(Orvana, 16.Oct.2023) — Orvana Minerals Corp. (TSX: ORV) reports fourth quarter of fiscal year 2023 (“Q4 FY2023”) production and exploration results from Spain and announces the registration of its subsidiary, Empresa Minera Paitití, S.A. (EMIPA), as a Bond Issuer in the Bolivian stock market.
Highlights
- Q4 FY2023 production of 15,567 gold equivalent ounces (12,427 gold ounces, 1.4 million copper pounds and 38,861 silver ounces) (1)
- FY2023 total production of 57,250 gold equivalent ounces (46,259 gold ounces, 4.5 million copper pounds and 144,729 silver ounces)
- Q4 FY2023 drilling in Spain:
- 2,353 m of infill and brownfield drilling
- DDH23SB151: 12.35 m @ 17.48 g/t Au
- DDH23SB149: 7.15 m @ 5.04 g/t Au
- DDH23SB150: 4.10 m @ 4.29 g/t Au
- DDH23SB154: 2.35 m @ 4.84 g/t Au
- 600 m of greenfield drilling
- 2,353 m of infill and brownfield drilling
Juan Gavidia, CEO of Orvana stated: “We are particularly pleased to have delivered on our annual production guidance by producing the highest quarterly gold equivalent ounce output of the year in Q4. Throughout the fiscal year, the Orovalle team remained resilient facing operating challenges while accomplishing key objectives and focusing on cost reductions”.
“We are continuing our effort in relation to the Oxides Stockpile Project (“OSP”) in Bolivia. The registration of EMIPA as a bond issuer in Bolivia marks a key milestone in our firm commitment to finance the expansion and re-start of the Don Mario Plant with locally sourced funding in Bolivia. Now that EMIPA is eligible to issue bonds in the Bolivian stock market, our efforts will focus on obtaining acceptance of the bond terms by the Bolivia’s financial regulator and then closing the bond offering. Construction of the OSP is expected to commence once the project is fully funded through the bonds program and other forms of financing, which remain subject to closing. The OSP is projected to operate for 35 months starting after the 13-month construction period,” added Mr. Gavidia.
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