Year-to-date Exploration Program at OroValle Confirming Upside & Potential Mine Life Increase
5,000m Drilling Program Underway to Expand Taguas Project Resources in Argentina
Undergoing Final Quality Assurance Testing of Oxides Stockpile Project at EMIPA, Bolivia
TORONTO, April 15, 2021 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") today announced production results for the second quarter of fiscal 2021 ("Q2 2021") and exploration results for the first half of fiscal 2021 ("H1 2021") at OroValle, Spain.
Figure 5. High Angle East Sections (CNW Group/Orvana Minerals Corp.)
Juan Gavidia, CEO of Orvana Minerals stated: "While we are on track to deliver on our production guidance for fiscal 2021, we are also pleased to report that exploration at OroValle continues to produce positive results, enhancing our current 5-Year Life-of-Mine Plan. OroValle's future has never looked brighter than today. Completing Orvana's big picture, we look forward to updating shareholders with exploration results at our in-development Taguas Project in Argentina, and with metallurgical testing programs completion at EMIPA, Bolivia, over the next upcoming quarters."
Q2 FY2021 OPERATIONAL RESULTS
OroValle
10,785 gold ounces, and on track to meet fiscal year 2021 guidance
1.4 million pounds, and on track to meet fiscal year 2021 guidance
6,530m of exploration drilling at OroValle were undertaken pursuant to aggressive resources annual program
Taguas
3,000m of diamond drilling were undertaken in the quarter, with 2,000m more to be completed in Q3
An updated Resource Estimate is expected in the next quarter
EMIPA
The Oxides Stockpile Project quality assurance (metallurgical) testing is currently in progress, and a decision on the project is expected by the end of fiscal year 2021
Objectives for Remainder of FY2021
OroValle: Strong cash flow generation. Deliver on production guidance, and go beyond replenishment of annual depletion thus, extending mine life
Taguas: Issue expanded-resource PEA by end of 2021, and define the Infill Drilling Program required to develop a Pre-Feasibility Study during 2022
EMIPA: Make final decision on Oxides Stockpile Project. Subject to final approval and access to required financing, it will be a one-year construction project in 2022, and a three-year production life between 2023 and 2025
Production Results
Q2 FY2021
Q1 FY2021
Q2 FY2020
FY 2021 Guidance
Ore milled (tones)
159,603
180,380
148,339
Gold Equivalent (oz)
14,197
18,398
14,843
Gold
Grade (g/t)
2.31
2.60
2.74
Recovery (%)
90.9
93.6
93.0
Production (oz)
10,785
14,127
12,139
50,000 - 55,000
Copper
Grade (%)
0.47
0.63
0.52
Recovery (%)
82.3
81.6
83.1
Production (K lbs)
1,355
2,044
1,422
7,000 - 8,500
Orovalle H1 Exploration Update
El Valle Boinás
Fiscal year 2021 drilling program focus continues on the Oxides areas with a total of 13,743m drilled in H1 2021 (see Figure 1). Detail of areas and drilled metres are in Table 1 below and full detail of the drill program can be found in Table 2:
Infill (m)
Brownfield (m)
TOTAL (m)
A208
3,658
-
3,658
Boinas South
2,167
-
2,167
S107
867
-
867
High Angle East
-
4,648
4,648
Other Areas
1,796
607
2,403
TOTAL
8,488
5,255
13,743
Table 1. Orovalle H1 Drilling Fiscal Year 2021
Highlights per Area (see detailed assays in Table 2):
A208:8.9m with 28.93 g/t Au. Drilling advancing to the North, next to East Breccia.
Boinas South: 5.9m with 11.87 g/t Au and 1.31% Cu. Mineral expansion is open at depth and to the North. Drilling continues to the North, connecting the Black Skarn area, around the intrusive contour.
S107:2.1m with 43.28 g/t Au and 1.23% Cu. Drilling focused on open mineralization at depth.
