Orvana Announces 2nd Quarter Production of 14,197 AuEq Oz & Provides Exploration Update

<br /> Orvana Announces 2nd Quarter Production of 14,197 AuEq Oz & Provides Exploration Update<br />

Orvana Announces 2nd Quarter Production of 14,197 AuEq Oz & Provides Exploration Update

PR Newswire


  • On Track to Meet Annual Production Guidance

  • Year-to-date Exploration Program at OroValle Confirming Upside & Potential Mine Life Increase


  • 5,000m

    Drilling Program Underway to Expand Taguas Project Resources in

    Argentina


  • Undergoing Final Quality Assurance Testing of Oxides Stockpile Project at EMIPA,

    Bolivia


TORONTO

,

April 15, 2021

/PRNewswire/ –

Orvana Minerals Corp.

(TSX: ORV)

(the “Company” or “Orvana”)

today announced production results for the second quarter of fiscal 2021 (“Q2 2021”) and exploration results for the first half of fiscal 2021 (“H1 2021”) at OroValle,

Spain

.


Juan Gavidia

, CEO of Orvana Minerals stated:

“While we are on track to deliver on our production guidance for fiscal 2021, we are also pleased to report that exploration at OroValle continues to produce positive results, enhancing our current 5-Year Life-of-

Mine Plan

. OroValle’s future has never looked brighter than today. Completing Orvana’s big picture, we look forward to updating shareholders with exploration results at our in-development Taguas Project in

Argentina

, and with metallurgical testing programs completion at EMIPA,

Bolivia

, over the next upcoming quarters.”



Q2 FY2021 OPERATIONAL RESULTS


OroValle

  • 10,785 gold ounces, and on track to meet fiscal year 2021 guidance
  • 1.4 million pounds, and on track to meet fiscal year 2021 guidance

  • 6,530m

    of exploration drilling at OroValle were undertaken pursuant to aggressive resources annual program


Taguas


  • 3,000m

    of diamond drilling were undertaken in the quarter, with

    2,000m

    more to be completed in Q3
  • An updated Resource Estimate is expected in the next quarter


EMIPA

  • The Oxides Stockpile Project quality assurance (metallurgical) testing is currently in progress, and a decision on the project is expected by the end of fiscal year 2021


Objectives for Remainder of FY2021


  • OroValle:

    Strong cash flow generation. Deliver on production guidance, and go beyond replenishment of annual depletion thus, extending mine life

  • Taguas:

    Issue expanded-resource PEA by end of 2021, and define the Infill Drilling Program required to develop a Pre-Feasibility Study during 2022

  • EMIPA:

    Make final decision on Oxides Stockpile Project. Subject to final approval and access to required financing, it will be a one-year construction project in 2022, and a three-year production life between 2023 and 2025


Production Results



Q2 FY2021



Q1 FY2021



Q2 FY2020



FY 2021





Guidance


Ore milled (tones)



159,603



180,380



148,339


Gold Equivalent (oz)



14,197



18,398



14,843




Gold



Grade (g/t)


2.31


2.60


2.74


Recovery (%)


90.9


93.6


93.0


Production (oz)



10,785



14,127



12,139




50,000 – 55,000





Copper



Grade (%)


0.47


0.63


0.52


Recovery (%)


82.3


81.6


83.1


Production (K lbs)



1,355



2,044



1,422




7,000 – 8,500




Orovalle H1 Exploration Update


El Valle Boinás

Fiscal year 2021 drilling program focus continues on the Oxides areas with a total of

13,743m

drilled in H1 2021 (see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program can be found in Table 2:



Infill

(m)



Brownfield

(m)



TOTAL

(m)


A208


3,658




3,658


Boinas South


2,167




2,167


S107


867




867


High Angle East




4,648


4,648


Other Areas


1,796


607


2,403



TOTAL



8,488



5,255



13,743

Table 1. Orovalle H1 Drilling Fiscal Year 2021


Highlights per Area

(see detailed assays in Table 2):


  • A208:



    8.9m

    with 28.93 g/t Au

    . Drilling advancing to the North, next to East Breccia.

