Orvana Announces Resignation of CEO and Appointment of Interim CEO
For Immediate Release TSX:ORV
Date: January 31, 2018 #02-2018
ORVANA ANNOUNCES RESIGNATION OF CEO
AND APPOINTMENT OF INTERIM CEO
TORONTO, ONTARIO, January 31, 2018 -- Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) announces that the board of directors (the “Board”) has accepted the resignation of Mr. James
Gilbert as Chairman and Chief Executive Officer as well as a director of Orvana. Mr. Gilbert has decided to
pursue other opportunities. Effective immediately, the Board has appointed Mr. Juan Gavidia as the Interim
Chief Executive Officer and Mr. Gordon Pridham, currently Lead Director, has agreed to serve as the Chair.
Mr. Pridham said, “Orvana appreciates the valuable contributions that Mr. Gilbert has made to Orvana and
we wish him well in his next endeavors. Furthermore, the Board and I look forward to working with Juan
and thank him for taking this new role on while we engage in a process for a new CEO.”
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:
Binh Vu
General Counsel
T (416) 369-6272
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 completion of the major tailings storage facility expansion, the mining of the Cerro Felix deposit,
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; 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; mine development plans;
and the results of the process for a new Chief Executive Officer.
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
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 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 it s 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.
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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 as sociated 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
Carlés Mine; 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 identif ied 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 should 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 wi th 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.