Orvana Reports Results for the First Quarter of Fiscal 2014 With Adjusted Net Income of $1.2 Million or $0.01 Per Share

Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today
financial and operating results for the first quarter ended December 31, 2013
("Q1 2014").


The Company reported net income in fiscal 2014 of $6.0 million or $0.04 per
share and adjusted net income of $1.2 million or $0.01 per share excluding the
unrealized gain from the revaluation of the Company's financial instruments and
the tax effect thereof.


The unaudited condensed interim consolidated financial statements for the first
quarter of fiscal 2014 (the "Q1 2014 FS") and Management's Discussion & Analysis
related thereto (the "Q1 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".


Q1 2014 Operating and Financial Highlights



--  Orvana produced 18,855 ounces of gold, 4.7 million pounds of copper and
    252,830 ounces of silver and had sales of 19,613 ounces of gold, 4.4
    million pounds of copper and 218,016 ounces of silver in the first
    quarter of fiscal 2014 compared to production of 17,759 ounces of gold,
    4.4 million pounds of copper and 233,452 ounces of silver and sales of
    12,895 ounces of gold, 4.0 million pounds of copper and 244,516 ounces
    of silver in the first quarter of fiscal 2013. (1) 
    
--  Orvana recognized revenue of $35,220 in the first quarter of fiscal 2014
    compared to revenue of $35,651 in the first quarter of fiscal 2013. 
    
--  Mining costs for the first quarter of fiscal 2014 increased by $3,530 or
    17% from $20,246 to $23,776 primarily due to higher sales volume for the
    first quarter of fiscal 2014 compared to the first quarter of fiscal
    2013. 
    
--  Net income was $6,008 in the first quarter of fiscal 2014 compared to
    $13,651 in the first quarter of fiscal 2013. 
    
--  Adjusted net income was $1,211 in the first quarter of fiscal 2014
    compared to $4,341 in the first quarter of fiscal 2013, primarily due to
    lower metal prices. (2) 
    
--  Orvana had cash flows provided by operating activities of $3,754 in the
    first quarter of fiscal 2014 compared to $51 in the first quarter of
    fiscal 2013 and cash flows provided by operating activities before
    changes in non-cash working capital of $8,502 in the first quarter of
    fiscal 2014 compared to $8,189 in the first quarter of fiscal 2013. (2) 
    
--  Orvana continued to reduce outstanding debt balances with debt net of
    cash, cash equivalents and restricted cash for debt repayment of $39,475
    at December 31, 2013. 
    
--  Working capital increased to $16,351 at December 31, 2013 compared to
    $10,337 at September 30, 2013. 
    
--  Capital expenditures were $3,120 for the first quarter of fiscal 2014
    consisting mostly of primary development at EVBC, EVBC hoist repair and
    upgrade costs, and tailings dam raises at both EVBC and UMZ compared to
    $3,892 for the fourth quarter of fiscal 2013. 
    
--  There was significant progress towards the completion of the hoist
    repairs and upgrades at the Boinas Mine with expected completion by the
    end of the second quarter of fiscal 2014. 
    
--  All-in sustaining costs (by-product) of $1,116 per ounce of gold at EVBC
    compared to $1,363 in the first quarter of fiscal 2013. All-in
    sustaining costs (co-product) of $874 per ounce of gold, $16.39 per
    ounce of silver and $2.46 per pound of copper at the UMZ Mine compared
    to $1,153 per ounce of gold, $22.87 per ounce of silver and $2.23 per
    pound of copper in the first quarter of fiscal 2013.(3) 
    

(1)  For a description of the EVBC Mines and the UMZ Mine, please see       
     "Overall Performance - EVBC Mines" and "Overall Performance - UMZ Mine"
     sections of the Q1 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 Q1 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") 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 Q1 2014 MD&A.                                           



"Our first quarter results reflect consistent operating results from the EVBC
and UMZ Mines. While lower grade at the EVBC Mines have impacted operating
results, progress is being made toward achieving higher grade at the Boinas
Mine," said Michael Winship, President and CEO. "In this challenging market
environment, we remain focused on overall costs reduction and optimizing value
of our operations."


