Orvana Announces Operations Update at El Valle-BoiWELL WELL WELL , HAVE WE TURNED THE CORNER.
TORONTO, ONTARIO--(Marketwire - March 19, 2012) - Orvana Minerals Corp. (TSX:ORV), (the "Company") is pleased to announce, through its wholly-owned subsidiary Kinbauri Espana S.L.U. ("Kinbauri"), an update of operations for its El Valle-Boinas/Carles ("EVBC") gold-copper mine in northern Spain.
Production for February was improved over the January production, as shown in the table below.
Gold production increased by 38% to 4,110 ounces. Direct cash operating cost, including royalties, was $632/ounce of gold, net of by-product revenues.
"These results show that we are operating at a high efficiency given the head grades and the fact that we are still using the ramp for all haulage," said Agne Ahlenius, Chief Operating Officer of the Company and General Manager of Kinbauri. "We continue to improve the operation and look forward to even more efficiencies when the new hoist shaft and its auxiliary infrastructure, as well as 2 new pumping stations, are in place by the end of April 2012".
The shaft head frame is nearly complete and the installation of key infrastructure, including the conveyors and crusher, progresses well.
Currently, roadheaders continue to mine on the Charnela and A107 (330 level) subvertical, high-grade gold structures. At level 80, mining of the San Martin skarn continues and stoping has been initiated. Additional stopes in the same area are also under preparation on levels 80, 100 and 120. Boinas East ore is constantly being fed to the plant. At Carles, mining continues at the -10, -60 and -80 levels; within the next couple of days, the production will be initiated from level - 100.
Qualified Persons
The technical information herein was prepared by Bill Williams, Ph.D., CPG, President and CEO of Orvana, who is a qualified person for the purposes of NI 43-101.
About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinas-Carles gold-copper Mine in northern Spain. Orvana also owns the Don Mario Mine in Bolivia, where the mining and processing of the copper-gold-silver Upper Mineralized Zone deposit remains in the commissioning stage. Orvana recently announced a feasibility study on its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).