TSX:ORV
/NOT FOR DISTRIBUTION IN THE UNITED STATES/
This news release does not constitute an offer
of securities for sale in the United
States. Securities may not be offered or sold in
the United States absent
registration with the United States Securities and Exchange
Commission or an exemption from registration. There will be no
public offering of any of the securities mentioned in this news
release in the United
States.
TORONTO, Feb. 6, 2024 /PRNewswire/ -- Orvana Minerals
Corp. (TSX: ORV) (the "Company" or "Orvana") announces
the filing at the Bolivian stock market by its subsidiary, Empresa
Minera Paitií, S.A. ("EMIPA"), of its unaudited Financial
Statements for the first quarter of the fiscal year 2024 ("Q1
FY2024"). In September 2023, the
Autoridad de Supervision del Sistema Financiero (ASFI),
Bolivia's financial regulator,
approved and registered EMIPA as an eligible bond issuer on the
Bolivian stock market. As a registered bond issuer on the Bolivian
stock market, EMIPA is required to file its quarterly financial
statements with ASFI. The purpose of registering EMIPA as an
eligible bond issuer is to provide the subsidiary with the ability
to raise funds from the sale of bonds in Bolivia to finance its proposed oxides
stockpile project. As of the date hereof, EMIPA continues to seek
financing for its oxides stockpile project. There can be no
assurance that EMIPA's efforts will result in adequate financing
for the oxides stockpile project. The Company will provide updates
on the status of EMIPA's oxides stockpile project as material
information develops from time to time, and will provide updates on
EMIPA's financing efforts when further information becomes
available.
The Company holds a 100% interest in EMIPA. The unaudited
Financial Statements can be viewed at the following ASFI landing
page (the "ASFI Page"):
https://www.asfi.gob.bo/index.php/registro-rmv/mv-entidades-inscritas-en-el-rmv.html
To search for EMIPA's financial statements, select the following
at the ASFI Page:
ENTIDADES REGULADAS – EMISORES: Empresa Minera Paitití, S.A.
EMIPA
Ver: Estados Financieros
Orvana's consolidated Q1 FY2024 financial highlights will be
released with the first quarter financials, expected mid-February,
2024
ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver
company. Orvana's assets consist of the producing El Valle and
Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in
Bolivia, currently in care and
maintenance, and the Taguas property located in Argentina. Additional information is available
at Orvana's website (www.orvana.com).
Cautionary Statements –
Forward-Looking Information
Certain statements in this presentation 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", "are projected to" or "confident of" be taken or
achieved) are not statements of historical fact, but are
forward-looking statements.
The forward-looking statements herein relate to, among other
things, Orvana's ability to achieve improvement in free cash flow;
the ability to maintain expected mining rates and expected
throughput rates at El Valle Plant; the potential to extend the
mine life of El Valle and Don Mario beyond their current
life-of-mine estimates including specifically, but not limited to,
Orvana's ability to optimize its assets to deliver shareholder
value; estimates of future production (including without
limitation, production guidance), operating costs and capital
expenditures; mineral resource and reserve estimates; statements
and information regarding future feasibility studies and their
results; future transactions; future metal prices; the ability to
achieve additional growth and geographic diversification; and
future financial performance, including the ability to increase
cash flow and profits; future financing requirements; mine
development plans; and the possibility of the conversion of
inferred mineral resources to mineral reserves.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by the Company as of the date of such statements, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, which includes,
without limitation, as particularly set out in the notes
accompanying the Company's most recently filed financial
statements. The estimates and assumptions of the Company 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 and in Orvana's most recently filed
Management's Discussion & Analysis and Annual Information Form
in respect of the Company's most recently completed fiscal year
(the "Company Disclosures") or as otherwise expressly incorporated
herein by reference 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 El Valle, Don Mario and Taguas 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;
labour and materials costs increasing on a basis consistent with
Orvana's current expectations; and the availability of necessary
funds to execute the Company's plan. Without limiting the
generality of the foregoing, this news release also contains
certain "forward-looking statements" within the meaning of
applicable securities legislation, including, without limitation,
references to the results of the Company's exploration activities,
including but not limited to, drilling results and analyses,
mineral resource estimation, conceptual mine plan and operations,
internal rate of return, sensitivities, taxes, net present value,
potential recoveries, design parameters, operating costs, capital
costs, production data and economic potential; the timing and costs
for production decisions; permitting timelines and requirements;
exploration and planned exploration programs; and the Company's
general objectives and strategies.
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: the potential impact of global health and global economic
conditions on the Company's business and operations, including: our
ability to continue operations; and our ability to manage
challenges presented by such conditions; the general economic,
political and social impacts of the continuing conflict between
Russia and Ukraine, our ability to support the
sustainability of our business including through the development of
crisis management plans, increasing stock levels for key supplies,
monitoring of guidance from the medical community, and engagement
with local communities and authorities; 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; Orovalle's
ability to complete the permitting process of the El Valle Tailings
Storage Facility increasing the storage capacity; Orovalle's
ability to complete the stabilization project of the legacy open
pit wall; 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 continue to operate
the El Valle and/or ability to resume long-term operations at the
Carlés Mine; the Company's ability to successfully implement a
sulphidization circuit and ancillary facilities to process the
current oxides stockpiles at Don Mario; the Company's ability to
successfully carry out development plans at Taguas; sufficient
funding to carry out development plans at Taguas and to process the
oxides stockpiles at Don Mario; EMIPA's ability to complete the
issuance of the Bonds Program at Bolivia and any additional required financing
to commence the OSP; the Company's ability to acquire and develop
mineral properties and to successfully integrate such acquisitions;
the Company's ability to execute on its strategy; 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; 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; the challenges
presented by global health conditions; fluctuating operational
costs such as, but not limited to, power supply costs; current and
future environmental matters; and the risks identified in the
Company's disclosures. 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 Disclosures for a
description of additional risk factors.
Any forward-looking statements made herein with respect to
the anticipated development and exploration of the Company's
mineral projects are intended to provide an overview of
management's expectations with respect to certain future activities
of the Company and may not be appropriate for other purposes.
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. The forward-looking statements made in this information
are intended to provide an overview of management's expectations
with respect to certain future operating activities of the Company
and may not be appropriate for other purposes.
CONTACT: Nuria Menéndez, Chief Financial Officer, E:
nmenendez@orvana.com
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