Orvana Reports Second Quarter Results for Fiscal 2015, Provides Outlook for Year

Orvana Minerals Corp. (TSX:ORV) announced its financial and operating results for the second quarter of fiscal 2015, which showed sales in gold and copper increased by 13 percent and 72 percent, respectively. The company also provided guidance for the remainder of the year.

As quoted in the press release:

Gold production remained relatively the same in Q2 2015 at 19,403 ounces and copper production increased by 19 percent compared to the second quarter of 2014. Sales of gold and copper increased by 13 percent and 72 percent, respectively, compared to the second quarter of fiscal 2014.  Cash operating costs (“COC”) and all-in sustaining costs on a by-product basis (net of copper and silver by-product revenue from EVBC and Don Mario) per ounce of gold sold in the first half of fiscal 2015 of $777 and $1,080 respectively, compared with COC and AISC (by-product) of $817 and$1,149, respectively, in the first half of fiscal 2014, represent a decrease of 5 percent and 6 percent, respectively.

The Carlés Mine at EVBC was placed on care and maintenance in February to optimize production at the ongoing Boinás Mine at EVBC and focus on producing only profitable ounces.

2015 Guidance:

Currently the Company is pursuing opportunities to define new resources in the areas surrounding EVBC.  A diamond drilling program is underway at La Brueva project, located eight kilometers from the Boinás Mine.  The Company’s initial drilling program consisted of nine holes totalling 1,860 meters and was completed in April 2015.  A second phase of drilling consisting of twelve holes totalling 2,400 meters has commenced and targets the western part of the structure to define the extent and continuity of mineralization between the recent drill holes and a historical hole.  The second phase is expected to be completed by the end of fiscal 2015. The Company will review assay results and geological interpretations from both phases of this drilling program and determine the viability of future drill programs at that time.  Additionally, the Company is pursuing exploration activities, such as mapping, sampling and geophysics, on concessions it holds investigation permits for in the vicinity of the EVBC Mines.

Daniella Dimitrov, president and CEO of Orvana, commented:

Our favourable growing net cash balance of almost $18 million and a clean balance sheet position us to pursue a growth strategy.  We are focused on organic growth opportunities at both EVBC and Don Mario given the known geological potential at both operations.  We have also been considering external growth opportunities which may result in the consideration of a number of possible outcomes, including asset or corporate transactions.  At the same time, we remain dedicated to continue to optimize our operations, particularly at EVBC, where we are focused on development and maintenance initiatives.  We look forward to delivering improving results based on these initiatives in the second half of fiscal 2015.

Click here to read the full Orvana Minerals Corp. (TSX:ORV) press release.