High Angle East:4.3mwith38.38 g/t Au and 4.22% Cu. Structure growth remains open at depth and to the North.
Area 208 (A208)
Information obtained from 16,802m of infill drilling since 2019 allowed for better understanding of the structure, which remains open at depth. Zoning can be identified within the structure, where the highest gold grades are located at the footwall.
Boinas South (SB)
The drilling campaign was focused on the lower part, targeting skarn material with the highest gold and copper grades. The structure remains open at depth and to the North. An infill drilling campaign is being planned for the next few months.
S107
The infill drilling carried out in the deep zone has demonstrated a change in the inclination of the mineral layer, from a subvertical position to 45º Northwest, fitting the contact with the limestone. The skarn contains bands of massive copper sulphides.
High Angle East (HAE)
Drilling continues on the latest discovery at El Valle (see news release dated October 22, 2020). Zones within the structure contain Au and Au-Cu bands. The structure remains open at depth and to the North.
Greenfield exploration update A total of 1,016.7m was completed at the Lidia Project in H1 FY2021. The second phase is anticipated for September 2021, once the results of the first phase have been completely evaluated.
Quality Control
The analytical work for the brownfield and infill drilling programs are being performed by the Orovalle laboratory, which is ISO 9001:2015 certified. Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split:
The core samples are dried at a temperature of 105ºC and then crushed through a jaw crusher to 95%<6 mm. The coarse-crushed sample is further reduced to 95%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 140 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored.
After sample preparation, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and two-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion.
The reported work has been completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified reference material, blanks and duplicates samples into the sample stream.
The exploration update was prepared under the supervision of Guadalupe Collar Menéndez, a qualified person for the purposes of NI 43-101 and an employee of Orovalle Minerals S.L., a subsidiary of Orvana.
H1 2021 Intercepts from A208, S107, SB and HAE
Zone
DDH
From (m)
To (m)
Thick (m)
Au(gpt)
Ag(g/t)
Cu(%)
A208
20V1836
9.00
10.55
1.22
15.59
1.8
0.26
A208
20V1836
19.60
20.90
0.90
3.31
0.5
0.08
A208
20V1836
23.90
25.50
1.10
6.34
1.2
0.05
A208
20V1836
62.30
63.75
0.89
4.78
0.5
0.02
A208
20V1836
87.45
88.50
0.64
4.54
0.5
0.03
A208
20V1840
10.40
12.70
2.17
4.21
3.6
0.24
A208
20V1840
35.80
37.00
0.81
8.03
0.5
0.02
A208
20V1840
102.00
105.00
2.67
13.01
0.5
0.04
A208
Including
102.00
103.50
1.33
20.33
0.5
0.04
A208
20V1843
16.10
18.90
