Business
Orvana Reports Record Gold and Copper Production, Balance Sheet Significantly Strengthened and Fiscal 2014 Results
TSX:ORV Dollar amounts are in thousands of U.S. dollars unless stated otherwise. TO...
About this update from Orvana Minerals Corp.
[{"type":"text","content":"\n\nTSX:ORV\n\nDollar amounts are in thousands of U.S. dollars unless stated otherwise.\n\n\n\nTORONTO, Dec. 9, 2014 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the \"Company\" or \"Orvana\"), announced today financial and operating results for the fourth quarter (\"Q4 2014\") and the fiscal year ended September 30, 2014 (\"fiscal 2014\"). The Company reported record production of gold and copper from its El Valle-Boinás and Carlés underground mines (\"EVBC\") located in northern Spain and from its Don Mario open pit mine located in Bolivia.\n\nThe Company reported adjusted net income of $1.8 million for fiscal 2014 compared with $12.5 million for fiscal 2013. The decrease was mainly due to lower revenue from decreased commodity prices.\n\nThe Audited Consolidated Financial Statement for fiscal 2014 (\"2014 Financials\") and Management's Discussion & Analysis related thereto (\"2014 MD&A\") are available on SEDAR and at www.orvana.com. \n\nA conference call is scheduled for Wednesday, December 10, 2014 at 9:00 a.m. EST to discuss the Company's year end and fourth quarter financial and operational results. Details of the call may be found on the Company's website and at the end of this press release.\n\nOrvana has continued to improve operating performance, upgrade its assets, streamline its asset base and significantly strengthen its balance sheet to deliver shareholder value. In furthering its strategy, the Company reports the following achievements:\n\n\nImproved operating performance and asset upgrades\n\nManagement has focused on operational optimization in 2014 across all business areas, which has led to more efficient operations, higher-grade production and the achievement of fiscal 2014 production guidance. This has resulted in an increase of 4% in gold and 22% in copper production compared with fiscal 2013. \nYear-over-year mining costs at the Don Mario Mine have been reduced by 23% and production has increased by 45% in gold and 45% in copper. \nEVBC continued a focus on the optimization of head grade implemented in the second half of fiscal 2014 resulting in an escalating average gold grade processed through the EVBC plant. In the second half of fiscal 2014, the average gold grade through the mill was 3.89 grams per tonne compared with 2.71 grams per tonne in the first half of fiscal 2014, an i...