  • Boinas South

    :


    5.9m

    with 11.87 g/t Au and 1.31% Cu

    . Mineral expansion is open at depth and to the North. Drilling continues to the North, connecting the Black Skarn area, around the intrusive contour.

  • S107:



    2.1m

    with 43.28 g/t Au and 1.23% Cu

    . Drilling focused on open mineralization at depth.

  • High

    Angle East

    :



    4.3m



    with


    38.38 g/t Au and 4.22% Cu

    . Structure growth remains open at depth and to the North.



Area 208 (A208)

Information obtained from

16,802m

of infill drilling since 2019 allowed for better understanding of the structure, which remains open at depth. Zoning can be identified within the structure, where the highest gold grades are located at the footwall.







Boinas South (SB)

The drilling campaign was focused on the lower part, targeting skarn material with the highest gold and copper grades. The structure remains open at depth and to the North. An infill drilling campaign is being planned for the next few months.



S107

The infill drilling carried out in the deep zone has demonstrated a change in the inclination of the mineral layer, from a subvertical position to 45º Northwest, fitting the contact with the limestone. The skarn contains bands of massive copper sulphides.



High

Angle East

(HAE)

Drilling continues on the latest discovery at El Valle (see news release dated

October 22

, 2020). Zones within the structure contain Au and Au-Cu bands. The structure remains open at depth and to the North.



Greenfield exploration update



A total of

1,016.7m

was completed at the Lidia Project in H1 FY2021. The second phase is anticipated for

September 2021

, once the results of the first phase have been completely evaluated.



Quality Control

The analytical work for the brownfield and infill drilling programs are being performed by the Orovalle laboratory, which is ISO 9001:2015 certified. Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:

The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 95%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.

After sample preparation, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.

The reported work has been completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.

The exploration update was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.



H1 2021 Intercepts from A208, S107, SB and HAE




Zone





DDH





From (m)





To (m)





Thick (m)





Au(gpt)





Ag(g/t)





Cu(%)




