TORONTO, March 15, 2022 /PRNewswire/ -- Orvana
Minerals Corp. (TSX: ORV) (the "Company" or "Orvana")
announces that it has filed an amended technical report entitled
"National Instrument 43-101 Technical Report for the Don Mario
Property, Eastern Bolivia" (the
"Amended Technical Report") and dated March
15, 2022. The Amended Technical Report addresses comments
raised by the Ontario Securities Commission (the "OSC") in the
course of its continuous disclosure review.
On December 29, 2020, the Company
filed a technical report effective September
30, 2020, on the Don Mario oxide stockpile project, located
on the Don Mario Property (the "Stockpile Technical Report"). On
December 29, 2021, the Company filed
a technical report effective September 30,
2021, on the tailings reprocessing project, also located on
the Don Mario Property (the "Tailings Technical Report"). Both
projects on the Don Mario Property were reported independently as
the mineral resource base are not connected.
On January 30, 2022, the Company
announced that OSC staff advised that under the definition of a
technical report in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101"), there can be only
one current technical report in respect of a property. OSC
staff also identified certain other deficiencies in the Stockpile
Technical Report and Tailings Technical Report related to
disclosure that is required under several Items in Form 43-101F1.
The Amended Technical Report resolves these matters by, among other
things, merging the disclosure contained in the Stockpile Technical
Report and the Tailings Technical Report.
Mineral Resources and Reserves estimates as of September 30, 2021 of the Don Mario Property
remain unchanged, as previously disclosed in the Annual Information
Form for the year ended September 30,
2021. The Company, together with qualified persons, have
addressed the comments from OSC Staff and all sections are updated
in the document filed on SEDAR. The Amended Technical Report is
available on SEDAR at www.sedar.com and on the Company's website at
www.orvana.com.
The Amended Technical Report was prepared by Caracle Creek
International Consulting Inc. (Ontario,
Canada). The qualified persons, as defined under NI 43-101,
are Scott Jobin-Bevans (PhD., PMP,
P.Geo.) and Michael Gross (MSc.,
P.Geo.). Dr. Jobin-Bevans and Mr. Gross have reviewed and approved
the technical content of this news release.
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver
company. Orvana's assets consist of the producing El Valle and
Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in
Bolivia, currently in care and
maintenance, and the Taguas property located in Argentina. Additional information is available
at Orvana's website (www.orvana.com).
Cautionary Statements - Forward-Looking
Information
Certain statements in this presentation
constitute forward-looking statements or forward-looking
information within the meaning of applicable securities laws
("forward-looking statements"). Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, potentials,
future events or performance (often, but not always, using words or
phrases such as "believes", "expects", "plans", "estimates" or
"intends" or stating that certain actions, events or results "may",
"could", "would", "might", "will" or "are projected to" be taken or
achieved) are not statements of historical fact, but are
forward-looking statements.
The forward-looking statements herein relate to, among other
things, Orvana's ability to achieve improvement in free cash flow;
the ability to maintain expected mining rates and expected
throughput rates at El Valle Plant; the potential to extend the
mine life of El Valle and Don Mario beyond their current
life-of-mine estimates including specifically, but not limited to,
in the case of Don Mario, the processing of the mineral stockpiles
and the reprocessing of the tailings material; Orvana's ability to
optimize its assets to deliver shareholder value; the Company's
ability to optimize productivity at Don Mario and El Valle;
estimates of future production, operating costs and capital
expenditures; mineral resource and reserve estimates; statements
and information regarding future feasibility studies and their
results; future transactions; future metal prices; the ability to
achieve additional growth and geographic diversification; future
financial performance, including the ability to increase cash flow
and profits; future financing requirements; mine development plans;
and Orvana's ability to address the deficiencies raised by staff of
the Ontario Securities Commission and to complete and file the
Amended Technical Report (Don Mario) within the time frame set out
above.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by the Company as of the date of such statements, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, which includes,
without limitation, as particularly set out in the notes
accompanying the Company's most recently filed financial
statements. The estimates and assumptions of the Company contained
or incorporated by reference in this information, which may prove
to be incorrect, include, but are not limited to the various
assumptions set forth herein and in Orvana's most recently filed
Management's Discussion & Analysis and Annual Information Form
in respect of the Company's most recently completed fiscal year
(the "Company Disclosures") or as otherwise expressly incorporated
herein by reference as well as: there being no significant
disruptions affecting operations, whether due to labour
disruptions, supply disruptions, power disruptions, damage to
equipment or otherwise; permitting, development, operations,
expansion and acquisitions at El Valle and Don Mario being
consistent with the Company's current expectations; political
developments in any jurisdiction in which the Company operates
