Orvana Minerals Corp. Announces Changes in Management
TORONTO, ONTARIO -- (Marketwire) -- 12/06/11 -- Orvana Minerals Corp. (TSX: ORV) announced today that Roland Horst has resigned from his position as Chief Executive Officer and as a director of Orvana. Bill Williams, Orvana's Vice President Corporate Development, has been appointed Orvana's President and Chief Executive Officer and as a director. In addition, Agne Ahlenius, Director General of Orvana's flagship El Valle-Boinas/Carles Project in northern Spain, has been appointed Chief Operating Officer of Orvana to replace Carlos Mirabal, who has moved from his position as Chief Operating Officer and President of Orvana to assume the role of Executive Chairman of Orvana's wholly-owned subsidiary, Empresa Minera Paititi S.A., which operates the Don Mario Upper Mineralized Zone Project in Bolivia. Concurrently, Jim Jacques has assumed the role of Orvana's Vice President of Operations in addition to his responsibilities as General Manager of the Copperwood Project in Michigan, USA.
Kent Jespersen, the Chairman of Orvana's board of directors expressed his appreciation for Mr. Horst's leadership of Orvana and his confidence in the new appointments, 'During his time with Orvana, Roland has made a valuable contribution to the company's transition to being an international, multi-mine gold and copper producer and we wish him well in his next endeavours. At this time, Orvana's focus on successful operation of its current mines is best served by the appointment of these executives with extensive development and operations experience to new key roles within the company.' He added, 'Mr. Williams has the necessary mining experience in the Americas and Europe, the regions in which Orvana has active projects, to fulfill his new responsibilities. Mr. Ahlenius, who has successfully advanced the development of the El Valle-Boinas/Carles Project, has extensive operational experience that will benefit the advancement of all of the company's current projects, and Mr. Mirabal has extensive experience at the Don Mario Mine, having previously managed Orvana's successful Lower Mineralized Zone Project. With his ample experience at the Tennessee zinc mines, Mr. Jacques has additional expertise that will be beneficial to Orvana's operations.'
About Orvana
Orvana Minerals is a gold producer and is transforming itself into a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinas/Carles gold-copper project in northern Spain, which is now moving towards targeted production levels. Orvana owns and operates the Don Mario Mine in Bolivia, where a newly completed leaching-precipitation-flotation plant is being commissioned to process its copper-gold-silver Upper Mineralized Zone deposit. In addition, Orvana is advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).
Forward Looking Disclaimer
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' 'plans', 'estimates' or 'intends' or stating that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'are projected to' be taken or achieved) are not statements of historical fact, but are forward-looking statements.
Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone ('UMZ') deposit at the Don Mario Mine in Bolivia, the El Valle-Boinas/Carles ('EVBC') project in Spain and the Copperwood project in Michigan and their potential operations and production; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana 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 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 the UMZ deposit, EVBC and the Copperwood projects 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; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.
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 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; 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 develop the UMZ deposit and the EVBC project to commercial levels of production and further develop the Copperwood project; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; 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; and 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.
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.
Contacts:
Orvana Minerals Corp.
Bill Williams
President and Chief Executive Officer
(416) 369-1629
Orvana Minerals Corp.
Malcolm King
Chief Financial Officer
(416) 369-1629
Orvana Minerals Corp.
Natalie Frame
Investor Relations
(289) 200-7640
ask_us@orvana.com
www.orvana.com