A208


20V1836


9.00


10.55


1.22


15.59


1.8


0.26



A208


20V1836


19.60


20.90


0.90


3.31


0.5


0.08



A208


20V1836


23.90


25.50


1.10


6.34


1.2


0.05



A208


20V1836


62.30


63.75


0.89


4.78


0.5


0.02



A208


20V1836


87.45


88.50


0.64


4.54


0.5


0.03



A208


20V1840


10.40


12.70


2.17


4.21


3.6


0.24



A208


20V1840


35.80


37.00


0.81


8.03


0.5


0.02



A208


20V1840


102.00


105.00


2.67


13.01


0.5


0.04



A208


Including


102.00


103.50


1.33


20.33


0.5


0.04



A208


20V1843


16.10


18.90


1.99


2.75


1.9


0.23



A208


20V1843


31.50


32.70


1.00


12.95


0.5


0.06



A208


20V1843


37.50


41.85


3.63


5.43


0.5


0.03



A208


20V1843


124.50


130.35


5.13


2.32


6.1


0.31



A208


20V1843


134.75


137.55


2.46


2.64


1.9


0.25



A208


20V1845


8.50


9.80


1.10


5.13


1.0


0.32



A208


20V1845


17.65


20.50


2.44


2.72


3.3


0.10



A208


20V1845


25.90


27.50


1.37


3.19


0.5


0.03



A208


20V1845


90.20


91.70


1.43


13.67


5.0


0.36



A208


20V1845


152.35


161.70


6.75


6.72


1.1


0.07



A208


20V1847


22.90


23.90


0.73


11.37


1.5


0.02



A208


20V1847


34.70


46.10


7.98


5.26


0.5


0.05



A208



Including


38.20


39.00


0.56


21.63


0.5


0.03



A208



Including


43.80


44.90


0.77


12.83


0.5


0.03



A208


20V1847


90.70


131.00


26.87


6.41


0.5


0.03



A208



Including


92.70


102.70


6.67


11.67


0.5


0.01



A208



Including


106.70


108.70


1.33


13.89


0.5


0.01



A208



Including


117.00


119.00


1.33


20.87


0.5


0.03



A208


20V1847


171.00


173.00


0.96


3.64


0.5


0.01



A208


20V1847


186.55


187.60


0.63


6.05


0.5


0.02



A208


20V1847


198.00


201.30


1.98


9.21


0.5


0.02



A208


20V1849


8.30


9.00


0.53


9.39


1.80


0.58



A208


20V1849


25.10


36.30


6.84


2.45


1.15


0.09



A208


20V1849


94.60


103.10


4.91


10.16


0.10


0.04



A208



Including


94.60


96.60


1.16


13.65


0.10


0.02



A208



Including


101.85


103.10


0.72


39.80


0.10


0.06



A208


20V1849


156.70


158.70


0.82


5.16


0.10


0.02



A208


20V1849


166.70


168.70


0.82


3.22


0.10


0.02



A208


20V1852


9.70


11.15


1.16


3.82


1.10


0.12



A208


20V1852


26.05


45.50


15.13


2.65


0.50


0.07



A208



Including


44.20


45.50


1.01


18.45


0.20


0.02



A208


20V1852


187.70


188.90


1.20


2.31


0.80


0.12



A208


20V1858


8.60


9.70


0.86


6.88


2.00


0.62



A208


20V1858


24.75


26.20


0.64


11.14


2.10


0.07



A208


20V1858


37.20


40.20


1.07


6.08


0.85


0.06



A208


20V1858


46.35


47.90


0.55


3.12


0.50


0.04



A208


20V1861


10.40


11.45


0.69


2.93


29.70


2.23



A208


20V1861


43.65


60.00


4.18


8.89


0.75


0.11



A208



Including


49.45


51.00


0.40


41.46


0.50


0.05



A208



Including


55.25


57.55


0.59


21.07


0.50


0.05



A208


20V1861


66.60


69.25


1.38


3.22


5.71


0.10



A208


20V1861


73.60


77.80


2.19


18.20


0.50


0.03



A208



Including


76.40


77.80


0.73


28.99


0.50


0.02



A208


20V1861


163.90


165.15


0.65


3.13


0.50


0.01



A208


20V1861


170.40


171.45


0.55


7.85


0.50


0.01



A208


20V1865


95.90


97.40


1.37


6.24


0.50


0.04



A208


20V1865


114.80


116.30


1.37


2.74


0.50


0.02



A208


20V1865


148.15


149.55


1.24


5.46


1.90


0.10



A208


20V1868


80.20


81.40


1.11


2.32


0.5


0.09



A208


20V1868


115.40


119.85


3.91