OVERALL PERFORMANCE

During the first 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:




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                                    Q4 2013    Q1 2014    Q1 2013     FY2013
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Operating Performance (1)                                                   
Gold                                                                        
  Production (oz)                    22,250     18,855     17,759     80,541
  Sales (oz)                         21,462     19,613     12,895     74,087
  Average realized price / oz                                               
   (1)                               $1,329     $1,288     $1,684     $1,504
Copper                                                                      
  Production ('000 lbs)               4,509      4,719      4,384     17,304
  Sales ('000 lbs)                    4,427      4,398      3,974     16,312
  Average realized price / lb                                               
   (1)                                $3.20      $3.23      $3.17      $3.33
Silver                                                                      
  Production (oz)                   289,335    252,830    233,452  1,017,811
  Sales (oz)                        314,011    218,016    244,516  1,073,394
  Average realized price / oz                                               
   (1)                               $21.05     $20.69     $29.20     $25.01
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Financial Performance                                                       
Revenue (1)                         $43,975    $35,220    $35,651   $162,199
Mining costs (1)                    $25,643    $23,776    $20,246   $101,063
Impairment charge                    ($150)          -          -     $6,273
Gross margin                        $12,303     $4,508    $11,386    $30,998
Derivative instruments gain                                                 
 (loss)                            ($9,853)     $8,484    $11,748    $42,140
Net income                           $1,174     $6,008    $13,651    $32,623
Net income per share                                                        
 (basic/diluted)                      $0.01      $0.04      $0.10      $0.24
Adjusted net income (2)              $7,814     $1,211     $4,341    $12,420
Adjusted net income per share                                               
 (basic/ diluted) (2)                 $0.06      $0.01      $0.03      $0.09
Operating cash flows                 $7,659     $3,754        $51    $32,569
Operating cash flows before non-                                            
 cash working capital changes                                               
 (1)                                $15,265     $8,502     $8,189    $38,685
 Ending cash and cash                                                       
 equivalents                        $13,039     $9,368    $11,988    $13,039
Restricted cash (including long-                                            
 term)                              $17,839    $19,063    $15,954    $17,839
Capital expenditures (1)             $3,892     $3,120     $4,229    $21,157
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(1)  Refer to the Q1 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 income represents net income of $6,008 less the tax-      
     adjusted unrealized gain of $4,798 on the Company's outstanding        
     derivative instruments. Refer to the Q1 2014 MD&A for further          
     information.                                                           



EVBC Mines

During the first quarter of fiscal 2014, the EVBC Mines produced 13,988 ounces
of gold, 1.3 million pounds of copper and 33,838 ounces of silver compared to
17,823 ounces of gold, 1.9 million pounds of copper and 54,241 ounces of silver
in the fourth quarter of fiscal 2013. Although the tonnes milled were
approximately the same, production was lower in the first quarter of fiscal 2014
compared to the fourth quarter of fiscal 2013 as a result of a decrease in gold,
copper and silver head grades of 20%, 26% and 36% due to lower head grades in
the current areas being mined, primarily in the Boinas Mine. In addition, during
the quarter, the tonnes mined at the Carles Mine were lower than the fourth
quarter of fiscal 2013. The Company mined a greater volume of skarns at the
Boinas Mine at lower average head grade than the average head grade achieved at
the Carles Mine.


During the first quarter of fiscal 2014, significant work was completed to
recover a failed stope in the San Martin skarns area in the Boinas Mine which
occurred in the third quarter of fiscal 2012. The completion of this work
expected in the second quarter will ensure ground stability to access ore from
other nearby stopes and provide access to higher grade ore. Mining costs of $415
associated with the recovery were expensed during the quarter.


As a result of a hoisting incident at Boinas Mine in June 2013, we continue to
use an alternative production schedule which incorporates ramp haulage for
Boinas skarns. Progress on the hoist recovery continues with steel shaft
reconstruction and installation of the new hoisting controls underway. The
Company expects completion of hoist repairs and upgrades late in the second
quarter of fiscal 2014. The costs of the basic recovery of this project continue
to be estimated at $2,244. The estimated costs of the upgrades to enhance the
capabilities of the hoist with enhanced performance design and safety
improvements remain at approximately $2,000. Modification to the underground
materials handling system to enhance ore movement and provide the potential to
hoist oxides is also being completed. The repair costs are being capitalized to
property, plant and equipment when incurred and future insurance proceeds will
be recorded in "other income" once received. The cost of hoist upgrades will
also be capitalized to property, plant and equipment.


