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Orvana Releases Results for the Second Quarter of Fiscal 2014

TORONTO, ONTARIO -- (Marketwired) -- 05/14/14 -- Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operating results for the second quarter ended March 31, 2014 ("Q2 2014").

The Company reported a net loss in the second quarter of fiscal 2014 of $7.0 million or $0.05 per share and an adjusted net loss of $3.3 million or $0.02 per share excluding the unrealized loss from the revaluation of the Company's derivative instruments and the tax effect thereof and the loss from discontinued operations relating to the divestiture of Copperwood.

The unaudited condensed interim consolidated financial statements for the second quarter of fiscal 2014 (the "Q2 2014 FS") and Management's Discussion & Analysis related thereto (the "Q2 2014 MD&A") are available on SEDAR at www.sedar.com and at www.orvana.com.

Dollar amounts (other than per ounce/pound and per share amounts) are in thousands of U.S. dollars unless stated otherwise, and fine troy ounces of gold and silver are referred to as "ounces" or "oz".

Q2 2014 Operating and Financial Highlights


--  We completed the hoist repairs, upgrades and the majority of hoist
    commissioning at the Boinas Mine. 
--  We commissioned two gold gravity concentrators to the processing circuit
    at the Don Mario Mine and expect increased gold production in the second
    half of fiscal 2014 and thereafter. 
--  We announced the divestiture of our Copperwood project in Michigan for
    total cash consideration of up to $25,000 including $20,000 cash on
    closing with the closing of the sale estimated to occur on or about May
    30, 2014. 
--  Orvana produced 19,535 ounces of gold, 5.0 million pounds of copper and
    277,656 ounces of silver and had sales of 16,509 ounces of gold, 3.5
    million pounds of copper and 166,866 ounces of silver compared with
    production of 18,144 ounces of gold, 3.9 million pounds of copper and
    191,374 ounces of silver and sales of 19,248 ounces of gold, 3.9 million
    pounds of copper and 213,879 ounces of silver in the second quarter of
    fiscal 2013. (1) 
--  Revenue in the second quarter of fiscal 2014 was $29,125 compared with
    revenue of $45,576 in the second quarter of fiscal 2013, primarily due
    to lower commodity prices and lower sales volume in the second quarter
    of fiscal 2014. 
--  Mining costs for the second quarter of fiscal 2014 decreased by $3,287
    or 12% from $27,438 to $24,151 primarily due to lower sales volume
    compared to the second quarter of fiscal 2013. 
--  Net loss was $6,953 in the second quarter of fiscal 2014 compared with
    net income of $6,483 in the second quarter of fiscal 2013 primarily as a
    result of lower revenue and a loss from the fair market revaluation of
    the Company's outstanding derivative instruments. 
--  Adjusted net loss was $3,340 in the second quarter of fiscal 2014
    compared with adjusted net income of $991 in the second quarter of
    fiscal 2013, primarily due to lower revenue from lower sales and lower
    commodity prices. (2) 
--  Orvana had cash flows provided by operating activities from continuing
    operations of $3,886 in the second quarter of fiscal 2014 compared with
    $14,080 in the second quarter of fiscal 2013 and cash flows provided by
    operating activities before changes in non-cash working capital of
    $3,587 in the second quarter of fiscal 2014 compared with $10,604 in the
    second quarter of fiscal 2013. (2) 
--  Working capital increased to $30,753 at March 31, 2014 including the
    reclassification of Copperwood as an asset held for sale, compared with
    $16,351 at December 31, 2013. 
--  Capital expenditures were $10,302 for the first half of fiscal 2014
    consisting primarily of primary mine development at the EVBC Mines, EVBC
    hoist repairs and upgrade costs, the addition of gravity gold
    concentrators at the Don Mario Mine and tailings dam raises at both the
    EVBC and the Don Mario Mines compared with $10,681 for the first half of
    fiscal 2013. 
--  Debt net of cash, cash equivalents and restricted cash for debt
    repayment was $39,995 at March 31, 2014 and payment of long-term
    principal and interest was $7,900 in the six months ended March 31,
    2014. 
--  All-in sustaining costs (by-product) were $1,431 per ounce of gold at
    EVBC compared with $1,032 in the second quarter of fiscal 2013. All-in
    sustaining costs (co-product) were $967 per ounce of gold, $17.70 per
    ounce of silver and $2.57 per pound of copper at the Don Mario Mine
    compared with $1,262 per ounce of gold, $24.39 per ounce of silver and
    $2.70 per pound of copper in the second quarter of fiscal 2013. (3) 

