The company recorded net income of $3.3m on $36m in revenue during the past quarter, compared with a net loss of $3.5m on $37m in revenue during the year-ago quarter.
Orvana Minerals Mining News
Orvana Minerals’ subsidiary in Spain has plans to reopen the Carlés gold mine, located in the Salas municipality of the Principality of Asturias.
The company expects the Don Mario upper mineralized zone at its gold-silver-copper mine in Bolivia to produce 12,500 gold ounces and 500,000 silver ounces, up from its earlier forecast.
Orvana Minerals Corp. (TSX:ORV) announced today that, as contemplated in the agreement entered into with Fabulosa Mines Limited ("Fabulosa") on May 16, 2011 and previously announced by Orvana, it has entered into an agreement with Fabulosa for a six-month, secured convertible US$15,000,000 bridge loan from Fabulosa, which bears interest at a rate of 8% per annum.
Orvana Minerals announced the commissioning of its El Valle-Boinás/Carlés ("EVBC") gold-copper mine in northern Spain by Kinbauri España S.L.U. ("Kinbauri"), a wholly owned subsidiary of Orvana. EVBC initiated the start-up and commissioning of the mill May 31, 2011, with the first shipment expected in June. EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012.
Northern Securities Analyst Matthew Zylstra seeks out junior precious metals stocks with value in the ground and growth potential that are not yet obvious to the markets. He also looks for companies that have unrecognized base metal potential that can significantly reduce the cash costs of precious metals production.