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News Update


Gold, Copper & Silver Miner Restarts Spanish Operations, Provides Q2 Production Update
News Update

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Orvana Minerals reported it has resumed production at its mine operations in northern Spain and provided its production report for Q2/20.

In a news release, multi-asset gold-copper-silver mining company Orvana Minerals Corp. (ORV:TSX) announced that "production at its Spanish operations have restarted after a temporary suspension, in compliance with the Spanish Government's Extended Lockdown Order (ELO) to contain the advancement of the COVID-19 virus." The firm in addition released production results for Q2/20.

Orvana Minerals stated that "it temporarily reduced its normal mining operations at OroValle to the minimum essential activities in accordance with the legislation passed by the Spain's Government on March 29, 2020, to contain the COVID-19 pandemic in Spain." The firm said that it was able to gradually restart production activities there during the ELO period after the government passed clarifying rules that allowed export industries to resume production in order to meet international contractual commitments.

The company pointed out that even though the ELO expired on April 9, 2020, it has proactively implemented and maintained comprehensive measures in response to the COVID-19 pandemic and that it will continue to follow proper protocols and work closely with respective local governments and authorities.

The company's CEO Juan Gavidia commented, "Our team continues to prioritize and focus on the health and safety of the workforce through the implementation of preventive protocols and strictly following the health authority's recommendations. The company continues to assess potential COVID-19 impacts on operations and continues to adhere to directives from the central and local governments."

Orvana reported that in Q2/20 it had gold output of 12,139 oz and that gold-equivalent output was 14,843 oz. The firm stated that for the purpose of extending mine life it is continuing both brownfield and greenfield exploration activity at OroValle.

The company explained that the 12,139 oz au production at El Valle in Q2/20 was 12% lower than during Q1/20 due to lower throughput and lower ore grade on weakened oxides/skarns blending and also that gold head grade of 2.74 g/t declined in Q2/20, compared to 2.98 g/t reported in Q1/20. The firm additionally reported that copper production was 1.4 Mlb in Q2/20, versus 0.9 Mlb in Q1/20.

The company noted that Carlés exploration drilling is progressing with 1,500 meters drilled to date and that results will be provided when the program is completed and that its Don Mario gold-silver property in Bolivia is proceeding under its care and maintenance phase while development and engineering of the oxides stockpile is being advanced.

The company advised that because of the uncertainties regarding future developments including the duration, severity and scope of the COVID-19 pandemic, it will suspend its 2020 guidance until it is in a better position to quantify the impact. The firm said it plans to provide another update on COVID-19 related developments in mid-May or earlier.

Orvana is a multi-mine gold-copper-silver exploration, acquisition and production company based in Toronto, Canada.


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