2.68


0.8


0.20



A208


20V1868


122.75


125.30


2.24


1.94


5.1


0.12



A208


20V1869


78.50


79.90


1.12


5.08


0.5


0.02



A208


20V1869


135.55


137.30


0.64


6.24


0.5


0.02



A208


20V1869


161.30


167.30


3.20


6.42


0.5


0.11



A208


20V1869


164.30


167.30


1.60


12.02


0.5


0.08



A208


20V1870


112.90


114.50


1.05


2.29


1.3


0.40



A208


20V1870


130.75


132.00


0.82


17.10


0.5


0.01



A208


20V1870


146.00


147.30


0.85


8.89


2.4


0.09



A208


20V1871


84.90


108.60


12.11


5.71


0.5


0.03



A208



Including


98.05


99.80


0.89


26.61


0.5


0.01



A208



Including


101.55


103.30


0.89


13.09


0.5


0.01



A208


20V1872


117.90


119.15


1.07


31.27


0.5


0.03



A208


20V1872


137.30


148.70


8.87


28.93


0.6


0.09



A208



Including


137.30


139.95


2.06


81.31


0.5


0.02



A208



Including


144.05


145.60


1.21


15.49


0.5


0.00



A208



Including


147.15


148.70


1.21


57.01


0.5


0.02



A208


20V1872


154.75


156.30


1.21


2.62


1.8


0.13



A208


20V1873


89.90


91.55


1.52


2.15


0.5


0.01



A208


20V1873


101.85


104.65


2.49


7.83


0.5


0.10



A208


20V1873


101.85


103.25


1.24


14.03


0.5


0.10



A208


21V1874


106.35


110.15


3.67


11.75


0.5


0.01



A208



Including


108.25


110.15


1.84


20.62


0.5


0.01



A208


21V1875



No intercepts >2g/t Au



A208


21V1876


72.00


74.00


1.82


5.55


0.5


0.01



A208


21V1876


120.10


121.85


1.59


31.59


0.5


0.03



A208


21V1876


128.85


130.60


1.59


8.72


0.5


0.03



A208


21V1877


132.00


133.50


1.25


8.01


0.5


0.02



A208


21V1878


91.90


93.90


1.89


4.67


0.5


0.04



A208


21V1879


92.90


100.75


6.45


5.58


1.3


0.09



A208


Including


95.50


96.80


1.07


11.67


0.5


0.05



A208


21V1880


60.90


62.40


1.50*


4.91


0.5


0.15



A208


21V1880


97.75


98.85


0.94


11.73


0.5


0.06



A208


21V1882


62.20


63.80


1.60*


2.15


0.5


0.11



A208


21V1882


94.85


97.85


2.63


21.52


0.5


0.03



A208



Including


96.35


97.85


1.32


40.86


0.5


0.03



A208


21V1882


101.85


103.35


1.32


2.04


0.5


0.08



A208


21V1882


106.35


107.85


1.32


2.57


0.5


0.01



A208


21V1883


51.75


53.75


2.00*


5.70


0.5


0.11



A208


21V1883


56.65


59.50


2.85*


38.04


0.5


0.27



S107


20V1838



No intercepts >2g/t Au



S107


20V1839



No intercepts >2g/t Au



S107


20V1842


88.90


90.10


1.11


9.78


94.20


7.65



S107


20V1841


8.90


10.65


1.75*


2.22


0.50


0.00



S107


20V1844


88.00


94.10


3.39


3.26


21.99


1.98



S107


20V1844


225.20


226.60


1.40


2.39


4.30


0.26



S107


20V1846


85.70


87.30


1.26


2.73


12.90


1.09



S107


20V1848


89.05


90.20


1.15*


2.78


4.20


0.03



S107


20V1850


41.35


42.80


1.45*


4.01


24.00


0.36



S107


20V1850


78.85


82.15


2.09


43.28


30.76


1.23



S107



Including


80.80


82.15


0.85


94.90


69.70


2.86



S107


20V1851


87.15


88.80


1.47


4.29


48.06


3.88



S107


20V1853


89.00


96.20


5.52


1.52


14.98


1.30



S107


20V1854


102.00


102.65


0.40


10.91


112.10


7.15



S107


20V1855


45.85


48.30


2.45*


13.06


17.72


1.38



S107


20V1855


58.55


59.90


1.35*


2.91


7.20


0.21



S107


20V1855


96.50


97.45


0.84


5.80


2.60


6.38



S107


20V1856


62.60


63.55


0.95*


5.58


25.30


0.42



S107


20V1856


85.80


90.85


4.21


1.18


14.77


0.77



S107


20V1857


61.20


62.50


1.30*


3.96


13.50


