PR Newswire
TORONTO, May 3, 2017
TORONTO, May 3, 2017 /PRNewswire/ --
Second Quarter 2017 achievements:
Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the second quarter of fiscal 2017 ("Q2 2017"). The Company is also providing financial and operational results for its El Valle and Carlés Mines (collectively, "El Valle") operations in northern Spain and for its Don Mario Mine in Bolivia.
The unaudited condensed interim consolidated financial statements for Q2 2017 and Management's Discussion and Analysis related thereto are available on SEDAR and on the Company's website at www.orvana.com.
Q2 2017 Highlights
The Company's strategy to increase production at its operations targets productivity enhancements to allow for delivery of greater throughput, increased gold recovery and lower unitary costs. The Company is pleased to report the following positive developments in the second quarter as follows:
"The milestones we have reached at both El Valle and Don Mario this quarter have positioned Orvana well for the remainder of fiscal 2017 and beyond," said Jim Gilbert, Chairman and CEO of Orvana. "At Don Mario, the successful completion of the CIL project has provided an immediate improvement to our gold production profile and provides a platform for us to pursue various life extension opportunities in our area of influence. At El Valle, continued improvements in our development results have now added substantial flexibility to our mine planning and production capabilities, which – supported by improved production from the Carlés Mine and consistent performance of the plant at nameplate of 2,000 tonnes per day and above – will allow us to sustain production at rates significantly higher than those historically realized. We look forward to reporting Orvana's further progress through the remainder of the year."
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
| | | | |
| | YTD 2017 Actual | FY 2017 Guidance | |
El Valle Mine Production | | | | |
| Gold (oz) | | 22,640 | 50,000 – 55,000 |
| Copper (million lbs) | | 2.4 | 6.0 – 6.5 |
| Silver (oz) | | 80,401 | 170,000 – 200,000 |
Don Mario Mine Production | | | | |
| Gold (oz) | | 13,572 | 35,000 – 40,000 |
| Copper (million lbs) | | 4.1 | 7.0 – 7.5 |
| Silver (oz) | | 94,364 | 130,000 – 150,000 |
Total Production | | | | |
| Gold (oz) | | 36,212 | 85,000 – 95,000 |
| Copper (million lbs) | | 6.5 | 13.0 – 14.0 |
| Silver (oz) | | 174,765 | 300,000 – 350,000 |
Total capital expenditures | | $12,220 | $27,000 – $30,000 | |
Cash operating costs (by-product) ($/oz) gold (1) | | $1,099 | $1,050 – $1,150 | |
All-in sustaining costs (by-product) ($/oz) gold (1) | | $1,422 | $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
| | | | | | |
| Q2 2017 | Q1 2017 | Q2 2016 | YTD 2017 | YTD 2016 | |
Operating Performance | | | | | | |
Gold | | | | | | |
| Production (oz) | 20,513 | 15,699 | 17,116 | 36,212 | 34,905 |
| Sales (oz) | 20,773 | 13,937 | 14,659 | 34,710 | 30,733 |
| Average realized price / oz | $1,238 | $1,260 | $1,176 | $1,247 | $1,139 |
Copper | | | | | | |
| Production ('000 lbs) | 2,867 | 3,588 | 3,320 | 6,455 | 7,271 |
| Sales ('000 lbs) | 3,032 | 3,560 | 2,379 | 6,592 | 6,251 Werbung Mehr Nachrichten zur Orvana Minerals Aktie kostenlos abonnieren
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