Feb 22 Analyst update Joe Mazumdar, Haywood Securities (2/22/12) "Orvana Minerals Corp. released its updated resource and reserve estimates for its wholly owned EVBC gold-copper project with an operational update and results from the current drilling program. We raised our target price to $2.30 per share, which represents a 115% premium to Orvana's current price levels while maintaining our Sector Outperform rating. . .the adjustments to our valuation are related to a revised mine design, with implications on throughput, recovery rates and operating costs and increase in the multiple to accommodate the resource upside potential."