(1) For a description of the EVBC Mines and the Don Mario Mine, please see  
    "Overall Performance - EVBC Mines" and "Overall Performance - Don Mario 
    Mine" sections of the Q2 2014 MD&A.                                     
(2) Adjusted net income (loss), cash flows from operating activities before 
    changes in non-cash working capital and all-in sustaining costs are non-
    IFRS performance measures with no standard definition under IFRS. The   
    Company believes that, in addition to conventional measures prepared in 
    accordance with IFRS, the Company and certain investors use this        
    information to evaluate the Company's performance including the         
    Company's ability to generate cash flows from its mining operations.    
    Accordingly, it is intended to provide additional information and should
    not be considered in isolation or as substitutes for measures of        
    performance prepared in accordance with IFRS. For further information   
    and a detailed reconciliation, please see the "Other Information - Non- 
    IFRS Measures" section of the Q2 2014 MD&A.                             
(3) The Company, in conjunction with initiatives undertaken within the gold 
    mining industry, adopted all-in sustaining costs ("AISC") and all-in    
    costs ("AIC") which are non-IFRS performance measures as set out in the 
    guidance note released by the World Gold Council in June 2013. The      
    Company believes these performance measures more fully define the total 
    costs associated with its metal production, however, these performance  
    measures have no standardized meaning. Accordingly, they are intended to
    provide additional information and should not be considered in isolation
    or as a substitute for measures of performance prepared in accordance   
    with IFRS. The Company reports these measures on a metals volumes sold  
    basis. The Company began reporting these performance measures in the    
    MD&A for the fiscal year ended September 30, 2013 and comparative       
    periods have been restated accordingly. For further information and a   
    detailed reconciliation of these performance measures, please see the   
    "Other Information - Non-IFRS Measures" section of the Q2 2014 MD&A.    

"With completion of the hoist repair and upgrades at EVBC, we expect the second half of fiscal 2014 to be closer to expectations" said Michael Winship, President and Chief Executive Officer. "We are pleased with year to date performance at the Don Mario Mine and accordingly have revised guidance."

Outlook

Orvana's short-term focus is operational optimization at the EVBC Mines and the Don Mario Mine to generate increasing operating cash flows in order to pay down debt and pursue growth alternatives. Production optimization projects have been initiated at both operating sites. Ongoing benefits have and will continue to be achieved at the Don Mario Mine. However, EVBC has been hampered with the loss of hoisting over the last nine months. Operational and corporate reviews have been underway to increase production to reduce operating and capital costs to improve liquidity and cash flows given the recent declines and continued volatility in the metals markets.

At EVBC, production and sales were lower in the first half of fiscal 2014 as a result of lower head grades in the areas being mined. The Company's focus at EVBC continues to be on improving head grades, increasing metal production and reducing total all-in costs per ounce of gold. With the completion of the hoist repairs and upgrades and the recovery of the San Martin area, the Company will continue to focus on these initiatives in the second half of fiscal 2014. Management changes have been made at EVBC to deal with the poor performance and the organization is being strengthened. Management expects the return to higher grade mineralization to take some additional time and, accordingly, has revised its production guidance lower given the volumes of metals produced to date.

