New Resource EstimateTechnical Report just filed
M&I
1.35mm ounces gold
60000 tonnes copper
Inferred
1.69mm ounces gold
45500 tonnes copper
"1.4 Conclusions
The Orvana Rio Narcea Gold Belt properties represent an advanced exploration property that is rapidly
progressing towards mine development and commercial production. Since acquiring the property in
September, 2009, Orvana has conducted a successful drilling campaign directed at converting
inferred resources to measured and indicated, while adding new inferred resources to replace
the converted resources. In addition, Orvana has commenced staffing of the project with wellqualified
and experienced operations and technical personnel and has developed a mine plan
to restart production. An independent feasibility study is currently in progress by the mining
engineering team of Robert Dowdell, Ph.D. and Adam Wheeler, C.E. Significant advantages for
the property include:
1. It has a significant and rapidly expanding resource with identified targets that are open on one
or more sides. Recent infill drilling in the Black Skarn North (“BSN”) and Area 107
(“A107”) Zones has converted significant quantities of inferred resources to measured
resources and indicated resources, while continued exploration has replaced the
inferred resource that was converted to measured and indicated.
2. It has an established infrastructure including a mill that has proven ability to process the local
ores with high metal recoveries. In addition, it has existing environmental permits that would
allow placing the property back into production quickly."