TORONTO, Oct. 16, 2017 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is providing the following production results for the El Valle Mine ("El Valle") in Spain and Don Mario Mine ("Don Mario") in Bolivia for the fourth quarter of fiscal 2017 ("Q4 2017") and full year fiscal 2017 ("FY 2017").
- 90,292 gold ounces produced met FY 20017 guidance;
- Record consolidated quarterly gold production of 27,666 ounces;
- Fiscal year 2018 gold production guidance increases to 110,000 to 120,000 ounces;
- El Valle: Q4 2017 gold production increased by 11%, compared to Q3 2017 due to higher grade and recovery – mill throughput averaged 2,113 tonnes per day ("tpd");
- Don Mario: Operation transformed through successful implementation of re-commissioned carbon-in-leach circuit ("CIL Circuit") achieving an 84% increase in gold production compared to fiscal 2016, driven by gold recovery exceeding target of 80% since commissioning of the CIL Circuit in Q2 2017.
Production Highlights
|
Q4 2017 |
Q3 2017 |
FY 2017 |
FY 2017 |
|||||
|
El Valle |
Don Mario |
Total |
El Valle |
Don Mario |
Total |
Total |
Guidance |
|
|
Operating Performance |
||||||||
|
Ore milled (tonnes) (dmt) |
190,151 |
173,295 |
363,446 |
197,469 |
166,370 |
363,839 |
1,375,738 |
|
|
Gold Equivalent |
||||||||
|
Production (oz) |
18,741 |
17,935 |
36,676 |
18,265 |
17,027 |
35,292 |
124,039 |
|
|
Gold |
||||||||
|
Grade (g/t) |
2.65 |
2.59 |
2.62 |
2.35 |
2.66 |
2.49 |
2.41 |
|
|
Recovery (%) |
93.8 |
86.4 |
90.3 |
91.9 |
89.3 |
90.6 |
84.7 |
|
|
Production (oz) |
15,201 |
12,465 |
27,666 |
13,705 |
12,709 |
26,414 |
90,292 |
85,000 – 95,000 |
|
Copper |
||||||||
|
Grade (%) |
0.40 |
0.91 |
0.64 |
0.53 |
0.79 |
0.65 |
0.70 |
|
|
Recovery (%) |
77.5 |
66.2 |
69.9 |
80.2 |
68.3 |
73.7 |
65.4 |
|
|
Production ('000 lbs) |
1,299 |
2,302 |
3,601 |
1,857 |
1,980 |
3,837 |
13,893 |
13,000 – 14,000 |
|
Silver |
||||||||
|
Grade (g/t) |
9.63 |
5.89 |
7.85 |
11.69 |
5.40 |
8.81 |
10.02 |
|
|
Recovery (%) |
79.1 |
65.8 |
74.3 |
75.0 |
68.8 |
73.3 |
71.8 |
|
|
Production (oz) |
46,552 |
21,612 |
68,164 |
55,682 |
19,896 |
75,578 |
318,507 |
300,000 – 350,000 |
"We set out in fiscal 2017 with aggressive plans to substantially increase gold production at both operations," stated Jim Gilbert, Chairman and CEO. "We are very pleased to have met our overall operational objectives in fiscal 2017. The investments made at both operations resulted in an aggregate increase in Orvana's annual gold production of over 35% compared to fiscal 2016. Looking forward, we expect this positive trend to continue during fiscal 2018. At El Valle, the key objective is to achieve and sustain significant grade improvement by mining a larger proportion of high gold grade oxide zones. At Don Mario, production will transition to the Cerro Felix deposit which is the first phase of the anticipated three-year mine life extension."
Production – El Valle Mine
- The El Valle and Carlés Mines produced 15,201 ounces of gold in Q4 2017, an increase of 11% compared to 13,705 ounces of gold produced in Q3 2017;
- Copper production in Q4 2017 was 1.3 million pounds, compared to 1.9 million pounds in Q3 2017;
- Increased quarterly gold production was primarily due to higher grade of 2.65 g/t in Q4 2017 versus 2.35 g/t in Q3 2017, as well as higher average recoveries, partially offset by lower mill throughput.
Production – Don Mario Mine
- During Q4 2017, Don Mario achieved gold recovery of 86%, surpassing targeted gold recovery rate of 80%;
- Gold production was 12,465 ounces, in line with 12,709 ounces of gold produced in Q3 2017. Gold production was impacted by a slightly lower gold grade of 2.59 g/t in Q4 2017 versus 2.66 g/t in Q3 2017;
- Copper production in Q4 2017 was 2.3 million pounds, compared to 2.0 million pounds in Q3 2017, primarily driven by an increase in copper grade of 15%.
About Orvana
Orvana is a multi-mine gold and copper producer. Orvana's operating assets consist of the producing gold-copper-silver El Valle and Carlés mines in northern Spain and the producing gold-copper-silver Don Mario mine in Bolivia. Additional information is available at Orvana's website (www.orvana.com).