0.32



S107


20V1859


63.95


65.10


1.15


10.79


4.00


0.06



S107


20V1859


95.35


98.40


2.88


3.49


28.78


0.95



SB


20SB001


0.90


1.75


0.72


18.96


137.20


3.35



SB


20SB001


66.45


67.85


1.09


2.39


6.90


0.24



SB


20SB001


71.80


79.35


5.87


11.87


46.69


1.31



SB


including


75.15


77.80


2.06


14.64


96.43


2.40



SB


20SB001


85.80


90.00


3.97


4.59


0.70


0.04



SB


20SB002


1.05


1.95


0.78


2.10


16.20


0.92



SB


20SB002


72.00


74.50


2.50


2.10


52.34


4.50



SB


20SB002


80.65


81.60


0.94


3.00


27.80


0.47



SB


20SB003


65.75


93.00


23.62


3.39


36.21


1.71



SB


including


66.75


67.85


0.95


7.95


98.40


9.68



SB


including


69.80


72.20


2.08


3.95


53.45


1.48



SB


including


79.60


85.95


5.50


6.94


71.93


3.00



SB


including


91.40


93.00


1.39


5.64


1.90


0.01



SB


20SB004



No intercepts >2g/t Au



SB


20SB005


0.00


0.60


0.55


2.74


24.70


0.80



SB


20SB005


1.50


2.70


1.11


2.64


22.10


1.06



SB


20SB005


4.60


5.90


1.20


5.93


55.60


1.52



SB


20SB006


0.00


0.70


0.65


2.89


22.20


0.70



SB


20SB006


2.20


3.65


1.35


2.89


19.30


0.65



SB


21SB007


0.00


1.00


0.89


2.33


20.20


0.78



SB


21SB007


60.15


74.70


13.90


2.77


12.92


0.50



SB


Including


73.20


74.70


1.43


16.68


0.50


0.22



SB


21SB008


0.00


2.20


2.13


3.72


33.10


2.70



SB


21SB008


67.15


68.80


1.37


2.40


64.10


0.97



SB


21SB008


78.30


79.55


0.99


3.96


0.50


0.07



SB


21SB009


0.00


0.95


0.81


5.13


59.60


7.00



SB


21SB011


53.00


56.10


2.86


2.32


20.94


0.91



SB


21SB010


0.00


1.55


1.21


7.54


53.50


4.01



SB


21SB012


51.50


57.25


5.30


5.27


77.67


2.26



SB


21SB012


65.30


74.20


5.64


3.52


18.52


0.43



SB


21SB013


62.40


64.10


1.53


14.54


144.30


2.29



SB


21SB014


54.90


58.30


2.87


2.20


18.18


1.09



SB


21SB014


62.65


64.10


1.22


2.86


19.10


0.68



SB


21SB015


52.30


63.80


9.46


3.45


18.76


0.48



SB


21SB016


84.95


86.45


0.75


2.37


27.90


0.62



SB


21SB017


69.00


70.25


1.11


2.21


11.20


0.26



SB


21SB017


78.40


79.55


0.83


2.85


1.10


0.02



SB


21SB018


56.65


59.85


2.99


6.63


38.97


1.07



SB



Including


58.70


59.85


1.07


15.63


97.10


2.64



SB


21SB018


74.00


76.40


1.87


2.58


4.60


0.12



HAE


20HA41


213.70


214.80


1.10*


4.34


11.70


0.89



HAE


20HA42



No intercepts >2g/t Au



HAE


20HA43


178.50


193.30


14.80*


2.16


2.16


0.13



HAE


including


178.50


184.75


6.25*


3.46


1.95


0.04



HAE


20HA43


188.95


190.40


1.45*


2.62


5.50


0.28



HAE


20HA43


191.85


193.30


1.45*


2.04


0.50


0.05



HAE


20HA44


202.50


209.75


7.25*


1.39


0.80


0.03



HAE


20HA44


221.10


222.10


1.00*


1.64


17.10


0.94



HAE


20HA45


186.20


200.45


14.25*


2.09


7.29


0.25



HAE


including


187.70


193.70


6.00*


3.29


1.78


0.03



HAE


20HA46


175.05


188.70


13.65*


2.83


2.37


0.06



HAE


including


175.05


176.55


1.50*


16.39


0.50


0.05



HAE


including


184.20


188.70


4.50*


2.85


6.17


0.14



HAE


20HA47


165.05


167.10


2.04*


2.02


168.93


8.94



HAE


20HA48


152.85


155.00


2.15*


1.90


5.27


0.09



HAE


20HA49


135.70


139.70


4.00*


2.95


24.41


1.39



HAE


20HA50



No intercepts >2g/t Au



HAE


20HA51


214.00


220.75


6.75*


4.95


3.15


0.23



HAE


20HA51


223.30


225.10


