Business
Orvana Reports Third Quarter Fiscal Results
Provides Updates for Operations, Growth Strategy and Guidance Net cash position o...
About this update from Orvana Minerals Corp.
[{"type":"text","content":"\n\nProvides Updates for Operations, Growth Strategy and Guidance \n\n\nNet cash position of $23.9 million \nQ3 2015 production of 16,012 oz of gold, 5.2 million pounds of copper \nQ3 2015 gold equivalent production of 29,711 oz; year to date gold equivalent production of 105,426 oz \nQ3 2015 COC of $1,055 and AISC of $1,243 per oz of gold sold; year to date 2015 COC of $867 and AISC of $1,133 per oz of gold sold \nQ3 2015 sales of 19,121 oz of gold, 6.3 million pounds of copper \nEMIPA (Don Mario Mine) advances mine life extension initiatives \nGuidance revised for production, COC/AISC, Capex \nAll Dollar amounts are in thousands of U.S. dollars unless stated otherwise.\n\nTSX:ORV\n\n\n\nTORONTO, Aug. 6, 2015 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the \"Company\" or \"Orvana\") announced today financial and operating results for the third quarter of fiscal 2015 (\"Q3 2015\").  The unaudited condensed interim consolidated financial statements for Q3 2015 and Management's Discussion & Analysis related thereto (\"Q3 2015 MD&A\") are available on SEDAR and at www.orvana.com.  A conference call is scheduled for August 7, 2015 at 10:00 a.m. EDT to discuss the Q3 2015 financial and operating results.  Details of the call may be found on the Company's website and at the end of this news release.\n\n\"Orvana's key strengths include a strong cash position and an experienced Board and management team. These advantages will ensure that we have a balanced and secure approach to our business in the current environment of declining metals prices.  We will diligently monitor our liquidity position and assess capital needs for the upcoming fiscal year and beyond,\" stated Daniella Dimitrov, President and CEO of Orvana.  \"While Orvana has had challenges over the past two quarters which have impacted production and cash costs, our teams remain committed to optimizing operations and reduce costs in order to deliver on production and growth.  At El Valle we remain focused on optimizing development of higher-grade oxides, increasing development of skarns and looking to add additional reserves with our drill programs.  At Don Mario we are assessing the development and viability of pushback plans for the current open pit and the potential recommissioning of the CIL circuit to process the higher grade ...