1. The Company is closely monitoring developments and evolving regulations to maintain the safety,
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Date: March 16, 2020 #04-2020
Orvana Communication
Toronto, Ontario, March 16, 2020 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”)
would like to communicate to the market the following statement s in light of the World Health Organization-
declared COVID-19 global pandemic:
1. The Company is closely monitoring developments and evolving regulations to maintain the safety,
health and wellbeing of its employees, which are paramount in its operations and facilities in Northern
Spain and Bolivia, respectively.
2. As of today, we have not suffe red any material impact to operations or logistics from the outbreak.
3. All recommendations and directives being issued by local and national governments are being strictly
followed, in addition to the ones taken according to specific circumstances in our operations.
ABOUT ORVANA - Orvana is a multi-mine gold-cop per-silver company. Orvana’s ass ets consist of the
producing El Valle and Carlés gold-copper-silver mines in north ern Spain, and the Don Mario gold-silver
property in Bolivia, currently in care and maintenance. Additio nal information is available at Orvana’s website
(www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
Joanne Jobin
Investor Relations Officer
T: 647 964 0292
Cautionary Statements - Forward-Looking Information
Certain statements made herein constitute forward-looking statements or forward-look ing information within the meaning of appli cable
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 curr ent 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; the effect of COVID-19 on the
Company’s operations; estimates of future production, operating costs and capi tal expenditures; mineral resource and reserve es timates;
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 subj ect to significant business, ec onomic and competitive uncertainti es 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 variou s 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 other wise expressly incorporated her ein by reference as well as: there being no significant disrup tions
affecting operations, whether due to labour disruptions, supply disruptions, power disr uptions, damage to equipment or otherwis e;
permitting, development, operations, expansion and acquisitions at El Valle and Don Mario being consistent with the Company’s current
expectations; political developments in any ju risdiction in which the Com pany operates being consistent with its current expect ations;
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 an ticipated
events or results expressed or implied by forward looking statements. Some of t hese risks, uncertainties and factors include th e affect of
COVID-19 on the Company’s operations and workforce, fluctuations in the price of gold, silver and copper; the need to recalculate estimates
of resources based on actual production exper ience; the failure to achieve production es timates; variations in the grade of ore mined;
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variations in the cost of operations; the availability of qua lified personnel; the Company’s abili ty to obtain and maintain all necessary
regulatory approvals and licenses; the Company’s ability to us e cyanide in its mining operations; risks generally associated wi th 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 a sulphidization circuit and ancillary facilities to
process the current oxides stockpiles at Don Mario; the Com pany’s ability to acquire and develop mineral properties and to succ essfully
integrate such acquisitions; the Company’s ability to execute on its strategy; the Company’s ability to obtain financing when r equired on
terms that are acceptable to the Company; challenges to the Co mpany’s interests in its property and mineral rights; current, pe nding 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 worldwi de; and the risks identified in the Company’s disclosures. This list is not exhaus tive 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 stateme nts.