Orvana Reports Fiscal Year 2019 Consolidated Production of 110,063 GOLD Equivalent Ounces
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For Immediate Release TSX:ORV
Date: October 17, 2019 #13-2019
ORVANA REPORTS FISCAL YEAR 2019 CONSOLIDATED PRODUCTION OF
110,063 GOLD EQUIVALENT OUNCES
TORONTO, ONTARIO, October 17, 2019 - Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) is pleased to provide production results for the fourth quarter of fiscal 2019 (“Q4 2019”) and full
fiscal year 2019 (“FY2019”) for its El Valle Mine (“El Valle”) in Spain and Don Mario Mine (“Don Mario”) in
Bolivia.
FY 2019 Production Highlights:
Consolidated production of 110,063 gold equivalent ounces (97,2 59 gold ounces, 5.0 million
copper pounds and 194,693 silver ounces);
El Valle production of 64,327 gold ounces and 5.0 million pounds of copper;
Don Mario production of 32,932 gold ounces.
Q4 2019 Production Highlights:
El Valle: gold and copper production increased by 17% and 5% re spectively compared to Q3
2019 due to higher throughput, including a Carlés Mine short-term open pit project;
Don Mario: gold production decreased by 15% compared to Q3 2019 due to transitioning from
Cerro Felix open pit to Las Tojas open pit; higher than planned ore grade operational mining
dilution.
FY2020 Outlook
El Valle to continue aggressive underground infill drilling to keep replenishing depletion.
Don Mario to complete development of the Oxides Stockpile Proj ect to add three years to its mine life.
FY2020 guidance will be released with FY2019 year-end financia ls.
Production Results
Q4 2019 Q3 2019 FY2019 FY2019 FY2018
El Valle
Don
Mario Total El Valle
Don
Mario Total Total Guidance Total
Ore milled (tones) 175,966 174,793 350,759 141,246 189,240 330,486 1,397,681 1,342,464
Gold Equivalent (oz) 18,604 5,900 24,504 16,548 6,933 23,481 110,063 126,017
Gold
Grade (g/t) 3.08 1.25 2.17 3.25 1.20 2.08 2.34 2.61
Recovery (%) 93.0 82.4 89.9 94.0 93.7 93.8 92.6 91.7
Production (oz) 16,185 5,800 21,985 13,854 6,842 20,696 97,259 100,000 - 110,000 103,384
Copper
G r a d e ( % ) 0.40 0.40 0.44 0.44 0.45 0.60
Recovery (%) 73.5 73.5 78.1 78.1 76.3 65.9
Production (K lbs) 1,128 1,128 1,071 1,071 5,015 3,200 - 3,600 8,234
Financial Performance
Q4 2019 financial highlights will be released with the year-end financials, expected mid-December, 2019.
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About Orvana
Orvana is a multi-mine gold and copper producer. Orvana’s opera ting assets consist of the producing El
Valle and Carlés gold-copper-silver mines in northern Spain and the producing Don Mario gold mine in
Bolivia. Additional information is available at Orvana’s website (www.orvana.com).
For further information 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 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 (ofte n, 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 transition of mining to Las Tojas, the processing of the mineral stockpiles (including the
implementation of the SART circuit) and the reprocessing of th e tailings material; Orvana’s ability to optimize its assets to d eliver
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; and
mine development plans.
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 inhere ntly subject to significant business, economic and competitive
uncertainties and contingencies. The estimates and assumptions of the Company contained or incorporated by reference in this
news release, 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, dama ge 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 approximate ly
consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s curr ent
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 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 fac tors
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 operat ions; 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 associated 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
the Carlés Mine; the Company’s ability to successfully implement t he SART circuit to process the current oxides stockpiles at D on
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 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. 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 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 Comp any
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.
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The forward-looking statements made in this information are in tended 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.