1.99
2.75
1.9
0.23
A208
20V1843
31.50
32.70
1.00
12.95
0.5
0.06
A208
20V1843
37.50
41.85
3.63
5.43
0.5
0.03
A208
20V1843
124.50
130.35
5.13
2.32
6.1
0.31
A208
20V1843
134.75
137.55
2.46
2.64
1.9
0.25
A208
20V1845
8.50
9.80
1.10
5.13
1.0
0.32
A208
20V1845
17.65
20.50
2.44
2.72
3.3
0.10
A208
20V1845
25.90
27.50
1.37
3.19
0.5
0.03
A208
20V1845
90.20
91.70
1.43
13.67
5.0
0.36
A208
20V1845
152.35
161.70
6.75
6.72
1.1
0.07
A208
20V1847
22.90
23.90
0.73
11.37
1.5
0.02
A208
20V1847
34.70
46.10
7.98
5.26
0.5
0.05
A208
Including
38.20
39.00
0.56
21.63
0.5
0.03
A208
Including
43.80
44.90
0.77
12.83
0.5
0.03
A208
20V1847
90.70
131.00
26.87
6.41
0.5
0.03
A208
Including
92.70
102.70
6.67
11.67
0.5
0.01
A208
Including
106.70
108.70
1.33
13.89
0.5
0.01
A208
Including
117.00
119.00
1.33
20.87
0.5
0.03
A208
20V1847
171.00
173.00
0.96
3.64
0.5
0.01
A208
20V1847
186.55
187.60
0.63
6.05
0.5
0.02
A208
20V1847
198.00
201.30
1.98
9.21
0.5
0.02
A208
20V1849
8.30
9.00
0.53
9.39
1.80
0.58
A208
20V1849
25.10
36.30
6.84
2.45
1.15
0.09
A208
20V1849
94.60
103.10
4.91
10.16
0.10
0.04
A208
Including
94.60
96.60
1.16
13.65
0.10
0.02
A208
Including
101.85
103.10
0.72
39.80
0.10
0.06
A208
20V1849
156.70
158.70
0.82
5.16
0.10
0.02
A208
20V1849
166.70
168.70
0.82
3.22
0.10
0.02
A208
20V1852
9.70
11.15
1.16
3.82
1.10
0.12
A208
20V1852
26.05
45.50
15.13
2.65
0.50
0.07
A208
Including
44.20
45.50
1.01
18.45
0.20
0.02
A208
20V1852
187.70
188.90
1.20
2.31
0.80
0.12
A208
20V1858
8.60
9.70
0.86
6.88
2.00
0.62
A208
20V1858
24.75
26.20
0.64
11.14
2.10
0.07
A208
20V1858
37.20
40.20
1.07
6.08
0.85
0.06
A208
20V1858
46.35
47.90
0.55
3.12
0.50
0.04
A208
20V1861
10.40
11.45
0.69
2.93
29.70
2.23
A208
20V1861
43.65
60.00
4.18
8.89
0.75
0.11
A208
Including
49.45
51.00
0.40
41.46
0.50
0.05
A208
Including
55.25
57.55
0.59
21.07
0.50
0.05
A208
20V1861
66.60
69.25
1.38
3.22
5.71
0.10
A208
20V1861
73.60
77.80
2.19
18.20
0.50
0.03
A208
Including
76.40
77.80
0.73
28.99
0.50
0.02
A208
20V1861
163.90
165.15
0.65
3.13
0.50
0.01
A208
20V1861
170.40
171.45
0.55
7.85
0.50
0.01
A208
20V1865
95.90
97.40
1.37
6.24
0.50
0.04
A208
20V1865
114.80
116.30
1.37
2.74
0.50
0.02
A208
20V1865
148.15
149.55
1.24
5.46
1.90
0.10
A208
20V1868
80.20
81.40
1.11
2.32
0.5
0.09
A208
20V1868
115.40
119.85
3.91
2.68
0.8
0.20
A208
20V1868
122.75
125.30
2.24
1.94
5.1
0.12
A208
20V1869
78.50
79.90
1.12
5.08
0.5
0.02
A208
20V1869
135.55
137.30
0.64
6.24
0.5
0.02
A208
20V1869
161.30
167.30
3.20
6.42
0.5
0.11
A208
20V1869
164.30
167.30
1.60
12.02
0.5
0.08
A208
20V1870
112.90
114.50
1.05
2.29
1.3
0.40
A208
20V1870
130.75
132.00
0.82
17.10
0.5
0.01
A208
20V1870
146.00
147.30
0.85
8.89
2.4
0.09
A208
20V1871
84.90
108.60
12.11
5.71
0.5
0.03
A208
Including
98.05
99.80
0.89
26.61
0.5
0.01
A208
Including
101.55
103.30
0.89
13.09
0.5
0.01
A208
20V1872
117.90
119.15
1.07
31.27
0.5
0.03
A208
20V1872
137.30
148.70
8.87
28.93
0.6
0.09
A208
Including