The Company's focus at the Don Mario Mine continues to be on improving metal production and reducing operating costs. The suspension of the leach-precipitation-floatation ("LPF") process in the fourth quarter of fiscal 2013 has already contributed materially to these goals, particularly in unit cost reduction. Over the remainder of fiscal 2014, the Company will continue to work on optimizing recoveries of gold and silver from the new gold gravity concentrators, complete further testing of oxides processing and advance exploration activities on a success-based model. Given the production from the Don Mario Mine to date and expectations for the balance of the fiscal year, management has revised its production guidance upward for all three metals.

Orvana intends to use the proceeds received from the sale of Copperwood to repay indebtedness and for working capital. In fiscal 2014, Orvana has allocated certain amounts towards internal growth exploration initiatives at both the EVBC Mines and the Don Mario Mine and the surrounding regions. Orvana's long-term focus is to utilize future operating cash flow and mining capabilities to build long-term value for its shareholders. Growth opportunities, particularly near the Spanish operations, will continue to be investigated.

OVERALL PERFORMANCE

During the second quarter of fiscal 2014, the Company continues to achieve consistent operating results. The table below summarizes the Company's operating and financial performance data for the Company for the following periods:


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance (1)                                                   
Gold                                                                        
  Production (oz)                  18,855  19,535   18,144   38,390   35,903
  Sales (oz)                       19,613  16,509   19,248   36,122   32,144
  Average realized price / oz (1)  $1,288  $1,283   $1,616   $1,286   $1,651
Copper                                                                      
  Production ('000 lbs)             4,719   5,048    3,852    9,767    8,236
  Sales ('000 lbs)                  4,398   3,546    3,848    7,944    7,822
  Average realized price / lb (1)   $3.23   $3.14    $3.50    $3.19    $3.45
Silver                                                                      
  Production (oz)                 252,830 277,656  191,374  530,486  424,826
  Sales (oz)                      218,016 166,866  213,879  384,882  455,651
  Average realized price / oz (1)  $20.69  $20.37   $28.10   $20.55   $29.08
----------------------------------------------------------------------------
Financial Performance                                                       
Revenue (1)                       $35,220 $29,125  $45,576  $64,345  $81,227
Mining costs (1)                  $23,776 $24,151  $27,438  $47,927  $47,684
Loss from discontinued operations     $16    $985      $72   $1,001      $72
Gross margin                       $4,508 ($2,173) $11,697   $2,335  $23,083
Derivative instruments gain (loss) $8,484 ($2,343)  $6,545   $6,141  $18,293
Net income (loss)                  $6,008 ($6,953)  $6,483    ($945) $20,134
Net income (loss) per share                                                 
 (basic/diluted)                    $0.04  ($0.05)   $0.05   ($0.01)   $0.15
Adjusted net income (loss) (2)     $1,227 ($3,340)    $991  ($2,113)  $5,336
Adjusted net income (loss) per                                              
 share (basic/ diluted) (2)         $0.01  ($0.02)   $0.01   ($0.02)   $0.04
Operating cash flows before non-                                            
 cash working capital changes (1)  $8,518  $3,587  $10,604  $12,105  $18,888
Operating cash flows (1)           $3,885  $3,886  $14,080   $7,771  $14,335
Ending cash and cash equivalents   $9,368  $5,914  $14,346   $5,914  $14,346
Restricted cash (including long-                                            
 term)                            $19,063 $17,905  $13,858  $17,905  $13,858
Capital expenditures (1)           $3,120  $4,757   $8,753   $7,877  $12,982
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 MD&A for further information on operating          
    performance, metals production, metals sales, sales volumes, revenue,   
    mining costs, adjusted net income and capital expenditures.             
(2) Adjusted net loss represents net loss of $6,953 less the tax-adjusted   
    unrealized loss of $2,628 on the Company's outstanding derivative       
    instruments and the loss from discontinued operations from the          
    divestiture of Copperwood of $985. Refer to the Q2 2014 MD&A for further
    information.                                                            

