Friday, 13 July 2012

Orvana Minerals updates on May operations at EVBC mine in Spain

Orvana Minerals Corp. (TSE:ORV) reported Tuesday gold and copper production results for May from operations at its mine in northern Spain.
The company’s flagship El Valle-Boinas Carles gold-copper mine rests in the Rio Narcea gold belt and was previously mined from 1997 to 2006.
May production reached 5,259 gold ounces recording head grades of 3.27 grams per tonne (g/t). The company also saw 505,000 pounds of copper with a grade of 0.49 per cent. Silver production totalled 14,122 ounces showing head grades of 10.64 g/t.
Orvana said gold recovery rates reached 92.6 per cent, while silver recovery rates were 76.5 per cent. Copper recovery stood at 86.3 per cent.
Estimated cash operating costs, including royalties and net of by-product sales, was roughly $600 per ounce of gold.
“Underground logistics continue to improve,” chief operating officer Agne Ahlenius said in a release. “The shaft will be fully operational in the next quarter, during which time we expect cash operating expenses to improve even more.”
Orvana also operates the Don Mario Mine in Bolivia, where the mining and processing of the copper-gold-silver Upper Mineralized Zone deposit began commercial production during the company’s fiscal 2012 second quarter.

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