137.30
139.95
2.06
81.31
0.5
0.02
A208
Including
144.05
145.60
1.21
15.49
0.5
0.00
A208
Including
147.15
148.70
1.21
57.01
0.5
0.02
A208
20V1872
154.75
156.30
1.21
2.62
1.8
0.13
A208
20V1873
89.90
91.55
1.52
2.15
0.5
0.01
A208
20V1873
101.85
104.65
2.49
7.83
0.5
0.10
A208
20V1873
101.85
103.25
1.24
14.03
0.5
0.10
A208
21V1874
106.35
110.15
3.67
11.75
0.5
0.01
A208
Including
108.25
110.15
1.84
20.62
0.5
0.01
A208
21V1875
No intercepts >2g/t Au
A208
21V1876
72.00
74.00
1.82
5.55
0.5
0.01
A208
21V1876
120.10
121.85
1.59
31.59
0.5
0.03
A208
21V1876
128.85
130.60
1.59
8.72
0.5
0.03
A208
21V1877
132.00
133.50
1.25
8.01
0.5
0.02
A208
21V1878
91.90
93.90
1.89
4.67
0.5
0.04
A208
21V1879
92.90
100.75
6.45
5.58
1.3
0.09
A208
Including
95.50
96.80
1.07
11.67
0.5
0.05
A208
21V1880
60.90
62.40
1.50*
4.91
0.5
0.15
A208
21V1880
97.75
98.85
0.94
11.73
0.5
0.06
A208
21V1882
62.20
63.80
1.60*
2.15
0.5
0.11
A208
21V1882
94.85
97.85
2.63
21.52
0.5
0.03
A208
Including
96.35
97.85
1.32
40.86
0.5
0.03
A208
21V1882
101.85
103.35
1.32
2.04
0.5
0.08
A208
21V1882
106.35
107.85
1.32
2.57
0.5
0.01
A208
21V1883
51.75
53.75
2.00*
5.70
0.5
0.11
A208
21V1883
56.65
59.50
2.85*
38.04
0.5
0.27
S107
20V1838
No intercepts >2g/t Au
S107
20V1839
No intercepts >2g/t Au
S107
20V1842
88.90
90.10
1.11
9.78
94.20
7.65
S107
20V1841
8.90
10.65
1.75*
2.22
0.50
0.00
S107
20V1844
88.00
94.10
3.39
3.26
21.99
1.98
S107
20V1844
225.20
226.60
1.40
2.39
4.30
0.26
S107
20V1846
85.70
87.30
1.26
2.73
12.90
1.09
S107
20V1848
89.05
90.20
1.15*
2.78
4.20
0.03
S107
20V1850
41.35
42.80
1.45*
4.01
24.00
0.36
S107
20V1850
78.85
82.15
2.09
43.28
30.76
1.23
S107
Including
80.80
82.15
0.85
94.90
69.70
2.86
S107
20V1851
87.15
88.80
1.47
4.29
48.06
3.88
S107
20V1853
89.00
96.20
5.52
1.52
14.98
1.30
S107
20V1854
102.00
102.65
0.40
10.91
112.10
7.15
S107
20V1855
45.85
48.30
2.45*
13.06
17.72
1.38
S107
20V1855
58.55
59.90
1.35*
2.91
7.20
0.21
S107
20V1855
96.50
97.45
0.84
5.80
2.60
6.38
S107
20V1856
62.60
63.55
0.95*
5.58
25.30
0.42
S107
20V1856
85.80
90.85
4.21
1.18
14.77
0.77
S107
20V1857
61.20
62.50
1.30*
3.96
13.50
0.32
S107
20V1859
63.95
65.10
1.15
10.79
4.00
0.06
S107
20V1859
95.35
98.40
2.88
3.49
28.78
0.95
SB
20SB001
0.90
1.75
0.72
18.96
137.20
3.35
SB
20SB001
66.45
67.85
1.09
2.39
6.90
0.24
SB
20SB001
71.80
79.35
5.87
11.87
46.69
1.31
SB
including
75.15
77.80
2.06
14.64
96.43
2.40
SB
20SB001
85.80
90.00
3.97
4.59
0.70
0.04
SB
20SB002
1.05
1.95
0.78
2.10
16.20
0.92
SB
20SB002
72.00
74.50
2.50
2.10
52.34
4.50
SB
20SB002
80.65
81.60
0.94
3.00
27.80
0.47
SB
20SB003
65.75
93.00
23.62
3.39
36.21
1.71
SB
including
66.75
67.85
0.95
7.95
98.40
9.68
SB
including
69.80
72.20
2.08
3.95
53.45
1.48
SB
including
79.60
85.95
5.50
6.94
71.93
3.00
SB
including
91.40
93.00
1.39
5.64
1.90
0.01
SB
20SB004
No intercepts >2g/t Au
SB
20SB005
0.00
0.60
0.55
2.74
24.70
0.80
SB
20SB005
1.50
2.70
1.11
2.64
22.10
1.06
SB
