ORV ORVMF Orvana Numbers out!! Just like Ive been posting. Production numbers up, recoveries up, grades up, costs down at both mines. They didn't hit the stride until the end of the quarter but wait until next quarter when the whole benefit hits. All the above plus outflowing CAPEX goes down, causing the cash position to increase substantially. Add that they are near finished paying down their loan as well and you have a nice comp coming up next quarter.You can still buy this at an EV somewhere near $20M. Orvana is undervalued by hundreds of percent IMO. Great job Orvana!!
ORVANA REPORTS INCREASED GOLD PRODUCTION FOR Q2 2017
04/20/2017
TSX:ORV
TORONTO, April 20, 2017 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (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 second quarter of fiscal 2017 ("Q2 2017").
Consolidated gold equivalent production of 27,683 ounces in Q2 2017 representing an increase of 14% compared to Q1 2017;
On track to meet fiscal 2017 production guidance;
Highest consolidated quarterly gold production since quarter ended December 31, 2014;
El Valle gold and copper production increased by 11% and 77% compared to Q1 2017, respectively, due to higher grades;
Don Mario gold production increased by 73% compared to Q1 2017, primarily due to higher realized recoveries from the re-commissioned carbon-in-leach circuit ("CIL Circuit"). Targeted gold recovery of 80% reached by the end of Q2 2017.
Production Highlights
Jim Gilbert, Chairman and CEO, stated, "We are pleased with the improving production results at both of our operations this quarter. The major investments we have made into the operations are now beginning to yield increased gold and gold equivalent production. With the successful implementation of the CIL Circuit at Don Mario we have achieved a significant increase in gold production. At El Valle, the results from the continuing underground development program, together with the supplementary ore from Carlés Mine, are beginning to demonstrate the potential of this operation with sustained higher mill throughput rates compared to prior years. We look forward to further progress in this regard over the remainder of fiscal 2017."
Production – El Valle Mine
The El Valle and Carlés Mines produced 11,917 ounces of gold in Q2 2017, an increase of 11% compared to 10,723 ounces of gold produced in Q1 2017.
The increased production was primarily due to a higher average gold grade of 2.60 g/t in Q2 2017 versus 2.23 g/t in Q1 2017.
Copper production in Q2 2017 was 1.5 million pounds, compared to 0.8 million pounds in Q1 2017. This 77% increase in copper production was attributed to both higher copper grade in the ore processed and metallurgical recovery in the mill.
Daily milled tonnes in Q2 2017 was 1,844 tonnes per day ("tpd"), slightly lower than 1,855 tpd in Q1 2017. The plant at El Valle continues to work towards consistently achieving a targeted daily mill throughput rate of 2,000 tpd. Ore availability from the Carlés Mine is expected to increase through the second half of fiscal 2017, thereby improving processing rates at the mill. The required amended explosives permit expected to be received during Q1 2017 was received in February 2017.
Production – Don Mario Mine
In Q2 2017, Don Mario completed the re-commissioning and ramp up of the CIL Circuit. This resulted in gold production of 8,596 ounces, an increase of 73% compared to 4,976 ounces of gold produced in Q1 2017.
The increased gold production was primarily due to a higher average gold recovery of 71.1% in Q2 2017 versus 50.2% in Q1 2017. Gold production was also positively impacted by a planned higher gold grade of 2.50 g/t in Q2 2017 versus 1.73 g/t in Q1 2017. During March 2017, Don Mario exceeded targeted gold recovery of 80%.
Copper production in Q2 2017 was 1.4 million pounds, compared to 2.7 million pounds in Q1 2017. The decrease in production was a result of the planned transition to process the higher gold grade and lower copper grade ore from the Lower Mineralized Zone.
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