being consistent with its current expectations; certain price
assumptions for gold, copper and silver; prices for key supplies
being approximately consistent with current levels; production and
cost of sales forecasts meeting expectations; the accuracy of the
Company's current mineral reserve and mineral resource estimates;
labour and materials costs increasing on a basis consistent with
Orvana's current expectations; and the availability of necessary
funds to execute the Company's plan. Without limiting the
generality of the foregoing, this presentation also contains
certain "forward-looking statements" within the meaning of
applicable securities legislation, including, without limitation,
statements with respect to the results of the preliminary economic
assessment, including but not limited to the mineral resource
estimation, conceptual mine plan and operations, internal rate of
return, sensitivities, taxes, net present value, potential
recoveries, design parameters, operating costs, capital costs,
production data and economic potential; the timing and costs for
production decisions; permitting timelines and requirements;
exploration and planned exploration programs; the potential for
discovery of additional mineral resources; timing for completion of
a feasibility study; timing for first gold production at Taguas;
processing the stockpile at El Valle in connection with the metal
production catch-up program; identifying additional resources
beyond the replenishment of annual depletion rates at El Valle for
the extension of mine life; issuing an expanded resource PEA for
Taguas in a timely manner; completion of the infill drilling
program at Taguas; making a decision on the oxides stockpile at Don
Mario in a timely manner; and the Company's general objectives and
strategies.
A variety of inherent risks, uncertainties and factors, many
of which are beyond the Company's control, affect the operations,
performance and results of the Company and its business, and could
cause actual events or results to differ materially from estimated
or anticipated events or results expressed or implied by forward
looking statements. Some of these risks, uncertainties and factors
include: the potential impact of the COVID-19 on the Company's
business and operations, including: our ability to continue
operations; our ability to manage challenges presented by COVID-19;
the accounting treatment of COVID-19 related matters; Orvana's
ability to prevent and/or mitigate the impact of COVID-19 and other
infectious diseases at or near our mines; our ability to support
the sustainability of our business including through the
development of crisis management plans, increasing stock levels for
key supplies, monitoring of guidance from the medical community,
and engagement with local communities and authorities; fluctuations
in the price of gold, silver and copper; the need to recalculate
estimates of resources based on actual production experience; the
failure to achieve production estimates; variations in the grade of
ore mined; variations in the cost of operations; the availability
of qualified personnel; the Company's ability to obtain and
maintain all necessary regulatory approvals and licenses; the
Company's ability to use cyanide in its mining operations; risks
generally associated with mineral exploration and development,
including the Company's ability to continue to operate the El Valle
and/or ability to resume long-term operations at the Carlés Mine;
the Company's ability to successfully implement a sulphidization
circuit and ancillary facilities to process the current oxides
stockpiles at Don Mario; the Company's ability to successfully
carry out development plans at Taguas; sufficient funding to carry
out development plans at Taguas and to process the oxides
stockpiles at Don Mario; the Company's ability to acquire and
develop mineral properties and to successfully integrate such
acquisitions; the Company's ability to execute on its strategy; the
Company's ability to obtain financing when required on terms that
are acceptable to the Company; challenges to the Company's
interests in its property and mineral rights; current, pending and
proposed legislative or regulatory developments or changes in
political, social or economic conditions in the countries in which
the Company operates; general economic conditions worldwide; the
challenges presented by COVID-19; fluctuating operational costs
such as, but not limited to, power supply costs; current and future
environmental matters; and the risks identified in the Company's
disclosures. This list is not exhaustive of the factors that may
affect any of the Company's forward-looking statements and
reference should also be made to the Company's Disclosures for a
description of additional risk factors.
Any forward-looking statements made herein with respect to
the anticipated development and exploration of the Company's
mineral projects are intended to provide an overview of
management's expectations with respect to certain future activities
of the Company and may not be appropriate for other purposes.
Forward-looking statements are based on management's current plans,
estimates, projections, beliefs and opinions and, except as
required by law, the Company does not undertake any obligation to
update forward-looking statements should assumptions related to
these plans, estimates, projections, beliefs and opinions change.
Readers are cautioned not to put undue reliance on forward-looking
statements. The forward-looking statements made in this information
are intended to provide an overview of management's expectations
with respect to certain future operating activities of the Company
and may not be appropriate for other purposes.
Contact: Nuria
Menéndez, Chief Financial Officer, E:
nmenendez@orvana.com