Orvana Minerals Corp.
TSX : ORV

Orvana Minerals Corp.

March 09, 2012 08:00 ET

Orvana Announces Changes to Board of Directors

TORONTO, ONTARIO--(Marketwire - March 9, 2012) - Orvana Minerals Corp. (TSX:ORV) ("The Company"), announces changes to the Board of Directors resulting from the Annual General Meeting held on March 1, 2012 ("AGM").

The Company is pleased to report the appointment of Mr. Ron Simkus as Chairman of the Board. Mr. Simkus joined the Board of Directors in December 2011.

The Company also welcomed the appointments of Ms. Daniella Dimitrov and Mr. John Wilson to the Board of Directors. They join Mr. Simkus, Dr. Richard Garnett, Mr. Robert Mitchell, Mr. Jorge Szasz, and Dr. Bill Williams on the Board.

Ms. Dimitrov has over 18 years of broad capital markets, commercial, operational and legal experience. Ms. Dimitrov has held various consulting roles in the mining industry since 2009, including with Baffinland Iron Mines where she served as a director and the Vice Chair. Prior to that she spent eight years in various corporate development and operational roles in the financial services industry. Ms. Dimitrov is also the Chair and a director of Commonwealth Silver and Gold Mining Inc. and a director of Aldridge Minerals Inc.

Mr. John Wilson has been an independent project finance and economic development consultant since 2011; prior to that, Chief Credit Officer, Credit Review Department, International Finance Corporation and a member of the World Bank Group, since August 2003; prior to that Mr. Wilson was the Chief Investment Officer, Mining Division, International Finance Corporation.

"The addition of Ms. Dimitrov and Mr. Wilson to the Board of Directors and the appointment of Mr. Simkus as Chairman of the Board clearly demonstrates Orvana's commitment to improving its performance as a producing and developing mining company. We welcome their contributions in forming and executing a strategy to realize value to the Company's assets."

About Orvana

Orvana is transforming itself into a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinás/Carlés ("EVBC") gold-copper project in northern Spain, which is currently in operation. Orvana also operates the Don Mario Mine in Bolivia, which is in the commissioning stage and is exploiting the copper-gold-silver Upper Mineralized Zone ("UMZ") deposit. Orvana is also advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana´s website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects" "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will" or "are projected to" be taken or achieved) are not statements of historical fact, but are forward-looking statements.

Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone ("UMZ") deposit at the Don Mario Mine in Bolivia, the El Valle-Boinás/Carlés ("EVBC") project in Spain and the Copperwood project in Michigan and their potential operations and production; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the UMZ deposit, EVBC and the Copperwood projects being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements.

Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to develop the UMZ deposit and the EVBC project to commercial levels of production and further develop the Copperwood project; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; and current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Contact Information

  • Orvana Minerals Corp.
    Natalie Frame
    Investor Relations
    (289) 200-7640

    Orvana Minerals Corp.
    Bill Williams
    President and Chief Executive Officer
    (416) 369-1629
    ask_us@orvana.com
    www.orvana.com