20SB005
4.60
5.90
1.20
5.93
55.60
1.52
SB
20SB006
0.00
0.70
0.65
2.89
22.20
0.70
SB
20SB006
2.20
3.65
1.35
2.89
19.30
0.65
SB
21SB007
0.00
1.00
0.89
2.33
20.20
0.78
SB
21SB007
60.15
74.70
13.90
2.77
12.92
0.50
SB
Including
73.20
74.70
1.43
16.68
0.50
0.22
SB
21SB008
0.00
2.20
2.13
3.72
33.10
2.70
SB
21SB008
67.15
68.80
1.37
2.40
64.10
0.97
SB
21SB008
78.30
79.55
0.99
3.96
0.50
0.07
SB
21SB009
0.00
0.95
0.81
5.13
59.60
7.00
SB
21SB011
53.00
56.10
2.86
2.32
20.94
0.91
SB
21SB010
0.00
1.55
1.21
7.54
53.50
4.01
SB
21SB012
51.50
57.25
5.30
5.27
77.67
2.26
SB
21SB012
65.30
74.20
5.64
3.52
18.52
0.43
SB
21SB013
62.40
64.10
1.53
14.54
144.30
2.29
SB
21SB014
54.90
58.30
2.87
2.20
18.18
1.09
SB
21SB014
62.65
64.10
1.22
2.86
19.10
0.68
SB
21SB015
52.30
63.80
9.46
3.45
18.76
0.48
SB
21SB016
84.95
86.45
0.75
2.37
27.90
0.62
SB
21SB017
69.00
70.25
1.11
2.21
11.20
0.26
SB
21SB017
78.40
79.55
0.83
2.85
1.10
0.02
SB
21SB018
56.65
59.85
2.99
6.63
38.97
1.07
SB
Including
58.70
59.85
1.07
15.63
97.10
2.64
SB
21SB018
74.00
76.40
1.87
2.58
4.60
0.12
HAE
20HA41
213.70
214.80
1.10*
4.34
11.70
0.89
HAE
20HA42
No intercepts >2g/t Au
HAE
20HA43
178.50
193.30
14.80*
2.16
2.16
0.13
HAE
including
178.50
184.75
6.25*
3.46
1.95
0.04
HAE
20HA43
188.95
190.40
1.45*
2.62
5.50
0.28
HAE
20HA43
191.85
193.30
1.45*
2.04
0.50
0.05
HAE
20HA44
202.50
209.75
7.25*
1.39
0.80
0.03
HAE
20HA44
221.10
222.10
1.00*
1.64
17.10
0.94
HAE
20HA45
186.20
200.45
14.25*
2.09
7.29
0.25
HAE
including
187.70
193.70
6.00*
3.29
1.78
0.03
HAE
20HA46
175.05
188.70
13.65*
2.83
2.37
0.06
HAE
including
175.05
176.55
1.50*
16.39
0.50
0.05
HAE
including
184.20
188.70
4.50*
2.85
6.17
0.14
HAE
20HA47
165.05
167.10
2.04*
2.02
168.93
8.94
HAE
20HA48
152.85
155.00
2.15*
1.90
5.27
0.09
HAE
20HA49
135.70
139.70
4.00*
2.95
24.41
1.39
HAE
20HA50
No intercepts >2g/t Au
HAE
20HA51
214.00
220.75
6.75*
4.95
3.15
0.23
HAE
20HA51
223.30
225.10
1.79*
1.79
6.65
0.14
HAE
20HA52
128.80
130.00
1.19*
3.31
45.00
1.08
HAE
20HA53
167.80
171.30
3.50*
2.79
21.25
0.47
HAE
20HA53
178.70
184.70
6.00*
8.85
386.16
1.69
HAE
20HA54
159.90
163.80
3.90*
2.58
1.39
0.03
HAE
21HA55
92.75
94.00
1.25*
5.34
21.80
1.26
HAE
21HA55
96.50
99.85
3.34*
8.68
5.21
0.10
HAE
21HA55
176.00
176.90
0.90*
3.39
16.50
0.58
HAE
21HA56
109.45
112.70
3.25*
3.57
3.24
0.12
HAE
21HA57
31.90
33.25
1.35*
4.03
0.50
0.03
HAE
21HA58
204.45
206.00
1.55*
4.01
12.70
0.40
HAE
21HA58
207.55
209.10
1.54*
2.34
23.50
0.87
HAE
21HA59
No intercepts >2g/t Au
HAE
21HA60
147.30
150.00
2.69*
10.55
3.90
0.23
HAE
Including
148.65
150.00
1.34*
18.02
7.30
0.42
HAE
21HA60
155.40
156.55
1.15*
2.34
0.50
0.00
HAE
21HA60
165.50
169.00
3.50*
3.06
1.01
0.00
HAE
21HA61
188.40
189.90
1.50*
2.67
1.70
0.07
HAE
21HA62
55.85
60.15
4.30*
38.38
76.35
4.22
HAE
Including
55.85
57.25
1.40*
83.21
101.80
2.85
HAE
Including
58.65
60.15
1.50*
25.89
71.40
5.07
HAE
21HA62
136.55
139.05
2.50*
8.92
37.70
0.81
HAE
