TORONTO, Dec. 30, 2020 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announces the filing of its annual information form for the year ended September 30, 2020 (the "AIF"), and independent technical reports on the Don Mario Oxide Stockpile Project (the "OSP Technical Report") and the Orovalle Operation (the "2020 Orovalle Technical Report").

The AIF, the OSP Technical Report and the 2020 Orovalle Technical Report are available under the Company's profile at www.sedar.com and on the Company's website at www.orvana.com.

"Orvana is ending 2020 on a high note as it is delivering solid technical reports of its mineral reserves in Spain and Bolivia. Our filings today, once again, show Orvana's upside for years to come; and demonstrates our ability to execute on our plan to maintain stable production while continuing to replenish depletion year-by-year", stated Juan Gavidia, CEO of the Company.

OSP Technical Report

Orvana retained DGCS S.A. ("DGCS") to prepare a technical report for the Don Mario Oxide Stockpile Project, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

The Company, through its wholly owned subsidiary EMIPA, is the owner of the Don Mario Operation ("Don Mario"), a set of assets that includes Las Tojas ore body, and the previously mined out Lower Mineralized Zone ("LMZ"), Upper Mineralized Zone ("UMZ") and Cerro Felix mines, plus the Processing Plant and the Tailings Storage Facility. Operations at Don Mario were temporarily suspended in the first quarter of fiscal 2020 and is currently in care and maintenance. The UMZ deposit, depleted in 2017, generated a 2Mton mixed copper oxide stockpile (the "Oxide Stockpile") with gold and silver grades during its mine life. Since fiscal 2018, the Company has been evaluating metallurgical alternatives to process the Oxide Stockpile, involving different international metallurgical consultants. The evaluation concluded that a sulphidization circuit would maximize the value of the Oxide Stockpile. The construction of the sulphidization circuit and ancillary facilities to process the Oxide Stockpile remains subject to the favorable completion of technical and economic analysis, and the availability of funding.

The OSP Technical Report highlights are:
•Proven Oxide Stockpile Reserves of 2 million tonnes containing 120,900 ounces of gold, 38,438 tonnes of copper and 3.2 million ounces of silver (see Table 1).
•Estimated metal recoveries of the Oxide Stockpile based on processing by sulphidization.
•The capital cost estimate for modification of the existing processing plant to process the Oxide Stockpile is approximately US$25.6 million.
•The unit operating cost for processing the Oxide Stockpile is estimated at an average of US$93.1 per tonne.
•Final evaluation of the feasibility of the Oxide Stockpile Project is planned to be completed by the end of the third quarter of fiscal 2021, upon completion of detailed engineering works.
•Subject to the favorable completion of technical, economic and funding analysis, the sulphidization circuit and ancillary facilities development is expected to require approximately twelve months before starting commercial production.
•The Oxide Stockpile Project will provide three full production years for Don Mario.
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Notes
1.Estimated metal recoveries based on processing by sulphidization.
2.CIM definitions were followed for Mineral Reserves and were prepared by G. Zandonai, a qualified person for the purposes of NI 43-101, who is an employee of DGCS SA and is independent of the Company.
3.Mineral Reserves are estimated using a long-term gold price of $ 1,600 per ounce, copper price of $3.00 per pound and a silver price of $18 per ounce.

The scientific and technical information contained in this press release related to the OSP Technical Report has been reviewed and approved by Mr. Zandonai, principal of DGCS, who is an independent Qualified Person within the meaning of NI 43-101.

The OSP Technical Report replaces the previous Don Mario Mine Operation NI 43-101 technical report filed on SEDAR on January 27, 2017, with an effective date of September 30, 2016.

2020 Orovalle Technical Report

As previously announced, Orvana retained Roscoe Postle Associates UK Ltd. (RPA), now part of SLR Consulting Ltd (SLR), to prepare an independent technical report on the Orovalle Operation in accordance with NI 43-101 Standards of Disclosure. The report highlights are:
•Life of mine plan includes oxide and skarn ore, from El Valle Boinás and Carlés mines, at an average annual rate of 686,000 tonnes, for a period of five years.
•Proven and Probable Reserves of 3.4 million tonnes of ore containing 307,000 ounces of gold, 756,000 ounces of silver and 27.6 million pounds of copper.
•Inferred Mineral Resources of approximately 3.4 million tonnes containing 410,000 ounces of gold, 934,000 ounces of silver and 24.8 million pounds of copper, providing opportunities to further extend mine life.

The scientific and technical information contained in this press release has been reviewed and approved: (i) in respect of the estimated Mineral Reserves and the LOMP Update by Rick C. Taylor, MAusIMM, CP., of RPA, and (ii) in respect of the estimated Mineral Resources by John Makin, MAIG., of RPA. RPA is an independent mining consultant and each of Messrs. Taylor and Makin is a Qualified Person within the meaning of NI 43-101. Qualified Persons responsible for other sections of the Technical Report are Jack Lunnon, CGeol, EurGeol, Patrick Donlon, FAusIMM and Alessandra (Alex) Pheiffer, M.Sc., PrSciNat, EAPAN.

The 2020 Orovalle Technical Report replaces the previous Orovalle NI 43-101 technical report dated September 26, 2014, and filed on SEDAR on September 29, 2014.

Cautionary Statement

The OSP Technical Report and the 2020 Orovalle Technical Report (collectively, the "Reports") follows the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for Mineral Resources and Reserves (2014). The Reports have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

About Orvana Minerals

Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain and the Don Mario gold-silver property in Bolivia, currently in care and maintenance. Additional information is available at Orvana's website (www.orvana.com)