13:21:33 EDT Sat 30 Sep 2023
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or Name

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Orvana Minerals Corp
Symbol ORV
Shares Issued 136,623,171
Close 2022-01-28 C$ 0.325
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Orvana to issue amended NI 43-101 report for Don Mario

2022-01-31 00:20 ET - News Release

An anonymous director reports


As a result of a review by staff of the Ontario Securities Commission (OSC), Orvana Minerals Corp. is issuing the following news release regarding its disclosure on the Don Mario property.

On Dec. 29, 2020, the company filed a technical report, effective Sept. 30, 2020, on the Don Mario oxide stockpile project, located on the Don Mario property. On Dec. 29, 2021, the company filed a technical report, effective Sept. 30, 2021, on the tailings reprocessing project, also located on the Don Mario property.

Both projects on the Don Mario property were reported independently as the mineral resource base is not connected. The OSC staff advised that, under the definition of a technical report in National Instrument 43-101, there can be only one current technical report in respect of a property. Any time a new technical report is filed, it will replace the previously filed technical report on that property, and must include the material scientific and technical information which is still current and relevant to that property. Consequently, the stockpile technical report and the tailings technical report do not comply with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Form 43-101F1 Technical Report.

As a result, the company is in the process of preparing a new technical report that will effectively merge the disclosure contained in the stockpile technical report and the tailings technical report as both projects are located on the same property and information in respect of both is required for the technical report to be current.

The OSC staff also identified certain other deficiencies in the stockpile technical report and tailings technical report related to missing disclosure that is required under several items in Form 43-101F1, each of which will be rectified in the amended technical report. The company has engaged an independent technical consultant to assist in reviewing and preparing the amended technical report to comply with the NI 43-101 requirements, and anticipates filing the amended technical report on or before the date that is 45 days from the date hereof.

The company will issue a subsequent press release when the amended technical report is filed on the company's SEDAR profile.

About Orvana Minerals Corp.

Orvana is a multimine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carles gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, currently in care and maintenance, and the Taguas property located in Argentina.

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