EVBC Mines

During the second quarter of fiscal 2014, the EVBC Mines produced 15,441 ounces of gold, 1.3 million pounds of copper and 38,846 ounces of silver compared with (i) 13,988 ounces of gold, 1.3 million pounds of copper and 33,838 ounces of silver during the first quarter of fiscal 2014, and (ii) 15,713 ounces of gold, 1.5 million pounds of copper and 41,848 ounces of silver during the second quarter of fiscal 2013. The (i) increase in production compared with the first quarter of fiscal 2014 is primarily due to higher tonnes milled and an increase in gold, copper and silver head grades of 7%, 3% and 13%, respectively, and (ii) decrease in production compared with the second quarter of fiscal 2013 is primarily due to a decrease in gold, copper and silver head grades of 8%, 15%, and 19%, respectively.

During the first quarter of fiscal 2014, significant work was completed at the EVBC Mines to recover a failed zone in the San Martin skarns area in the Boinas Mine, which occurred in the third quarter of fiscal 2012. This work was substantially completed in the second quarter of fiscal 2014 and is expected to ensure ground stability in order to allow for access to higher grade mineralization from other nearby stopes. Mining costs of $264 and $652 associated with the recovery were expensed during the quarter and the first six months of fiscal 2014, respectively.

As a result of a hoisting accident at the Boinas Mine in June 2013, an alternative production schedule continued to be used during the second quarter of fiscal 2014 which incorporated ramp haulage for all materials mined. The hoist and shaft repairs, upgrades and the majority of commissioning were completed during the second quarter of fiscal 2014 allowing hoisting to recommence. Modification to the underground materials handling system to enhance ore movement and provide the potential to hoist oxides was also completed, in addition to upgrades to the capabilities of the hoist with enhanced performance design and safety improvements. Subsequent to the end of the second quarter of fiscal 2014, the final certification process was completed. At March 31, 2014, the total costs of the basic recovery of and upgrades to the hoist were approximately $4,500. The repairs and upgrades costs were capitalized to property, plant and equipment. One of the two insurers that may afford coverage related to this loss has confirmed coverage. Orvana has exercised the "disputed loss agreement" clause under its policies which would result in both insurers having to work together to jointly resolve the insurance claim filed by the Company in respect of the basic recovery costs of the hoist estimated at approximately $2,500. Future insurance proceeds will be recorded in "other income" once received.

Mine performance was negatively impacted by continued reliance on ramp access at the Boinas Mine for ore, waste and backfill haulage. The grade was lower than planned due to filling delays in the higher grade San Martin area, resulting in increased mining activity in the lower grade black skarns and San Martin transition zones. Backfilling is now generally caught up to normal levels and will be further facilitated with the reduced trucking usage for ore due to hoisting capability.

The following table includes consolidated operating and financial performance data for EVBC for the periods set out below.


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance                                                       
Ore mined (tonnes) (wmt)          186,874 185,835  191,460  372,709  354,511
Ore milled (tonnes) (dmt)         180,713 186,111  176,445  366,824  322,335
Gold                                                                        
  Grade (g/t)                        2.62    2.80     3.04     2.71     3.11
  Recovery (%)                       92.0    92.2     90.9     92.1     92.0
  Production (oz)                  13,988  15,441   15,713   29,429   29,662
  Sales (oz)                       14,954  14,344   16,824   29,298   25,583
Copper                                                                      
  Grade (%)                          0.40    0.41     0.48     0.41     0.49
  Recovery (%)                       79.3    78.2     80.4     78.7     81.4
  Production ('000 lbs)             1,258   1,322    1,488    2,580    2,835
  Sales ('000 lbs)                  1,412   1,455    1,636    2,867    2,452
Silver                                                                      
  Grade (g/t)                        7.23    8.15    10.03     7.70    10.68
  Recovery (%)                       80.5    79.6     73.8     80.1     76.6
  Production (oz)                  33,838  38,846   41,848   72,684   84,725
  Sales (oz)                       37,565  40,592   43,183   78,157   76,462
----------------------------------------------------------------------------
Financial Performance                                                       
Revenue                           $21,844 $21,777  $31,446  $43,621  $48,906
Mining costs                      $16,445 $19,766  $17,317  $36,211  $27,230
Derivative instruments gain (loss) $8,484 ($2,343)  $6,545   $6,141  $18,293
Income (loss) before tax           $8,009 ($7,364) $15,350     $645  $31,730
Capital expenditures (1)           $3,727  $4,434   $3,243   $8,161   $6,598
----------------------------------------------------------------------------
Cash operating costs (by-product)                                           
 ($/oz) gold (1)                     $884  $1,166     $784   $1,022     $805
All-in sustaining costs (by-                                                
 product) ($/oz) gold (1)          $1,116  $1,431   $1,032   $1,270   $1,145
All-in costs (by-product) ($/oz)                                            
 gold (1)                          $1,214  $1,564   $1,032   $1,385   $1,145
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 MD&A for further information on operating          
    performance, capital expenditures, cash operating costs, AISC and AIC.  
    Costs are reported per ounce of gold sold in the period.                

