17mm shares at $2Orvana Minerals Corp. (TSX:ORV) announced today that it has entered intoan underwriting agreement with Raymond James Ltd., CIBC World MarketsInc. and Haywood Securities Inc. as co-lead underwriters and a syndicateof underwriters including Clarus Securities Inc., Stonecap SecuritiesInc., and Northern Securities Inc. to sell 8,500,000 common shares ofOrvana at a price of $2.00 per common share for aggregate gross proceedsof $17,000,000 (the "Offering"). Closing is anticipated on or aboutAugust 11, 2011.As previously announced, Orvana also anticipates that, concurrent withthe completion of the Offering, it will repay in full the outstandingamount of its US$15 million bridge loan from Fabulosa Mines Limited("Fabulosa") by issuing common shares to Fabulosa, which currently holds52.3% of the outstanding shares of Orvana, at the same price and on thesame terms as those issued under the Offering. Fabulosa has also agreedto acquire, on a private placement basis at a price of $2.00 per commonshare, the number of common shares that, when combined with the sharesissued to it in conversion of its bridge loan, will equal 8,500,000.The Offering is being made under a short form prospectus filed in each ofthe provinces and territories of Canada other than Quebec. The netproceeds of the Offering will be used to fund, in part, capitalexpenditures and posting of an environmental bond with the Spanishgovernment in connection with the development of Orvana's El Valle,Boinas/Carles Mines in Asturias Spain and for general working capital andcorporate purposes.These securities have not been registered under the U.S. Securities Actof 1933, as amended, and may not be offered or sold in the United Statesunless registered under the Act or unless an exemption from registrationis available.