Wednesday, 18 July 2012

Orvana says EVBC production up 20% quarter-on-quarter

Orvana Minerals Corp. (TSE:ORV) revealed Wednesday the latest production figures for June at its flagship El Valle Boinas/Carles gold and copper mine in northern Spain.
The natural resource miner said June production for gold reached 4,976 ounces recording head grades of 3.35 grams per tonne (g/t) and recoveries at 93.9 per cent.
Silver production returned 14,285 ounces posting head grades of 11.2 g/t and recovery rates coming in at 80.7 per cent.
Meantime, copper production stood at 549,000 pounds with head grades of 0.57 per cent and recovery rates totalling 89.2 per cent.
Estimated operating costs, including royalties and net by-product revenues, was about $600 per ounce of gold.
"With throughput and production having increased by about 20 per cent quarter-on-quarter we've made substantial progress," chief operating officer Agne Ahlenius said in a statement.
"Gold head grades are stabilizing and throughput is expected to increase once the shaft is operating," Ahlenius added.
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.
Orvana also owns and runs the Don Mario mine in Bolivia.
Recently, it completed a feasibility study and snagged a mine permit from the Michigan Department of Environmental Quality for its Copperwood copper project in Michigan, U.S.
Shares, in Wednesday mid-afternoon trade, rose 3.66 per cent to 85 cents each on the Toronto Stock Exchange.

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