Don Mario Mine, Bolivia

During the second quarter of fiscal 2014, the Don Mario Mine produced 4,094 ounces of gold, 3.7 million pounds of copper and 238,810 ounces of silver compared with (i) 4,867 ounces of gold, 3.5 million pounds of copper and 218,992 ounces of silver in the first quarter of fiscal 2014, and (ii) 2,432 ounces of gold, 2.4 million pounds of copper and 149,526 ounces of silver in the second quarter of fiscal 2013. The (i) increase in copper and silver production compared with the first quarter of fiscal 2014 is primarily due to an increase in copper and silver head grades of 9% and 20%, respectively, and (ii) the increase in production compared with the second quarter of fiscal 2013 is primarily due to an increase in gold, copper and silver head grades of 44%, 20% and 53%, respectively, and an increase in recoveries.

During the third quarter of fiscal 2013, the Company suspended the processing of oxides through the LPF process. It was no longer economical to process oxides through this process as costs were significantly higher than flotation-only processing costs and throughput of the LPF circuit was approximately half that of the flotation-only circuit. The Company is continuing to evaluate reagents which may allow it to process oxides through its flotation-only process. As a result of the additional testing which the Company continues to undertake relating to the processing of oxides, costs to mine and stockpile oxides continues to be capitalized. The oxides stockpile had a carrying value of $2,866 at March 31, 2014. Suspension of the LPF circuit led to a throughput increase of over 5% for the first half of fiscal 2014 compared to the same period in fiscal 2013 and a decrease in costs of approximately 30% associated with running two LPF campaigns in the first half of fiscal 2013.

In the fourth quarter of fiscal 2013, the Company commenced a program to add gold gravity concentrators to the processing circuit. This enhancement is expected to increase gold recoveries to between 60% and 65% from between 40% and 45%, resulting in expected increased gold production from the Don Mario Mine in the second half of fiscal 2014 and thereafter. The two new gravity concentrators were commissioned in the third week of March 2014. Additional work to improve the concentrator support structure and permanent bagging area is currently in progress to ensure optimization of the recoveries of gold from the gold gravity concentrators. Sales of the new gold concentrate that will be produced as a result of the implementation of such gold gravity concentrators are estimated to commence in the third quarter of fiscal 2014. No material impact is expected on the copper concentrate composition currently produced by the Don Mario Mine as a result of the implementation of the gold gravity concentrators.

The following table includes operating and financial performance data for the Don Mario Mine for the periods set out below.


