Orvana Announces Option Grants to Directors and Executives
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For Immediate Release TSX:ORV
Date: December 21, 2017 #15-2017
ORVANA ANNOUNCES OPTION GRANTS TO DIRECTORS AND EXECUTIVES
TORONTO, ONTARIO, December 21, 2017 – Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) announces that it has made a grant of stock optio ns under its stock option plan to certain of its
directors and executives to acquire a total of 3,108,237 common shares of the Company (“Common Shares”).
All of the options are exercisable at a price of $0.21 per Common Share. The initial one-third of the options
will vest on the first year anniversar y of the option grant, the second one-third of the options will vest on the
two year anniversary of the option grant and the remaining one-third of the options will vest on the three year
anniversary of the option grant. The options have a term of five years and are subject in all respects to the
terms of Orvana’s stock option plan and the requirements of the TSX Exchange.
About Orvana
Orvana is a multi-mine gold and copper producer. Orvana’ s operating assets consist of the producing gold-
copper-silver El Valle and Carlés mines in northern Spain and the producing gold- copper-silver Don Mario
mine in Bolivia. Additional information is available at Orvana’s website (www.orvana.com).
For further information please contact:
Jeff Hillis
Chief Financial Officer
T (416) 369-6275
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of Toronto
Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Statements - Forward-Looking Information
Certain statements in this info rmation constitute forward-looking statemen ts 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, projec tions, 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 completion of the major tailings storage facility expansion, the
mining of the Cerro Felix deposit, the pr ocessing 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; 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 geographi c diversification; future financial performance, including the
ability to increase cash flow and profits; future financing requirements; and mine development plans.
Forward-looking statements are necessa rily based upon a number of estimates and assumptions that, while considered
reasonable by the Company as of the dat e of such statements, are inherently subject to significant business, economic
and competitive uncertainties and conti ngencies. The estimates and assumptions of the Company contained or
incorporated by reference in this information, which may prov e 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 Va lle and Don Mario being consistent with the Company’s
current expectations; political developments in any jurisdict ion in which the Company operates being consistent with its
current expectations; certain price assumptions for gold, c opper and silver; prices for key supplies being approximately
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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 beyon d the Company’s cont rol, affect the
operations, performance and results of the Company and its business, and coul d 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; t he 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 lic enses; the Company’s ability to use cyanide in its mining
operations; risks generally associated with mineral exp loration and development, including the Company’s ability to
continue to operate the El Valle and/or Don Mario and/or ability to resume l ong-term operations at Carlés Mine; the
Company’s ability to acquire and develop mineral properties and to successfully integr ate 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 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 shou ld also be made to the Company’s Disclosures for a
description of additional risk factors.
Any forward-looking statements made in this information 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 Comp any 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 informati on are intended to provide an overview of management’s
expectations with respect to certain future operating activi ties of the Company and may not be appropriate for other
purposes.