Orvana Minerals Corp.
TSX : ORV

Orvana Minerals Corp.

July 09, 2009 13:49 ET

Orvana Provides Drill Program Update, Historical Estimates, and New Metallurgical Results for Copperwood Project, Michigan

TORONTO, ONTARIO--(Marketwire - July 9, 2009) - Orvana Minerals Corp. ("Orvana")(TSX:ORV) today announced that 18 holes of the 64-hole, 10,000-meter drill program at its Copperwood Project in Michigan have been completed. This drill program was designed to further validate historical drill data, delineate the known mineralization, and provide information sufficient to estimate a resource to measured and indicated confidence categories that meets the standards of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Carlos Mirabal, CEO and President of Orvana, said, "The advance of the Copperwood Project is a priority in order to bring it to a production stage as soon as possible. At the same time, we continue to aggressively pursue gold assets outside of Bolivia and to prepare the infrastructure for the mining of the Don Mario Upper Mineralized Zone in Bolivia where production is planned to commence during 2010."

Historical Drilling at Copperwood

During the 1950s, the United States Metal Refining Company (USMR) drilled 42 holes on a nominal 300-meter spacing within the boundaries of Orvana's leased Copperwood Project. An additional 116 holes were drilled within the area where Orvana has an option to lease mineral rights. These drill holes evaluated the stratiform copper mineralization over most of the Western Syncline. In 1959, USMR completed an internal "feasibility study" wherein estimates were calculated for the area under lease by USMR over the Western Syncline deposit. The USMR "feasibility study" is considered historical and would not likely meet the current definition of a feasibility study under NI 43-101 standards. In 1974, an independent consultant calculated an estimated resource for the same area as well. Since both of these estimates were completed prior to the implementation of NI 43-101 standards, they should not be relied upon. Orvana is not treating these historical estimates as current mineral resources.

In 2008, Orvana drilled five holes in the Copperwood Project and also resampled and analyzed core from six of the 1950s drill holes, and all results were consistent with the historical data (see Orvana's February 13, 2009 press release concerning sampling and assay procedures, assay lab, and QAQC). Orvana has verified the historical drill collar locations by locating a number of the old drill sites and, where possible, re-surveying the old collar locations.

The historical estimates, which predate the implementation of NI 43-101 standards, are reported in the table below.



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1959 USMR Internal "Feasibility Study" Estimate

Sector Sector Sectors ALL
"A" "B" "C & D" Sectors
Leased(i) Option to Option to
Lease(i) Lease(i)
t greater t greater t greater t greater
than 2.6m than 2.6m than 2.6m than 2.6m
diluted diluted diluted diluted
----------------------------------------------------------------------------
Ore, 000's metric
tonnes 23,800 14,975 41,125 79,900
Copper, % 1.46 1.13 0.95 1.14
Copper, metric
tonnes 347,500 169,100 390,600 907,200
Copper, million lbs 765 375 860 2,000
cutoff, Cu % 1.00 1.00 0.80
Mineralization
Depth, m 30-265 260-350 20-340
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1974 Independent Consultant Estimate

Sector Sector Sectors ALL
"A" "B" "C & D" Sectors
Leased(i) Option to Option to
Lease(i) Lease(i)
t greater t greater t greater t greater
than 2m than 2m than 2m than 2m
undiluted undiluted undiluted undiluted
----------------------------------------------------------------------------
Ore, 000's metric
tonnes 21,925 17,150 28,375 67,450
Copper, % 1.68 1.29 1.20 1.38
Copper, metric
tonnes 368,500 221,300 340,550 930,350
Copper, million lbs 800 500 750 2,050
cutoff, Cu % 1.00 1.00 1.00
Mineralization
Depth, m 30-265 260-350 20-340
----------------------------------------------------------------------------
All estimates were based on drill holes at a nominal 300 meter spacing using
the polygonal method. These were considered "firm" estimates, which have no
equivalent category under CIM Definition Standards (2005). Sector "A",
which corresponds to Copperwood, includes 38 drill holes, Sector "B"
includes 25 drill holes, and Sectors "C" and "D" include 80 drill holes.
Sectors "A" and "C" are located on the southern limb of the syncline, Sector
"B" is in and around the syncline axis, and Sector "D" is in the northern
limb of the syncline. In 1959, a stope height (t) of 2.6 meters was
planned. In 1974, technology improvement allowed for a minimum stope height
(t) of 2 meters. These historical estimates should not be relied upon and
are not considered current mineral resources. The terms "feasibility study"
and "ore" are also historical and should not be relied upon.
(i) See Orvana's October 16, 2008 press release for information regarding
leased mineral rights and mineral rights that are under option to lease.



