The El Valle-Boinás/Carlés Project is located in the Rio Narcea Gold Belt in Northern Spain, close to the port city of Avilés. In September 2009, Orvana acquired Kinbauri Gold for the El Valle-Boinás/Carlés Project, which is an excellent fit with Orvana’s strategic growth plans and its experience bringing underground mines into production.  Orvana is developing a mine plan and will be conducting a drilling program in order to convert inferred resources to measured/indicated resources.  A feasibility study is planned during fiscal 2010. The project has a plant and a mill with 750,000 tonnes per year capacity as well as extensive infrastructure.
 
Orvana is expeditiously advancing the project to achieve production start up as soon as possible.

The Copperwood Project is located in the western Upper Peninsula, Michigan, USA, approximately 30 kilometres from the inactive White Pine Mine where nearly 2 million tonnes of copper was produced between 1953 and 1996.  In September and October 2008, Orvana leased 712 hectares (1,759 acres) of mineral rights and retains an exclusive option to lease mineral rights over 1,559 hectares (3,852 acres) covering the Western Syncline copper deposit, which was discovered in the 1950s. An ongoing drill program will further validate historical drill data, delineate the known mineralization and provide information sufficient to estimate a resource to measured and indicated confidence categories that meet the standards of National Instrument 43-101.

The Company targets a N1 43-101compliant resource estimate in 2010 and, based on current assumptions, production start up around 2013.

Don Mario District, Eastern Bolivia

The Don Mario district is located in the Chiquitos Province of eastern Bolivia and includes three ore deposits; 1) Don Mario Lower Mineralized Zone (LMZ), 2) Las Tojas, and 3) Don Mario Upper Mineralized Zone (UMZ). Over 400,000 ounces of gold have been produced from the LMZ between July 1, 2003 and August 31, 2009.  The  Las Tojas open-pit operation, located 12 kilometres northwest of Don Mario, will extend district gold production into fiscal 2010.  In May 2009, the Board approved development of the UMZ copper-gold-silver open-pit mine and flotation facility. 
 
The UMZ is expected to start production in 2010 and could extend production in the Don Mario District  into 2019.