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or Name

Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2014-07-17 C$ 0.55
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Orvana's Spanish unit begins to repay EVBC loan

2014-07-17 17:03 ET - News Release

Mr. Michael Winship reports


Kinbauri Espana SLU, a wholly owned Spanish subsidiary of Orvana Minerals Corp., has begun the accelerated repayment of its loan maturing Nov. 30, 2014, relating to its El-Valle Boinas and Carles mines in Spain, following the restructuring announced June 30, 2014. In July, month to date, Kinbauri has made repayments on its restructured EVBC loan from the proceeds of the sale of Copperwood in June, the release from restricted cash of certain moneys and the closure of all derivatives instruments previously outstanding. Following a number of additional repayments to be made over the next five months, the balance payable at Nov. 30, 2014, the maturity date, will be $8,075,000 (U.S.). Please refer to the attached table.

                               LOAN REPAYMENT
Restructured EVBC loan (U.S.$)                                    (thousands)

Principal balance outstanding -- June 30, 2014                       $37,461
Repayment July 2                                                     ($3,990)
Repayment from restricted cash and Copperwood proceeds               ($8,759)
Repayment from closure of derivatives                                ($7,098)
Principal balance outstanding -- July 17, 2014                       $17,614
Repayment for Oct. 2 (in restricted cash at June 27)                 ($3,990)
Repayment for Aug. 31 (from working capital)                         ($1,000)
Repayment on Nov. 30 (from working capital -- to be
delivered as restricted cash Sept. 30)                               ($4,549)
Balance payable on Nov. 30, 2014                                      $8,075
Bolivian bank debt at July 17, 2014                                   $7,392

Under the restructured EVBC loan, certain financial covenants and non-compliance matters have been waived until Nov. 30, 2014.

Orvana's debt, net of cash, cash equivalents and restricted cash, is now down to $13.7-million (U.S.) from $40.0-million (U.S.) at March 31, 2014.

Michael Winship, president and chief executive officer of Orvana, said, "Orvana's management continues to focus on strengthening the company's balance sheet with debt repayment and is pleased to have achieved a number of milestones in July."

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