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Orvana Minerals Corp. provided production results for the fourth quarter of fiscal 2018 and full fiscal year 2018 for its El Valle Mine in Spain and Don Mario mine in Bolivia.
Orvana Minerals Corp. (TSX:ORV) provided production results for the fourth quarter of fiscal 2018 and full fiscal year 2018 for its El Valle Mine in Spain and Don Mario mine in Bolivia.
Highlights are as follows:
Production Highlights
- Record consolidated annual gold production of 103,384 ounces, an increase of 14 percent compared to YE 2017 (90,292 ounces) and a 57 percent 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 percent 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, commented:
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.
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.