Ms. Daniella Dimitrov reports

ORVANA REPORTS SECOND QUARTER FISCAL 2015 RESULTS - EXPECTS TO MEET 2015 PRODUCTION AND COSTS GUIDANCE

Orvana Minerals Corp. has released financial and operating results for the second quarter of fiscal 2015. (All dollar amounts are in thousands of U.S. dollars unless stated otherwise.) The unaudited condensed interim consolidated financial statements for second quarter 2015 and management's discussion and analysis related thereto are available on SEDAR and at the Orvana website. A conference call is scheduled for May 6, 2015, at 10 a.m. EDT to discuss the second quarter 2015 operating and financial results. Details of the call may be found on the company's website and at the end of this news release.

Daniella Dimitrov, who was appointed as president, chief executive officer and director of the company on March 31, 2015, stated: "Our favourable growing net cash balance of almost $18-million and a clean balance sheet position us to pursue a growth strategy. We are focused on organic growth opportunities at both EVBC and Don Mario given the known geological potential at both operations. We have also been considering external growth opportunities, which may result in the consideration of a number of possible outcomes, including asset or corporate transactions. At the same time, we remain dedicated to continue to optimize our operations, particularly at EVBC, where we are focused on development and maintenance initiatives. We look forward to delivering improving results based on these initiatives in the second half of fiscal 2015."

Second quarter 2015 operating and financial highlights:

• Gold production remained relatively the same in second quarter 2015 at 19,403 ounces, and copper production increased by 19 per cent compared with the second quarter of 2014.
• Sales of gold and copper increased by 13 per cent and 72 per cent, respectively, compared with the second quarter of fiscal 2014.
• Cash operating costs and all-in sustaining costs on a byproduct basis (net of copper and silver byproduct revenue from EVBC and Don Mario) per ounce of gold sold in the first half of fiscal 2015 of $777 and $1,080 respectively, compared with COC and AISC (byproduct) of $817 and $1,149, respectively, in the first half of fiscal 2014, represent a decrease of 5 per cent and 6 per cent, respectively.
• The Carles mine at EVBC was placed on care and maintenance in February to optimize production at the continuing Boinas mine at EVBC and focus on producing only profitable ounces. As part of the transition plan of people and resources from Carles to Boinas, optimization initiatives include the reorganization of the underground mine production teams and the replacement of the oxides mining contractor with the production crews from Carles in April, 2015. Other planned productivity initiatives include the centralization of the various spread-out supplies and materials warehouses. These initiatives are expected to yield results in the second half of fiscal 2015.

The attached operating and financial performance table includes consolidated operating and financial performance data for the company.

                                   OPERATING AND FINANCIAL PERFORMANCE
                                        
                                                               Q1 2015   Q2 2015   Q2 2014  YTD 2015  YTD 2014
Operating performance
Gold
Grade (g/t)                                                       2.52      2.32      2.10      2.42      2.05
Recovery (%)                                                      75.6      76.4      75.0      75.9      75.3
Production (oz)                                                 22,195    19,403    19,535    41,598    38,390
Sales (oz)                                                      21,660    18,636    16,509    40,296    36,122
Average realized price/oz                                       $1,202    $1,226    $1,283    $1,213    $1,286
Copper
Grade (%)                                                         1.13      1.06      0.98      1.10      0.95
Recovery (%)                                                      77.5      75.5      60.6      76.5      60.4
Production (000 lb)                                              6,990     6,014     5,048    13,004     9,767
Sales (000 lb)                                                   6,933     6,091     3,546    13,024     7,944
Average realized price/lb                                        $3.01     $2.62     $3.14     $2.83     $3.19
Silver
Grade (%)                                                        17.33     19.32     37.20     18.29     34.56
Recovery (%)                                                      67.0      62.2      60.2      64.5      61.8
Production (oz)                                                135,305   131,535   277,656   266,840   530,486
Sales (oz)                                                     147,139   111,563   166,866   258,702   384,882
Average realized price/oz                                       $16.48    $16.75    $20.37    $16.61    $20.55

