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ORV.TO - Orvana Reports Record Quarterly Gold Production in Q3 2017

https://finance.yahoo.com/news/orvana-reports-record-quarterly-gold-103000215.html

TORONTO, July 17, 2017 /PRNewswire/ - Orvana Minerals Corp. (ORV.TO) (the "Company" or "Orvana") is providing the following production results for the El Valle Mine ("El Valle") in Spain and Don Mario Mine ("Don Mario") in Bolivia for the third quarter of fiscal 2017 ("Q3 2017").

Record consolidated quarterly gold production of 26,414 ounces;
Consolidated gold equivalent production of 35,292 ounces in Q3 2017 representing an increase of 27% compared to Q2 2017;
On track to meet fiscal 2017 production guidance;
El Valle gold and copper production increased by 15% and 24%, respectively, compared to Q2 2017 due to higher recoveries and tonnes milled; mill throughput averaged 2,284 tonnes per day ("tpd") in the period;
Don Mario completed first full quarter of commercial production from the re-commissioned carbon-in-leach circuit ("CIL Circuit") achieving a 48% increase in gold production compared to Q2 2017 and gold recovery of 89.3%, exceeding target of 80%.


Production Highlights

Q3 2017


Q2 2017


YTD 2017


FY 2017




El Valle


Don Mario


Total


El Valle


Don Mario


Total


Total


Guidance

Operating Performance








Ore milled (tonnes) (dmt)


197,469


166,370


363,839


157,621


150,231


307,852


1,012,292


Gold Equivalent











Production (oz)


18,265


17,027


35,292


15,908


11,775


27,683


87,384


Gold











Grade (g/t)


2.35


2.66


2.49


2.60


2.50


2.55


2.33




Recovery (%)


91.9


89.3


90.6


90.4


71.1


81.2


82.5




Production (oz)


13,705


12,709


26,414


11,917


8,596


20,513


62,626


85,000 – 95,000

Copper











Grade (%)


0.53


0.79


0.65


0.58


0.75


0.66


0.72




Recovery (%)


80.2


68.3


73.7


74.1


54.6


63.7


64.0




Production ('000 lbs)


1,857


1,980


3,837


1,503


1,364


2,867


10,292


13,000 – 14,000

Silver











Grade (g/t)


11.69


5.40


8.81


13.49


5.48


9.58


10.81




Recovery (%)


75.0


68.8


73.3


74.7


58.2


70.1


71.2




Production (oz)


55,682


19,896


75,578


51,080


15,405


66,485


250,343


300,000 – 350,000



"The recent significant investments we have made into our operations are resulting in consistent quarter over quarter improvements in our production results. We are pleased to report the highest quarterly consolidated gold production in Orvana's history," said Jim Gilbert, Chairman and CEO. "With the improved gold production from the successful implementation of the CIL Circuit at Don Mario, we are well positioned to extend the life of Don Mario. At El Valle, the return to sustained higher mill throughput rates, in excess of our target of 2,000 tonnes per day, has allowed for higher metal production despite mining through lower grade skarn zones. We look forward to reporting Orvana's continued progress over the remainder of fiscal 2017."



Production – El Valle Mine

The El Valle and Carlés Mines produced 13,705 ounces of gold in Q3 2017, an increase of 15% compared to 11,917 ounces of gold produced in Q2 2017.
Copper production in Q3 2017 was 1.9 million pounds, compared to 1.5 million pounds in Q2 2017.
Mill throughput in Q3 2017 averaged 2,284 tpd, an increase of 24% compared to 1,844 tpd in Q2 2017 and in excess of target mill throughput rate of 2,000 tpd.
The increased metal production was primarily due to higher tonnes milled of 197,469 tonnes in Q3 2017 versus 157,621 tonnes in Q2 2017, as well as higher average recoveries, offset by lower head grades.


Production – Don Mario Mine

During Q3 2017, the first full quarter of commercial production for the CIL Circuit, Don Mario surpassed its targeted gold recovery rate of 80%. Gold production increased to 12,709 ounces, or 48% compared to 8,596 ounces of gold produced in Q2 2017. Gold production was also positively impacted by higher gold grades of 2.66 g/t in Q3 2017 versus 2.50 g/t in Q2 2017.
Copper production in Q3 2017 was 2.0 million pounds, compared to 1.4 million pounds in Q2 2017, primarily driven by an increase in copper recoveries of 25%.


About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's operating assets consist of the producing gold-copper-silver El Valle and Carlés mines in northern Spain and the producing gold-copper-silver Don Mario mine in Bolivia. Additional information is available at Orvana's website (www.orvana.com).