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




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                                    Q4 2013    Q1 2014    Q1 2013     FY2013
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Operating Performance                                                       
Ore mined (tonnes) (wmt)            204,859    186,874    163,051    752,572
Ore milled (tonnes) (dmt)           181,763    180,713    145,890    685,697
Gold                                                                        
  Grade (g/t)                          3.26       2.62       3.19       3.24
  Recovery (%)                         93.4       92.0       93.2       92.5
  Production (oz)                    17,823     13,988     13,949     65,992
  Sales (oz)                         17,411     14,954      8,759     59,802
Copper                                                                      
  Grade (%)                            0.54       0.40       0.51       0.52
  Recovery (%)                         86.2       79.3       82.5       84.4
  Production ('000 lbs)               1,880      1,258      1,347      6,658
  Sales ('000 lbs)                    1,990      1,412        816      6,085
Silver                                                                      
  Grade (g/t)                         11.35       7.23      11.46      11.24
  Recovery (%)                         81.8       80.5       79.8       79.8
  Production (oz)                    54,241     33,838     42,877    197,768
  Sales (oz)                         62,447     37,565     33,279    190,843
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Financial Performance                                                       
Revenue                             $27,904    $21,844    $17,278   $102,309
Mining costs                        $18,017    $16,445     $9,731    $62,867
Derivative instruments gain                                                 
 (loss)                            ($9,853)     $8,484    $11,748    $42,140
Income (loss) before tax             $6,994     $8,009    $16,020    $55,270
Capital expenditures (1)             $3,748     $3,727     $3,355    $13,248
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Cash operating costs (by-                                                   
 product) ($/oz) gold (1)              $759       $884       $847       $803
All-in sustaining costs (by-                                                
 product) ($/oz) gold (1)              $977     $1,116     $1,363     $1,068
All-in costs (by-product) ($/oz)                                            
 gold (1)                            $1,035     $1,214     $1,363     $1,086
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(1)  Refer to the Q1 2014 MD&A for further information on operating         
     performance, capital expenditures, all-in sustaining costs and all-in  
     costs. Costs are reported per ounce of gold sold in the period.        



UMZ Mine, Bolivia

During the first quarter of fiscal 2014, the UMZ Mine produced 4,867 ounces of
gold, 3.5 million pounds of copper and 218,992 ounces of silver compared to
4,427 ounces of gold, 2.6 million pounds of copper and 235,094 ounces of silver
in the fourth quarter of fiscal 2013.


In the first quarter of fiscal 2014, the Company produced a lower grade copper
concentrate resulting in an increase in copper recoveries and the mining of more
sulphides resulted in an increase in head grade. Production in the first quarter
of fiscal 2014 compared to the fourth quarter of fiscal 2013 of (i) gold
increased by 10% primarily as a result of a 7% increase in recoveries and 3%
higher head grades, (ii) copper increased by 32% as a result of 37% higher
recoveries, and (iii) silver decreased by 7% as a result of a 5% decrease in
recoveries.


During the third quarter of fiscal 2013, the Company suspended the processing of
oxides through the leach-precipitation-flotation ("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 oxide
ores through its flotation-only process. Overall production was negatively
impacted by testing of the reagents through the processing plant which took
place during the first quarter of fiscal 2014. Testing of oxides processing
continues in the second quarter of fiscal 2014.


As a result of the additional testing which continues to be undertaken by the
Company relating to the processing of oxide ores, costs to mine and stockpile
oxide ores continue to be capitalized. The oxides ore stockpile had a carrying
value of $2,016 at December 31, 2013.


In the fourth quarter, the Company commenced the implementation of the addition
of gold gravity concentrators. This implementation, scheduled to be completed in
the second quarter of fiscal 2014, is expected to increase gold recoveries to
between 60% to 65% from between 40% to 45% and, therefore, result in increased
gold production from the UMZ Mine in the second half of fiscal 2014 and
thereafter.