1.79*


1.79


6.65


0.14



HAE


20HA52


128.80


130.00


1.19*


3.31


45.00


1.08



HAE


20HA53


167.80


171.30


3.50*


2.79


21.25


0.47



HAE


20HA53


178.70


184.70


6.00*


8.85


386.16


1.69



HAE


20HA54


159.90


163.80


3.90*


2.58


1.39


0.03



HAE


21HA55


92.75


94.00


1.25*


5.34


21.80


1.26



HAE


21HA55


96.50


99.85


3.34*


8.68


5.21


0.10



HAE


21HA55


176.00


176.90


0.90*


3.39


16.50


0.58



HAE


21HA56


109.45


112.70


3.25*


3.57


3.24


0.12



HAE


21HA57


31.90


33.25


1.35*


4.03


0.50


0.03



HAE


21HA58


204.45


206.00


1.55*


4.01


12.70


0.40



HAE


21HA58


207.55


209.10


1.54*


2.34


23.50


0.87



HAE


21HA59



No intercepts >2g/t Au



HAE


21HA60


147.30


150.00


2.69*


10.55


3.90


0.23



HAE


Including


148.65


150.00


1.34*


18.02


7.30


0.42



HAE


21HA60


155.40


156.55


1.15*


2.34


0.50


0.00



HAE


21HA60


165.50


169.00


3.50*


3.06


1.01


0.00



HAE


21HA61


188.40


189.90


1.50*


2.67


1.70


0.07



HAE


21HA62


55.85


60.15


4.30*


38.38


76.35


4.22



HAE


Including


55.85


57.25


1.40*


83.21


101.80


2.85



HAE


Including


58.65


60.15


1.50*


25.89


71.40


5.07



HAE


21HA62


136.55


139.05


2.50*


8.92


37.70


0.81



HAE


Including


137.80


139.05


1.25*


11.38


8.90


0.19



* Not true widths as there is currently insufficient data to calculate true orientation


ABOUT ORVANA –

Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the El Valle operation in northern

Spain

, and the Don Mario gold-silver property in

Bolivia

, currently in care and maintenance. Orvana is in the process of closing the acquisition of Taguas,

Argentina

. Additional information is available at Orvana’s website (

www.orvana.com

).



Cautionary Statements – Forward-Looking Information


Certain statements made herein 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”, “intends” or “anticipates” 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 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; any measures taken by the Company to prevent and/or mitigate the impact of COVID-19 and other infectious diseases at or near the Company’s mines and support the sustainability of its business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; 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 (including the completion of the acquisition of Taguas); 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, Orvana’s exploration activities and programs and its plan and expectations for its properties, as well as the timing and costs associated with same; . 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 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, 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 its 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.


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 the effect of COVID-19 and other infectious diseases on the Company’s operations, workforce and supply chain, 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 associated with mineral exploration and development, including the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined as the exploration program advances, the success of exploration activities, 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 a sulphidization circuit and ancillary facilities to process the current oxides stockpiles at Don 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 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.

Cision
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SOURCE Orvana Minerals Corp.