Value Microcaps Junior Miners

[dr_airtime]

ORV.TO - Buyer Recently was CEO...

She bought 207k shares on May 26th at 0.34.

http://sleekmoney.com/orvana-minerals-director-purchases-c70380-00-in-stock-orv/277382/

https://www.canadianinsider.com/company?menu_tickersearch=ORV%20%7C%20Orvana%20Minerals

FQ2(Mar 31) Conf Call Highlights

Just listened. Link is on home page of website.

Guiding for 1000-1000 AISC in this fiscal year (ends September) so no reason to be trading at $USD 12M EV IMO. Risk here is all gold price downside.

- CFO upgraded to CEO at end of March. Was CFO for 3 years prior
- New CFO has 10 years of experience at mine and worked for Spain Miner (Iberian minerals)
- COO just left but GM of EVBC is taking over. His experience looks solid here:

http://www.orvana.com/English/company/senior-management/default.aspx

- GM of EVBC reports directly to CEO now.
- They are now owner-operating mining at EVBC and expect increased production with lower costs in second half of Fiscal Year (Apr-Sept)
- sustaining capex of 13-18M in fiscal year
- Recoveries were lower in first half of fiscal year - they are bringing in some experts for this.
- EVBC - Production of 14k Au oz but sales of only 11k due to some issues with arsenic in one sale that will get sold in next quarter, so next quarter should be good.
- Becuase they transitioned to Owner-operated mining recentlty FQ2 (last quarter) and FQ3 (next quarter) have duplicative costs between mining crews so FQ4 (July-Sept) will be nice lower cost quarter .