The Company continues to implement a number of costs savings initiatives at the
UMZ Mine. During the first quarter of fiscal 2014, personnel were reduced by 12%
which will result in future savings and efficiencies at the UMZ Mine.


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




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                                    Q4 2013    Q1 2014    Q1 2013     FY2013
----------------------------------------------------------------------------
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Operating Performance                                                       
Ore mined (tonnes)                  245,975    247,257    288,645  1,013,645
Ore milled (tonnes)                 206,431    206,416    201,312    788,149
Gold                                                                        
  Grade (g/t)                          1.44       1.48       1.18       1.26
  Recovery (%)                         46.5       49.7       49.8       45.6
  Production (oz)                     4,427      4,867      3,810     14,549
  Sales (oz)                          4,051      4,659      4,136     14,285
Copper                                                                      
  Grade (%)                            1.43       1.38       1.45       1.39
  Recovery (%)                         40.3       55.3       47.4       44.2
  Production ('000 lbs)               2,630      3,461      3,037     10,646
  Sales ('000 lbs)                    2,437      2,986      3,158     10,228
Silver                                                                      
  Grade (g/t)                         54.57      53.57      51.99      52.67
  Recovery (%)                         64.9       61.6       56.6       61.5
  Production (oz)                   235,094    218,992    190,575    820,043
  Sales (oz)                        251,564    180,451    208,492    882,551
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Financial Performance                                                       
Revenue                             $16,072    $13,376    $18,191    $59,890
Mining costs                         $7,627     $7,331    $10,333    $38,196
Income before tax                    $8,463     $3,036     $6,063     $4,545
Capital expenditures                   $581       $789     $1,382     $2,691
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Cash operating costs (co-                                                   
 product) ($/oz) gold (1)              $740       $761     $1,010       $951
Cash operating costs (co-                                                   
 product) ($/lb) copper (1) (3)       $1.97      $2.18      $2.05      $2.16
Cash operating costs (co-                                                   
 product) ($/oz) silver (1)          $13.17     $14.56     $20.35     $17.64
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All-in sustaining costs (co-                                                
 product) ($/oz) gold (1)              $823       $874     $1,153     $1,051
All-in sustaining costs (co-                                                
 product) ($/lb) copper (1)           $2.17      $2.46      $2.33      $2.38
All-in sustaining costs (co-                                                
 product) ($/oz) silver (1)          $14.49     $16.39     $22.87     $19.30
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All-in costs (co-product) ($/oz)                                            
 gold                                  $823       $874     $1,153     $1,051
All-in costs (co-product) ($/lb)                                            
 copper                               $2.17      $2.46      $2.33      $2.38
All-in costs (co-product) ($/oz)                                            
 silver                              $14.49     $16.39     $22.87     $19.30
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(1)  Refer to the Q1 2014 MD&A for further information on operating         
     performance, cash operating costs, all-in sustaining costs and all-in  
     costs. Costs are reported per ounce of gold or silver or per pound of  
     copper sold in the period.                                             



Copperwood Project

Orvana continues to advance its copper project (the "Copperwood Project")
located in the Upper Peninsula of Michigan, United States. The Company has
achieved the necessary permits and optimization work continues.


Certain additional studies are being conducted in accordance with the Wetland
Permit conditions to include base line studies of the designated preservation
areas. Certain optimization work continues with a focus on additional
metallurgical testing and mine design. Total capital expenditures in respect of
the Copperwood Project for the first quarter of fiscal 2014 were $127 compared
to $546 for the fourth quarter of fiscal 2013.


Orvana is continuing to investigate a variety of possible options and financing
alternatives to enhance the value of the Copperwood Project to Orvana's
shareholders. Holding costs of the Copperwood Project are being minimized in
fiscal 2014 while the Company pursues various alternatives to advance the
project.


Outlook

Orvana's short-term focus is operational optimization at the EVBC Mines and the
UMZ Mine to generate increasing operating cash flows in order to pay down debt
and pursue growth alternatives. Operational and corporate reviews have been
initiated to seek means to reduce operating and capital costs to improve
liquidity and cash flows given the recent declines and continued volatility in
the metals markets. Orvana will continue to de-risk the Copperwood Project and
look for means to realize value. In fiscal 2014, Orvana has allocated certain
amounts towards internal growth exploration initiatives at both the EVBC Mines
and the UMZ Mine and the regions thereof.