----------------------------------------------------------------------------
                                  Q1 2014 Q2 2014  Q2 2013 YTD 2014 YTD 2013
----------------------------------------------------------------------------
Operating Performance                                                       
Ore mined (tonnes) (dmt)(1)       247,257 246,551  322,086  493,808  693,851
Ore milled (tonnes) (dmt)         206,416 199,526  184,607  405,942  385,919
Gold                                                                        
  Grade (g/t)                        1.48    1.45     1.01     1.46     1.10
  Recovery (%)                       49.7    44.1     40.7     47.7     45.8
  Production (oz)                   4,867   4,094    2,432    8,961    6,242
  Sales (oz)                        4,659   2,165    2,424    6,824    6,561
Copper                                                                      
  Grade (%)                          1.38    1.51     1.26     1.44     1.36
  Recovery (%)                       55.3    56.3     46.0     55.8     46.8
  Production ('000 lbs)             3,461   3,726    2,363    7,187    5,400
  Sales ('000 lbs)                  2,986   2,091    2,212    5,077    5,370
Silver                                                                      
  Grade (g/t)                       53.57   64.30    42.10    58.84     47.3
  Recovery (%)                       61.6    57.9     59.8     59.6     58.0
  Production (oz)                 218,992 238,810  149,526  457,802  340,101
  Sales (oz)                      180,451 126,274  170,697  306,725  379,189
----------------------------------------------------------------------------
Financial Performance                                                       
Revenue                           $13,376  $7,348  $14,130  $20,724  $32,321
Mining costs                       $7,331  $4,385  $10,121  $11,716  $20,454
Income before tax                  $3,036  $1,049     $369   $4,355   $6,432
Capital expenditures                 $789    $975     $413   $1,764   $1,795
----------------------------------------------------------------------------
Cash operating costs (co-product)                                           
 ($/oz) gold (2)                     $761    $794   $1,162     $772   $1,080
Cash operating costs (co-product)                                           
 ($/lb) copper (2) (3)              $2.18   $2.16    $2.49    $2.17    $2.24
Cash operating costs (co-product)                                           
 ($/oz) silver (2)                 $14.56  $14.98   $22.63   $14.73   $21.36
----------------------------------------------------------------------------
All-in sustaining costs (co-                                                
 product) ($/oz) gold (2)            $874    $967   $1,262     $908   $1,203
All-in sustaining costs (co-                                                
 product) ($/lb) copper (2)         $2.46   $2.57    $2.70    $2.50    $2.49
All-in sustaining costs (co-                                                
 product) ($/oz) silver (2)        $16.39  $17.70   $24.39   $16.91   $23.53
----------------------------------------------------------------------------
All-in costs (co-product) ($/oz)                                            
 gold                                $874    $973   $1,265     $910   $1,205
All-in costs (co-product) ($/lb)                                            
 copper                             $2.46   $2.58    $2.71    $2.51    $2.50
All-in costs (co-product) ($/oz)                                            
 silver                            $16.39  $17.79   $24.45   $16.95   $23.56
----------------------------------------------------------------------------
(1) Refer to the Q2 2014 MD&A for further information on operating          
    performance, cash operating costs, AISC and AIC. Costs are reported per 
    ounce of gold or silver or per pound of copper sold in the period.      

We would like to reminder readers that the Company will hold a conference call on May 15, 2014 at 11:00 a.m. (Eastern Time) to discuss its financial and operational results for the second quarter of fiscal 2014. Following the presentation there will be a question and answer period for analysts and investors.

The conference call can be accessed at 877-588-9586. Participants in the US may call 1-702-800-7084.

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinas/Carles gold-copper mines in northern Spain. Orvana also owns and operates the Don Mario Mine in Bolivia, processing its copper-gold-silver Upper Mineralized Zone deposit. The Company announced the divestiture of its Copperwood copper project in Michigan, United States. Additional information is available at Orvana's website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release 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" or "intends" 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.

Forward-looking statements relate to, among other things, all aspects of the development of El Valle-Boinas/Carles Mines in Spain (the "EVBC Mines") and the Don Mario Mine in Bolivia and their operations and production; the timing and outcome of such development and production; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; future transactions; 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; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana 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 the Company's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Annual 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 the EVBC and Don Mario Mines 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 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 Company's ability to continue to operate the EVBC Mines and/or the Don Mario Mine; the sale of the Company's Copperwood Project in Michigan; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; 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 Annual Disclosures under the heading "Risks and Uncertainties". 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 Annual Disclosures for a description of additional risk factors.

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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15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...