Analyst updates - July 23 Mike Bandrowski, Clarus Securities (7/23/12) "Our site visit at Orvana Minerals Corp.'s two producing Au-Ag-Cu mines, El Valle-Boinás/Carlés and Don Mario, highlighted the impact recent management and operational changes have had on production, which we expect will translate into improved production and margins as early as Q3/12. We resume coverage with a Buy recommendation and $2.10/share target."
Christos Doulis, Stonecap Securities (7/23/12) "June production at Orvana Minerals Corp.'s El Valle-Boinás/Carlés (EVBC) was 4,976 oz gold, 549 Klb copper and 14 Koz silver. . .operations at the company's flagship EVBC continue to improve ahead of the shaft coming online and Orvana has had a second month with production of ~5 Koz gold. . .we are maintaining our Outperform rating."
Gary Baschuk, Raymond James (7/23/12) "Last week we visited Orvana Minerals Corp.'s Don Mario mine in Bolivia and its El Valle-Boinás/Carlés mine in northern Spain. We were encouraged by the progress of the operations and the initiatives made by management that are expected to come to fruition in the near term; we believe that the operations have now turned the corner from startup into production and we are changing our rating to Outperform (from Market Perform)."