Orvana Announces Filing of Amended Technical Report
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Date: March 15, 2022 #05-2022
Orvana Announces Filing of Amended Technical Report
Toronto, Ontario, March 15, 2022 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”)
announces that it has filed an amended technical report entitled "National Instrument 43-101 Technical Report
for the Don Mario Property, Eastern Bolivia" (the "Amended Technical Report") and dated March 15, 2022. The
Amended Technical Report addresses comments raised by the Ontario Securities Commission (the "OSC") in
the course of its continuous disclosure review.
On December 29, 2020, the Company filed a technical report effective September 30, 2020, on the Don Mario
oxide stockpile project, located on the Don Mario Property (the "Stockpile Technical Report"). On December
29, 2021, the Company filed a technical report effective September 30, 2021, on the tailings reprocessing
project, also located on the Don Mario Property (the "Tailings Technical Report"). Both projects on the Don
Mario Property were reported independently as the mineral resource base are not connected.
On January 30, 2022, the Company announced that OSC staff advised that under the definition of a technical
report in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), there can be
only one current technical report in respect of a property. OSC staff also identified certain other deficiencies in
the Stockpile Technical Report and Tailings Technical Report related to disclosure that is required under several
Items in F orm 43- 101F1. The Amended Technical Report resolves these matters by, among other things,
merging the disclosure contained in the Stockpile Technical Report and the Tailings Technical Report.
Mineral Resources and Reserves estimates as of September 30, 2021 of the Don Mario Property remain
unchanged, as previously disclosed in the Annual Information Form for the year ended September 30 , 2021.
The Company, together with qualified persons, have addressed the comments from OSC Staff and all sections
are updated in the document filed on SEDAR. The Amended Technical Report is available on SEDAR at
www.sedar.com and on the Company's website at www.orvana.com.
The Amended Technical Report was prepared by Caracle Creek International Consulting Inc . (Ontario,
Canada). The qualified persons, as defined under NI 43-101, are Scott Jobin-Bevans (PhD., PMP, P.Geo.) and
Michael Gross (MSc., P.Geo.) . Dr. Jobin-Bevans and Mr. Gross have reviewed and approved the technical
content of this news release.
ABOUT ORVANA - Orvana is a multi -mine gold -copper-silver company. Orvana’s assets consist of the
producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in
Bolivia, currently in care and maintenance, and the Taguas property located in Argentina. Additional information
is available at Orvana’s website (www.orvana.com).
For further information please contact:
Nuria Menéndez
Chief Financial Officer
Cautionary Statements - Forward-Looking Information
Certain statements in this presentation 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 wi th 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 stati ng 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 ability
to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don
Mario beyond their current l ife-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 sharehol der value; the
Company’s ability to optimize productivity at Don Mario and El Valle; estimates of future production, operating costs and capital
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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; mine development plans; and Orvana’s ability to
address the deficiencies raised by staff of the Ontario Securities Commission and to complete and file the Amended Technical Report (Don
Mario) within the time frame set out above.
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, which includes, without limitation, as particularly set out in the notes accompanying the Company’s most recently filed
financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this information, 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 r ecently completed fiscal year (the
“Company Disclosures”) or as otherwise expressly incorporated herein by reference as well as: there being no significant disr uptions
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;
labour and materials costs increasing on a basis consistent with Orvana’s current expectations; and the availability of neces sary funds to
execute the Company’s plan. Without limi ting the generality of the foregoing, this presentation also contains certain "forward- looking
statements" within the meaning of applicable securities legislation, including, without limitation, statements with respect to the results of the
preliminary economic assessment, including but not limited to the mineral resource estimation, conceptual mine plan and operations,
internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, c apital costs,
production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration
and planned exploration programs; the potential for discovery of additional mineral resources; timing for completion of a feasibility study;
timing for first gold production at Taguas; processing the stockpile at El Valle in connection with the metal production catc h-up program;
identifying additional resources beyond the replenishment of annual depletion rates at El Vall e for the extension of mine life; issuing an
expanded resource PEA for Taguas in a timely manner; completion of the infill drilling program at Taguas; making a decision on the oxides
stockpile at Don Mario in a timely manner; and the Company's general objectives and strategies.
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 potential
impact of the COVID- 19 on the Company’s business and operations, includi ng: our ability to continue operations; our ability to manage
challenges presented by COVID-19; the accounting treatment of COVID-19 related matters; Orvana’s ability to prevent and/or mitigate the
impact of COVID-19 and other infectious diseases at or nea r our mines; our ability to support the sustainability of our 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 comm unities and authorities; 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 general ly associated
with mineral exploration and development, including the Company’s ability to continue to operate the El Valle 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 successfully carry out development plans at Taguas; sufficient funding
to carry out development plans at Taguas and to process the 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 Com pany’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; the challenges presented by COVID- 19;
fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks
identified in the Company’s disclosures. T his 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.