El Valle-Boinás/Carlés

In September 2009, Orvana acquired the EVBC mine through its acquisition of Kinbauri Gold Corp.

The EVBC mine is located in the Rio Narcea Gold Belt of northern Spain and was previously mined from 1997 to 2006 by Rio Narcea Gold Mines. They produced nearly 1,000,000 ounces of gold and over 20,000 tonnes of copper prior to the closure of the mine.

In February 2012, Orvana reported the results of an updated National Instrument 43-101 compliant reserve estimate and cash-flow forecast that outlined a ten-year mine life expected to produce an average of 73,000 ounces of gold and 2,570 tonnes of copper annually.

Commissioning at EVBC began June 1, 2011 with commercial production commencing in August of 2011.

Production during the fiscal year ended September 30, 2012 was 42,864 ounces of gold, 3,951,000 pounds of copper and 117,113 ounces of silver.

Production guidance for EVBC for 2013 is, 63,000 ounces of gold, 6,000,000 pounds of copper and 200,000 ounces of silver.
El Valle mill and offices

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