TSX:ORV
TORONTO, Ontario, Oct. 17, 2019 /CNW/ - Orvana Minerals Corp.
(TSX:ORV) (the "Company" or "Orvana") is pleased to provide
production results for the fourth quarter of fiscal 2019 ("Q4
2019") and full fiscal year 2019 ("FY2019") for its El Valle Mine
("El Valle") in Spain and
Don Mario Mine ("Don Mario") in
Bolivia.
FY 2019 Production Highlights:
- Consolidated production of 110,063 gold equivalent ounces
(97,259 gold ounces, 5.0 million copper pounds and 194,693 silver
ounces);
- El Valle production of 64,327 gold ounces and 5.0 million
pounds of copper;
- Don Mario production of 32,932 gold ounces.
Q4 2019 Production Highlights:
- El Valle: gold and copper production increased by 17% and 5%
respectively compared to Q3 2019 due to higher throughput,
including a Carlés Mine short-term open pit project;
- Don Mario: gold production decreased by 15% compared to Q3
2019 due to transitioning from Cerro
Felix open pit to Las Tojas open pit; higher than planned
ore grade operational mining dilution.
FY2020 Outlook
- El Valle to continue aggressive underground infill drilling to
keep replenishing depletion.
- Don Mario to complete development of the Oxides Stockpile
Project to add three years to its mine life.
- FY2020 guidance will be released with FY2019 year-end
financials.
Production Results
|
|
Q4
2019
|
|
|
Q3
2019
|
|
FY2019
|
FY2019
|
FY2018
|
|
El
Valle
|
Don
Mario
|
Total
|
El
Valle
|
Don
Mario
|
Total
|
Total
|
Guidance
|
Total
|
|
|
|
|
|
|
|
|
|
|
Ore milled
(tones)
|
175,966
|
174,793
|
350,759
|
141,246
|
189,240
|
330,486
|
1,397,681
|
|
1,342,464
|
Gold Equivalent
(oz)
|
18,604
|
5,900
|
24,504
|
16,548
|
6,933
|
23,481
|
110,063
|
|
126,017
|
Gold
|
|
|
|
|
|
|
|
|
|
Grade (g/t)
|
3.08
|
1.25
|
2.17
|
3.25
|
1.20
|
2.08
|
2.34
|
|
2.61
|
Recovery
(%)
|
93.0
|
82.4
|
89.9
|
94.0
|
93.7
|
93.8
|
92.6
|
|
91.7
|
Production
(oz)
|
16,185
|
5,800
|
21,985
|
13,854
|
6,842
|
20,696
|
97,259
|
100,000 -
110,000
|
103,384
|
Copper
|
|
|
|
|
|
|
|
|
|
Grade (%)
|
0.40
|
|
0.40
|
0.44
|
|
0.44
|
0.45
|
|
0.60
|
Recovery
(%)
|
73.5
|
|
73.5
|
78.1
|
|
78.1
|
76.3
|
|
65.9
|
Production (K
lbs)
|
1,128
|
|
1,128
|
1,071
|
|
1,071
|
5,015
|
3,200 -
3,600
|
8,234
|
Financial Performance
Q4 2019 financial highlights
will be released with the year-end financials, expected
mid-December, 2019.
About Orvana
Orvana is a multi-mine gold and copper
producer. Orvana's operating assets consist of the producing El
Valle and Carlés gold-copper-silver mines in northern Spain and the producing Don Mario gold mine in
Bolivia. Additional information is
available at Orvana's website (www.orvana.com).
Cautionary Statements - Forward-Looking
Information
Certain statements in this information
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.
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 transition of
mining to Las Tojas, the processing of the mineral stockpiles
(including the implementation of the SART circuit) 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; 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; 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 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 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 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 the SART circuit 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.
The forward-looking statements made in this information are
intended to provide an overview of management's expectations with
respect to certain future operating activities of the Company and
may not be appropriate for other purposes.
Nuria Menéndez, Chief Financial Officer, E:
nmenendez@orvana.com; Joanne Jobin,
Investor Relations Officer, E: jjobin@orvana.com, T: 647 964
0292