The Company’s long-term goal is to be a low cost, long-life, multi-mine gold and base-metal producer.

Orvana’s business strategy is to use its cash resources and mining expertise to achieve additional growth and geographic diversification, guided by the following criteria:

• Seek attractive gold and/or base-metals projects
• Focus primarily on advanced stage projects 
• Leverage operating capabilities
• Employ available capital in more than one opportunity
• Focus on building long-term shareholder value

Orvana has been steadily growing its pipeline of projects and continues to investigate strategic opportunities that will leverage its development and operating expertise. The most recent addition, the El Valle-Boinás/Carlés gold-copper project acquired in August 2009, is the largest and most promising to date, and is an excellent fit with Orvana’s experience bringing underground mines into production.  The Copperwood Project was added in September 2008, and the Don Mario Upper Mineralized zone (IMZ) copper-gold project received Board approval for development in May 2009.  The UMZ extends operations in the Don Mario District following depletion of the Lower Mineralized zone low-cost gold mine that has funded Orvana’s diversification program.

Orvana does not currently hedge its gold production.