Orvana Files Preliminary Economic Assessment Report FOR the Taguas Mining Property, Argentina
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Date: July 9, 2019 #09-2019
ORVANA FILES PRELIMINARY ECONOMIC ASSESSMENT REPORT
FOR THE TAGUAS MINING PROPERTY, ARGENTINA
Toronto, Ontario, July 9, 2019 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) i s
pleased to report that it has filed on SEDAR, the independent preliminary economic assessment report (“PEA”)
for the Taguas Mining Property (“Taguas” or the “Property”) located in San Juan Province, Argentina. The PEA
was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and
the key PEA inputs and highlights were previously disclosed in the Company’s news re lease dated June 28,
2019.
The PEA was prepared by the follo wing qualified persons: Antoni o Peralta Romero, P.Eng., Principal Mining
Engineer, Wood Canada Ltd., Vancouver; Joseph J. Kowalik PhD, Q P MMSA Senior Consulting Geologist;
Ronald G. Simpson, P.Geo., Mineral Resource Consultant, Geosim Services Inc.; and William Colquhoun, Pr
Eng, FSAIMM, Principal Process Manager, Amec Foster Wheeler Peru S.A. (Wood).
The technical report, which is titled "Taguas Oxide Gold-Silver Project, San Juan, Argentina, Preliminary
Economic Assessment, NI 43-101 Technical Report" with an effective date of May 14, 2019, can be found under
the Company’s profile at www.sedar.com.
Juan Gavidia, CEO of Orvana stated: “We are pleased to share with the investment community our Taguas
PEA, authored by Wood. The highlights of the Taguas PEA, particularly the solid production, cost and revenue
assumptions, as summarized in our June 28, 2019 press release, sends a clear message of value creation to
Orvana’s shareholders. Management is now scoping out ne xt steps to fully take ad vantage of the potential
mineral resource upside, as well as to define the economics of Taguas with greater certainty and with a view of
identifying opportunities to improve on the economics, given the latest global macro-economic trends.”
Background of the Taguas Property
Orvana entered into an asset purchase agreement on Mary 14, 2019 with Compañía Minera Taguas S.A. (the
“Vendor”) pursuant to which, Orvana agreed to acquire (the “ Transaction”) the Property. In consideration for
100% of Taguas, Orvana will grant to the Vendor an indivisible net smelter royalty equal to 2.5% on all future
metals production mined from the Property.
Taguas consists of 15 mining concessions over an area of 3,273. 87 ha. It is located in the Province of San
Juan, Argentina, on the eastern flank of the Andes, between 3,500m to 4,300m above sea level. The Property
is approximately 25km north of Barrick Gold Corporation’s Velad ero mining operations and uses the same
infrastructure to reach the Property.
The Toronto Stock Exchange (“ TSX”) has provided conditional acceptance of Orvana’s notice of th e
Transaction, pursuant to the TSX Company Manual. Closing of the Transaction is subject to the final acceptance
of the TSX and a number of closing conditions including, without limitation, Orvana’s completion of a corporate
structure that is acceptable from a tax, corporate and legal perspective relating to the ownership of Taguas.
Cautionary Statements
Mineral resources that are not m ineral reserves do not have dem onstrated economic viability. The PEA is
preliminary in nature and includes inferred mineral resources t hat are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as mineral
reserves and there is no certainty that the results of the PEA will be realized. The financial analysis in the PEA
does not include the 2.5% royalty associated with the acquisition of the Property by Orvana. The PEA study is
conceptual in nature and the PEA mine plan is based on 100% inf erred resources. The projections, forecasts
and estimates presented in the PEA constitute forward-looking statements and readers are urged not to place
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undue reliance on such forward-looking statements. Additional cautionary and forward-looking statement
information is detailed at the end of this news release.
About Orvana - Orvana is a multi-mine gold-copper-silver company. Orvana’s operating assets consist of the
producing El Valle and Carlés gold-copper-silver mines in north ern Spain and the producing Don Mario gold-
silver operations in Bolivia. Additional information is available at Orvana’s website (www.orvana.com).
For further information about the Company or this News Release, please contact:
Nuria Menéndez
Chief Financial Officer
Joanne Jobin
Investor Relations Officer
T: 647 964 0292
Cautionary Statements - Forward-Looking Information
Certain statements in this news release c onstitute forward-looking statements or forw ard-looking information within the meaning of
applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to p redictions,
expectations, beliefs, plans, proj ections, objectives, assumptions, potentials, fu ture events or performance (often, but not al ways, using
words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certain actions, events or re sults “may”,
“could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are fo rward-looking
statements.
This news release contains certain "forwa rd-looking statements" within the meaning of applicable securities legislation, includ ing, without
limitation, statements with respect to the results of the pre liminary economic assessment, including but not limited to the min eral resource
estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design
parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting
timelines and requirements; exploration and planned exploration programs; the potentia l for discovery of additional mineral res ources;
timing for completion of a feasibility study; timing for first gold production; and the Company's objectives and strategies. Fo rward-looking
statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects
to occur. Forward-looking statements are based on the beliefs, es timates and opinions of the Company's management on the date t he
statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements
will prove to be accurate and actual results and future events c ould differ materially from those anticipated in such statement s. Forward-
looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from
those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of preliminary economic
assessments, drill results and the estimation of mineral resour ces, including changes in the economic parameters; risks relatin g to not
securing agreements with third parties or not receiving requir ed permits; risks associated with executing the Company's objecti ves and
strategies, including costs and expenses, t he ability to acquire sufficient funding fo r the proposed project, as well as those risk factors
discussed in the Company's most recently filed management's discussion & analysis, as well as its annual information form dated December
20, 2018, available on www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Co mpany,
the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other
factors, should change.