Financial performance (in $000s, except per-share amounts)
Revenue                                                        $38,770   $30,108   $29,125   $68,878   $64,345
Mining costs                                                   $27,970   $23,944   $24,151   $51,914   $47,927
Gross margin                                                    $2,448       $78   ($2,173)   $2,526    $2,335
Derivative instruments (loss) gain                                 $--       $--   ($2,343)      $--    $6,141
Net income (loss)                                                 $738   ($4,130)  ($6,953)  ($3,392)    ($945)
Net income (loss) per share (basic/diluted)                      $0.01    ($0.03)   ($0.05)   ($0.02)   ($0.01)
Adjusted net income (loss)                                        $738   ($4,130)  ($3,340)  ($3,392)  ($2,113)
Adjusted net income (loss) per share (basic)                     $0.01    ($0.03)   ($0.02)   ($0.02)   ($0.02)
Operating cash flows before non-cash working capital changes    $7,455    $2,662    $3,587   $10,117   $12,105
Operating cash flows                                           $14,958    $4,528    $3,886   $19,486    $7,771
Ending cash and cash equivalents                               $20,376   $21,512    $5,914   $21,512    $5,914
Restricted cash (including long term)                           $5,496    $5,936   $17,905    $5,936   $17,905
Capital expenditures                                            $2,461    $3,596    $4,757    $6,057    $7,877
Cash operating costs (byproduct) ($/oz) gold                      $696      $871    $1,009      $777      $817
All-in sustaining costs (byproduct) ($/oz) gold                   $950    $1,230    $1,386    $1,080    $1,149

Outlook

The company is pursuing a number of initiatives for the rest of fiscal 2015 to meet its objectives of lowering unitary cash costs, maximizing free cash flow, extending the life of mine of its operations and expanding its operations.

At EVBC, the company is focused on: (i) increasing productivity and optimizing the head grade mined to produce profitable ounces; (ii) increasing reserve and resource estimates by upgrading inferred mineral resources to measured and indicated categories and expanding known resources; and (iii) identifying new resources at EVBC and surrounding areas.

Currently, the company is pursuing opportunities to define new resources in the areas surrounding EVBC. A diamond drilling program is under way at La Brueva project, located eight kilometres from the Boinas mine. The company's initial drilling program consisted of nine holes totalling 1,860 metres and was completed in April, 2015. A second phase of drilling consisting of 12 holes totalling 2,400 metres has commenced and targets the western part of the structure to define the extent and continuity of mineralization between the recent drill holes and a historical hole. The second phase is expected to be completed by the end of fiscal 2015. The company will review assay results and geological interpretations from both phases of this drilling program and determine the viability of future drill programs at that time. Additionally, the company is pursuing exploration activities, such as mapping, sampling and geophysics, on concessions it holds investigation permits for in the vicinity of the EVBC mines.

At Don Mario, the company is focused on: (i) exploration activities on mineralized zones surrounding the current open pit; (ii) determining the viability of a pushback to access previously unmined lower mineralized zone material to extend the mine life; and (iii) further metallurgical testing of stockpiled oxide material to determine an economically viable option for future treatment.

The attached production, capital expenditures and guidance table sets out Orvana's production, capital expenditures, and consolidated COC and AISC (byproduct) per ounce of gold sold for the first half of fiscal 2015, as well as its fiscal 2015 guidance.

                          PRODUCTION, CAPITAL EXPENDITURES AND GUIDANCE

                                                        YTD 2015                  Actual FY 2015 
                                                                                updated guidance
EVBC mine production
Gold (oz)                                                 29,512                   63,000-66,000
Copper (million lb)                                          3.4                         6.5-7.0
Silver (oz)                                               88,876                 150,000-180,000
Don Mario mine production
Gold (oz)                                                 12,086                   19,000-22,000
Copper (million lb)                                          9.7                       16.5-18.0
Silver (oz)                                              177,964                 400,000-500,000
Total production
Gold (oz)                                                 41,598                   82,000-88,000
Copper (million lb)                                         13.0                       23.0-25.0
Silver (oz)                                              266,841                 550,000-680,000
Total capital expenditures                                $6,057                 $13,000-$15,000
Cash operating costs (byproduct) ($/oz) gold                $777                       $700-$770
All-in sustaining costs (byproduct) ($/oz) gold           $1,080                   $1,000-$1,100

Other corporate developments

On April 8, 2015, Orvana announced the appointment of Jeffrey Hillis as the new chief financial officer of Orvana. The company also wishes to announce the departure of Neil Ringdahl as chief operating officer of Orvana, effective April, 2015, to pursue other opportunities. It thanks Mr. Ringdahl for his contributions during his tenure and wishes him the best in his future endeavours.

Conference call details

Orvana's conference call is scheduled for May 6, 2015, at 10 a.m. EST. The conference call can be accessed in Canada and the United States at 1-800-319-4610. Outside of Canada and the U.S., please call 1-604-638-5340. The audio of the conference call will be available for playback and review on the Orvana website.

We seek Safe Harbor.