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Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) is pleased to provide an update on its efforts to extend the life of its Don Mario operation in Bolivia. Further, the Company announces that it has arranged debt financing in the aggregate amount of US$11.3 million (the “Facilities”) from Banco BISA S.A. (“BISA”) in Bolivia. The primary use of these proceeds …
Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) is pleased to provide an update on its efforts to extend the life of its Don Mario operation in Bolivia. Further, the Company announces that it has arranged debt financing in the aggregate amount of US$11.3 million (the “Facilities”) from Banco BISA S.A. (“BISA”) in Bolivia. The primary use of these proceeds will be used to construct a major tailings storage facility expansion project (“TSF Project”) that will add sufficient capacity to support up to an additional three years of operations beyond Q2 2018.
As quoted in the press release:
Jim Gilbert, Chairman and CEO, stated “Don Mario was the foundational operation for Orvana, and has contributed significant gold production and free cash flow generation for many years. We are very pleased with the progress we are making to clearly define what we are hoping to be a profitable future for Don Mario. Currently, we are finalizing an open pit mine design for potential near-term mining of the Cerro Felix satellite deposit. In parallel, we are completing an advanced stage confirmatory test program on processing of significant existing surface mineral resource stockpiles. Management believes the conclusion of these projects at Don Mario will justify the planned TSF Project. In that regard, we have successfully arranged competitive debt financing with BISA, who continue to be a key local stakeholder of Don Mario, to fund the TSF Project. We are grateful for their ongoing support.”
