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; 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 Company's disclosures. 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 Disclosures for a description of additional risk factors.

Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company and may not be appropriate for other purposes.

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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/orvana-announces-2nd-quarter-production-of-14-197-aueq-oz--provides-exploration-update-301269663.html

SOURCE Orvana Minerals Corp.



Contact
Nuria Menéndez, Chief Financial Officer, E: nmenendez@orvana.com; Joanne Jobin, Investor Relations Officer, E: jjobin@orvana.com, T: 647 964 0292
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Mineninfo
Orvana Minerals Corp.
Bergbau
889301
CA68759M1014
Minenprofile
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