Orvana Reports First Dore Shipment BY Don Mario MINE
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For Immediate Release TSX:ORV
Date: March 29, 2017 #04-2017
ORVANA REPORTS FIRST DORE SHIPMENT BY DON MARIO MINE
TORONTO, ONTARIO, March 29, 2017 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) is pleased to report that the first commercial shipment of gold-silver doré was made from the
recently re-commissioned carbon-in-leach circuit (the “CIL Project”) at the Company’s Don Mario Mine.
On March 28, 2017 the first commercial shipment took place, comprising 11 bars with approximately 5,800
ounces of gold and 1,700 ounces of silver, based on provisional assays. As previously announced, Don
Mario’s first gold-silver doré bar was poured on January 22, 2017 and the CIL circuit is now fully operational.
The gold-silver doré bars will be ex ported for refining and sale pursuant to arrangements with arm’s length,
third parties.
Jim Gilbert, Chairman and CEO, stated “We are very pleased with the successful re-commissioning of the CIL
plant at Don Mario. The commissioning was exec uted as planned and is now achieving enhanced gold
recovery approaching our target of approximately 80 %. This important milestone at Don Mario Mine is
delivering on our commitment to maximize shareholder value by increasing gold recovery, lowering unit costs
and, with the enhanced processing capability, facilitating the expected mine life extension opportunities at the
Don Mario operation. Congratulations to the Don Mario team on this tremendous achievement.”
Total capital costs for the CIL Project are in line with the capital cost estimate established by the Company in
2016 of US$6.4 million to accuracy estimate of +/- 15% including owner’s costs and 15% contingency.
The Company anticipates t hat the CIL circuit will deliver substant ially higher average gold recoveries of
approximately 80% compared to recent average gold recoveries of approximately 55% from the prior flotation
only process. The forecast increase in gold ounces produced is expected to positively impact unitary cash
costs and provide free cash flow in the second half of fiscal 2017, allowing for fu ll repayment of the US$7.9
CIL Project financing by the end of fiscal 2017.
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) 369-6281
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; 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;
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statements and information regarding future feasibility studies and their results; fu ture 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 necessar ily 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
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 includ e fluctuations in the pric e of gold, silver and cop per; 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 s hould 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 ma y not be appropriate for other
purposes.