RE:RE:RE:Verdict in - Gandolph vindicated
COMPLETES SUCCESSFUL TWO-YEAR RAMP-UP & PROVIDES 2019 PRODUCTION GUIDANCE
TSX:ORV
TORONTO, Oct. 17, 2018 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is pleased to provide production results for the fourth quarter of fiscal 2018 ("Q4 2018") and full fiscal year 2018 ("FY 2018") for its El Valle Mine ("El Valle") in Spain and Don Mario Mine ("Don Mario") in Bolivia.
Production Highlights
- Record consolidated annual gold production of 103,384 ounces, an increase of 14% compared to YE 2017 (90,292 ounces) and a 57% increase compared to YE 2016 (65,784 ounces);
- Consolidated gold equivalent production of 126,017 ounces;
- Record consolidated quarter gold production of 28,661 ounces, an increase of 7% compared to Q3 2018;
- FY 2019 production guidance of 100,000 to 110,000 ounces of gold, aligns with successful completion of two-year ramp-up effort;
- Orvana will continue to drive productivity improvements and reduction of unitary costs at both sites through the continued transition of higher grade oxides at El Valle and the opening up of new areas at Don Mario.
Juan Gavidia, CEO of Orvana Minerals stated, "We are pleased to have produced above 100,000 ounces of gold in FY 2018. While achieving record gold production, we continued to maintain our high safety and environmental policy standards. Our production success caps a two-year effort to aggressively improve operations at El Valle and Don Mario." Mr. Gavidia further stated, "We are also firmly committed to lowering unitary costs and maximizing free cash flow. We anticipate 2019 to be key to our expanding exploration and business development programs."
FY 2018 Production – El Valle Mine
- Gold production of 58,259 ounces or an increase of 13% compared to 51,546 ounces in 2017;
- Copper production was 5.1 million pounds, compared to 5.5 million pounds in 2017;
- Higher grade drifts (oxides ore) increased by 82%, to 6,861 meters during FY 2018, contributing to successful production results for the year;
- Higher-grade oxides production was 37% of mill ore feed, compared to 22% in 2017;
- Q4 gold grade of 3.06 g/t was below Q3's 3.36 g/t, as per planned mining schedule.
FY 2018 Production – Don Mario Mine
- Gold production of 45,125 ounces, or an increase of 16% compared to 38,746 ounces in FY 2017;
- Gold recovery of 90.2% largely surpassed targeted gold recovery of 80% for the first fiscal year after CIL circuit re-commissioning;
- There was no copper production in Q4 2018 as the flotation circuit was shut down at the end of Q2 2018.