PR Newswire
TORONTO, Dec. 13, 2016
TSX:ORV
TORONTO, Dec. 13, 2016 /PRNewswire/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the fourth quarter ("Q4 2016") and for the fiscal year ended September 30, 2016 ("fiscal 2016").
The audited consolidated financial statements for fiscal 2016 ("2016 Financials") and Management's Discussion and Analysis related thereto ("2016 MD&A") are available on SEDAR and on the Company's website at www.orvana.com.
Fiscal 2016 Highlights
The Company's strategic objectives to increase production at its operations include productivity enhancements to allow for delivery of greater throughput, increased gold recovery and lower unitary costs. In that regard, the Company accomplished the following milestones in fiscal 2016:
"While we are obviously pleased to have achieved our guidance for fiscal 2016, producing just under 100,000 ounces on a gold equivalent basis, of greater importance is the aggressive plan we have put in place to drive up productivity and drive down unit costs at both of our operations", said Jim Gilbert, Chairman and CEO of Orvana. "We raised the necessary funding and commenced investment projects and operational improvements at El Valle, where development rates have increased by half. In addition, we have resolved production disruptions from power supply and water management issues, with a view to pushing the mill to full capacity in fiscal 2017 and beyond. At Don Mario, we raised local financing for the CIL recommissioning project, which is projected to increase gold recoveries by more than 25% and will also allow us to look at opportunities for profitably extending the life of mine in Bolivia."
Strategy and Outlook
The Company's most important objectives through fiscal 2017 and beyond are to increase productivity rates at both its operations and to extend the mine life of Don Mario Mine beyond fiscal 2018.
El Valle:
Don Mario:
While maintaining its focus on optimizing current operations, the Company will also evaluate strategic alternatives that could accelerate the growth of the Company.
FY 2017 Production and Cost Guidance
| | | | |
| FY 2016 Revised Guidance | FY 2016 Actual | FY 2017 Guidance | |
El Valle Mine Production | | | | |
| Gold (oz) | 43,000 – 46,000 | 44,683 | 50,000 – 55,000 |
| Copper (million lbs) | 4.5 – 5.0 | 4.3 | 6.0 – 6.5 |
| Silver (oz) | 120,000 - 130,000 | 144,411 | 170,000 – 200,000 |
Don Mario Mine Production | | | | |
| Gold (oz) | 20,000 – 21,000 | 21,102 | 35,000 – 40,000 |
| Copper (million lbs) | 11.0 – 12.0 | 10.5 | 7.0 – 7.5 |
| Silver (oz) | 330,000 – 370,000 | 381,523 | 130,000 – 150,000 |
Total Production | | | | |
| Gold (oz) | 63,000 – 67,000 | 65,785 | 85,000 – 95,000 |
| Copper (million lbs) | 15.5 – 17.0 | 14.7 | 13.0 – 14.0 |
| Silver (oz) | 450,000 – 500,000 | 525,934 | 300,000 – 350,000 |
Total capital expenditures | $17,000 – $19,000 | $14,977 | $27,000 – $30,000 | |
Cash operating costs (by-product) ($/oz) gold (1) | $1,000 – $1,100 | $1,082 | $1,050 – $1,150 | |
All-in sustaining costs (by-product) ($/oz) gold (1) | $1,300 – $1,400 | $1,428 | $1,300 – $1,400 |
(1) | FY2017 guidance assumptions for COC and AISC include by-product commodity prices of $2.00 per pound of copper and $18.00 per ounce of silver and an average Euro to US Dollar exchange of 1.12. |
Selected Operational and Financial Information
| | | | | |
| Q4 2016 | Q4 2015 | FY 2016 | FY 2015 | |
Operating Performance | | | | | |
Gold | | | | | |
| Production (oz) | 14,842 | 15,206 | 65,785 | 72,817 |
| Sales (oz) | 14,705 | 13,887 | 61,816 | 73,304 |
Copper | | | | | |
| Production ('000 lbs) | 3,630 | 4,409 | 14,734 | 22,601 |
| Sales ('000 lbs) Werbung Mehr Nachrichten zur Orvana Minerals Aktie kostenlos abonnieren
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