Planned Resource Update at Copperwood

Orvana has contracted AMEC E & C Services Inc. to audit handling and sampling protocols and prepare resource estimates compliant with NI 43-101 standards after the current round of drilling is complete and assays are received. Orvana is now in the process of reviewing various scenarios for project development in the event the resource estimate results are encouraging. Environmental baseline studies continue in the project area. In July, the third of eight rounds of quarterly water sampling will be completed.

The Company recently received preliminary metallurgical test results of core samples from five drill holes collected during the 2008 drill program at its Copperwood Project, Michigan. The copper grades of the tested intervals averaged 1.5%. Overall, the metallurgical tests achieved a recovery of 87% and a concentrate grade of 30% copper. At certain steps of the process, recoveries were as high as 94% and concentrate copper grades were as high as 35%. The metallurgical tests were carried out by Kappes, Cassiday and Associates of Reno, Nevada.

The mineralization occurs as very fine-grained chalcocite hosted by a black shale, red siltstone, and gray laminated siltstone at the base of the Nonesuch Formation (see Orvana's February 13, 2009 press release concerning sampling and assay procedures, assay lab, QAQC and www.orvana.com for more details).

Bill Williams, Vice President of Corporate Development, said, "These results from our 2008 program at our Copperwood project are within the expected levels based on the public information regarding the copper recoveries and concentrate copper grades reported from the nearby White Pine mine, which operated from 1952 to 1996 and where the host rocks and mineralization are very similar to those at Copperwood. The comprehensive metallurgical test program is planned to start before the end of the year."

Maps, cross-sections, handling and sampling protocols, QAQC, statistical evaluations and photographs are available on Orvana's website at www.orvana.com.

The technical information contained in this document has been reviewed by Bill Williams, Ph.D., Vice President of Corporate Development for Orvana, a qualified person as defined in NI 43-101.

About Orvana

Orvana Minerals Corp. is a Canadian mining and exploration company based in Toronto, Canada, involved in the evaluation, development and mining of precious and base metal deposits. The Company owns and operates the Don Mario Mine in eastern Bolivia. Orvana's long-term goal is to become a low cost, long-life, multi-mine gold and base metals producer. With a significant cash position, the Company has evaluated and continues to evaluate numerous projects outside of Bolivia and has made several acquisition proposals. Orvana's shares have been listed on the Toronto Stock Exchange since 1992 under the trading symbol ORV. Further information on Orvana may be found on the Company's website at www.orvana.com and on SEDAR at www.sedar.com.

Forward-Looking Statements

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" or "does not expect", "is expected", "anticipates" or "does not anticipate", or "intends" or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken or achieved) are not statements of historical fact, but are "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Orvana, or developments in Orvana's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include disclosure regarding possible events, conditions or results of operations that are based on assumptions about future conditions, courses of action and consequences. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Orvana cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone ("UMZ") deposit at Don Mario and of its potential operation and production; the possible development of the Copperwood Project in the State of Michigan; mineral resource and mineral reserve estimates; the realization of mineral reserve estimates; estimates of future capital expenditures and timing of development and production and estimates of the outcome and timing of decisions with respect to whether and how to proceed with such development and production; permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; the successful completion of reclamation projects; future mineral prices; the ability to achieve additional growth and geographic diversification; future production costs; accounting estimates and assumptions; future tax liabilities and benefits; the renewal or renegotiation of agreements; future financial performance; including the ability to increase cash flow and profits; future financing requirements; mine development plans; and possible changes in the regulatory, political, social and economic environment in Bolivia.
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 results to differ materially from current expectations of estimated or anticipated events or results. Some of these risks, uncertainties and factors include fluctuations in the price of gold; the impact or unanticipated impact of: the need to recalculate estimates of reserves and 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; risks generally associated with mineral exploration and development, including the Company's ability to develop the UMZ deposit or the Copperwood Project if it determines to do so and to acquire and develop mineral properties; the Company's ability to obtain additional financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in Bolivia; general economic conditions worldwide and the risks identified in Orvana's Management's Discussion and Analysis for the period ended March 31, 2009 under the heading "Risks and Uncertainties". This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Annual Information Form for a description of additional risk factors. 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.

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