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Friday, 1 March 2013
Orvana Minerals bolsters board with two new additions
Orvana Minerals Corp. (TSE:ORV) says it has bolstered its board of directors with two new additions - Michael Winship and Ed Guimaraes - as it works to improve its operations and financials.
The company said the directors, who were chosen through the services of an executive search firm, have both the mining and board experience that can "effectively guide" management in its efforts to achieve Orvana's strategic goals.
Winship has more than 30 years of international experience in mine development, operations and corporate business, and was COO of Quadra FNX Mining prior to its acquisition by KGHM last year. He was also previously the president of HudBay Minerals, and is now a director of Rubicon Mineralsand Avanti Mining.
Guimaraes, meanwhile, held management positions with Aur Resources between 1995 and 2007, ultimately serving as executive VP and CFO of the company until Aur was acquired by Teck Resources (TSE:TCK.B). He is also a director of Nuinsco Resources, Aldridge Minerals, Giyani Gold and Karmin Exploration.
"The appointments of Messrs. Winship and Guimaraes to Orvana's Board of Directors will have a positive effect on our efforts to improve operational and financial performance," said president and CEO of Orvana, Bill Williams. "We look forward to their contributions in maximizing the value of our assets."
Shares of Orvana have been moving up steadily in the past weeks, up 20% in the last three months, with the company receiving bullish analyst coverage of late after improving operations at its two producing mines.
Orvana's primary asset is the El Valle-Boinas/Carles (EVBC) gold-copper mine in northern Spain. It also owns and operates the Don Mario Mine in Bolivia, processing its copper-gold-silver Upper Mineralized Zone (UMZ) deposit, and is advancing its Copperwood copper project in Michigan, U.S, for where it earlier this week received its key Wetlands permit.
In February, the company said it swung to a profit in its fiscal first quarter as revenue more than doubled on a sharp rise in production at its mines from a year earlier.
In the latest quarter, the company produced 17,759 ounces of gold, 4.4 million pounds of copper and 233,452 ounces of silver, compared to output of 9,937 ounces of gold 3.2 million pounds of copper and 82,654 ounces of silver in the first quarter last year.
Cash flow provided by operations before changes in working capital was $8.2 million in the quarter and capital expenditures were $4.2 million, resulting in positive free cash flow of $4 million.
Total revenue rose 121% to $34.03 million from $15.37 million a year ago.
Looking ahead, the company said its short term focus is operational optimization at the EVBC and UMZ mines to generate increasing operating cash flows in order to pay down debt, and set a foundation for growth.