Including
137.80
139.05
1.25*
11.38
8.90
0.19
* Not true widths as there is currently insufficient data to calculate true orientation
ABOUT ORVANA - Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the El Valle operation in northern Spain, and the Don Mario gold-silver property in Bolivia, currently in care and maintenance. Orvana is in the process of closing the acquisition of Taguas, Argentina. Additional information is available at Orvana's website (www.orvana.com).
Cautionary Statements - Forward-Looking Information
Certain statements made herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates", "intends" or "anticipates" or stating that certain actions, events or results "may", "could", "would", "might", "will" or "are projected to" be taken or achieved) are not statements of historical fact, but are forward-looking statements.
The forward-looking statements herein relate to, among other things: Orvana's ability to achieve improvement in free cash flow; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to in the case of Don Mario, the processing of the mineral stockpiles and the reprocessing of the tailings material; Orvana's ability to optimize its assets to deliver shareholder value; the Company's ability to optimize productivity at Don Mario and El Valle; any measures taken by the Company to prevent and/or mitigate the impact of COVID-19 and other infectious diseases at or near the Company's mines and support the sustainability of its business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions (including the completion of the acquisition of Taguas); future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans, Orvana's exploration activities and programs and its plan and expectations for its properties, as well as the timing and costs associated with same; . Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle and Don Mario being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.
A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include the effect of COVID-19 and other infectious diseases on the Company's operations, workforce and supply chain, fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined as the exploration program advances, the success of exploration activities, the Company's ability to continue to operate the El Valle and/or Don Mario and/or ability to resume long-term operations at the Carlés Mine; the Company's ability to successfully implement a sulphidization circuit and ancillary facilities to process the current oxides stockpiles at Don Mario; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Company's disclosures. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors.
Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company and may not be appropriate for other purposes.
Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.
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