Value Microcaps Junior Miners

[checkmate28]

Dr Air Orvana ORV.T I was going to ask you what your feeling were towards Orvana and the $1200 AISC as I'm not so intimate with this company and I bought the shares with you. Instead I quick called Joanne from IR and I'll report my trinkets of info then ask for your feelings.

I was concerned with their ability to bring costs down should base metals and gold continue to fall near $1000. I also confirmed the costs were in US dollars. Thats a yes. Her answer was that transition plan of moving people and resources from Carlés to Boinás was taking longer than expected for the new crew to get a handle on. I pulled the following from the Q2 update for reference.

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. As part of the transition plan of people and resources from Carlés to Boinás, optimization initiatives include the reorganization of the underground mine production teams and the replacement of the oxides mining contractor with the production crews from Carlés in April 2015. Other planned productivity initiatives include the centralization of the various spread-out supplies and materials warehouses. These initiatives are expected to yield results in the second half of fiscal 2015.

The cash position was undoubtedly compromised and we will get an update in early to mid Dec when Q4 numbers come out. They are working on a contingency plan, should gold drop below $1000 and she could not comment further. They put the following year guidance out normally in Feb so we can expect 2016 guidance than. With the new share price and reduced Cash, its possible they could be trading near zero EV.

Checkmate28