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Orvana Closes US$7.9 Million Loan Facility for Don Mario CIL Recommissioning
Orvana Closes US$7.9 Million Loan Facility for Don Mario CIL Recommissioning Orvan...
About this update from Orvana Minerals Corp.
[{"type":"text","content":"\n\n\n\nOrvana Closes US$7.9 Million Loan Facility for Don Mario CIL Recommissioning\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nOrvana Closes US$7.9 Million Loan Facility for Don Mario CIL Recommissioning\nCanada NewsWire\nTORONTO, May 30, 2016\n\n\n\nTSX:ORV   \n\n\n\nTORONTO, May 30, 2016 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the \"Company\" or \"Orvana\") is pleased to announce that its wholly-owned subsidiary, EMIPA S.A. (\"EMIPA\"), has closed a US$7.9 million loan facility (the \"Loan\") with Banco BISA S.A. (\"Banco BISA\"), a Bolivian bank. The primary use of proceeds will be for the recommissioning of the carbon-in-leach (\"CIL\") circuit (the \"CIL Project\") at its Don Mario Mine in Bolivia (\"Don Mario\" or \"Don Mario Mine\").\n\nJeff Hillis, Interim Chief Executive Officer, said \"We are very pleased to have successfully secured debt financing for this important project at Don Mario. Banco BISA and EMIPA have a long-standing local banking relationship, and we are pleased to have their strong support for the CIL Project. This is also a vote of confidence in Don Mario and our people. The CIL Project provides attractive economics with expected pay-back within one year and, together with the existing flotation plant, best positions Don Mario for the immediate future.\" \n\nDuring April 2016, the Company initiated the purchase of long-lead components of the CIL Project and the project is now underway with an estimated execution period of seven to nine months. The CIL Project is expected to result in lower unitary cash costs and maximize the value of recently defined Don Mario resource estimates, along with providing the processing capabilities necessary to leverage exploration and potential business opportunities, such as local toll milling. Upon commissioning of the CIL circuit, Don Mario will shift to production of gold doré in addition to the current production of copper concentrate. \n\nThe US$7.9 million Loan has a term of 19 months and an interest rate of 6% per annum. Security for the Loan incl...