The following table sets out Orvana's first quarter of fiscal 2014 guidance and
production as well as its fiscal 2014 guidance:




----------------------------------------------------------------------------
                                 Q1 2014 Production          FY2014 Guidance
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EVBC Mines                                                                  
  Gold (oz)                                  13,988          65,000 - 75,000
  Copper (million lbs)                          1.3                6.0 - 6.5
  Silver (oz)                                33,838        175,000 - 200,000
UMZ Mine                                                                    
  Gold (oz)                                   4,867          15,000 - 18,000
  Copper (million lbs)                          3.5              12.0 - 14.0
  Silver (oz)                               218,992        700,000 - 750,000
Total                                                                       
  Gold (oz)                                  18,855          80,000 - 93,000
  Copper (million lbs)                          4.4              18.0 - 20.5
  Silver (oz)                               252,830        875,000 - 950,000
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At EVBC, while production and sales were lower in the first quarter 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 gold
production and reducing total all-in costs per ounce of gold. The Company will
continue to focus on these initiatives in fiscal 2014. Over the next few months
the Company will focus on the completion of the hoist repair and upgrade and the
recovery of the San Martin stope.


The Company's focus at the UMZ Mine continues to be on improving metal
production and reducing operating costs. The suspension of the LPF process in
the fourth quarter of fiscal 2013 has already contributed materially to these
goals, particularly in unit cost reduction. Over the next quarter, the Company
will continue to focus on implementation of the gold gravity concentrators,
further testing of oxides processing and exploration activities.


The process for obtaining major permitting in respect of the Copperwood Project
was completed in fiscal 2013. Orvana is continuing to optimize the Copperwood
Project and investigate a variety of possible options to enhance the value of
the Copperwood Project to Orvana's shareholders.


At current market gold and copper prices, the Company generated positive
operating cash flows in the first quarter of fiscal 2014. During the quarter,
financial and investing activities including the repayment of debt and capital
expenditures resulted in negative free cash flow. Following the repayment of,
among other things, amounts under the EVBC Loan due in fiscal 2014, the Fabulosa
Loan and the Company's planned capital expenditures, at current metal market
prices, the Company expects to generate positive free cash flows for the
remainder of fiscal 2014.


Orvana's long-term focus is to utilize future cash flow and mining capabilities
to build long-term value for its shareholders. Growth opportunities,
particularly near the Spanish operations, are being investigated.


The Company will hold a conference call on February 11, 2014 at 10 a.m. (Eastern
Time) to discuss its financial and operational results for the first quarter of
fiscal 2014. Following the presentation there will be a question and answer
period for analysts and investors.


The conference call details will be made available before the end of close today
on the front page of Orvana's website (www.orvana.com).


About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary
assets are 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. Orvana is also advancing its
Copperwood copper project in Michigan, USA. 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 the Upper Mineralized Zone deposit ("the UMZ Mine") at the Don
Mario Mine in Bolivia, the El Valle-Boinas/Carles Mine (the "EVBC Mines") in
Spain and the Copperwood project (the "Copperwood Project") in Michigan and
their operations and production; the outcome and timing of decisions with
respect to whether and how to proceed with such development and production; the
timing and outcome of any such development and production; estimates of future
capital expenditures; mineral resource estimates; estimates of permitting time
lines; statements and information regarding future feasibility studies and their
results; production forecasts; future transactions; future metal prices; the
ability to achieve additional growth and geographic diversification; future
operating costs; 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 UMZ Mine,
the EVBC Mines and the Copperwood Project 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 UMZ Mine and/or the EVBC Mines
or develop the Copperwood Project; 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Orvana Minerals Corp.
Michael Winship
President and Chief Executive Officer
[phone]


Orvana Minerals Corp.
Daniella Dimitrov
Chief Financial Officer
(416) 369 -1629


Orvana Minerals Corp.
Natalie Frame
Investor Relations
[phone]
[e-mail]
www.orvana.com