The Gold Report

Orvana Minerals Corp. TICKER: ORV:TSX Visit Company Website Orvana Minerals is a proven gold producer with significant growth opportunities and a strong balance sheet. The company owns and operates the Don Mario Mine in E. Bolivia and is developing two other promising assets—the recently acquired, advanced-stage El Valle-Boinás/Carlés Au-Cu project in N. Spain and the Copperwood Cu project in Michigan, U.S. With a growing pipeline of promising mineral assets and experienced management, Orvana is poised to become a multimine gold and copper producer.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Gold Report Interview with Joe Mazumdar (2/3/12) "It is a critical year for Orvana Minerals Corp. Bill Williams, formerly Orvana's vice president of corporate development, is now the CEO. He is an ex-Phelps Dodge vice president and has been instrumental in generating the revised technical reports on both operations, EVBC and Don Mario Upper Mineralized Zone (UMZ), while advancing the Copperwood project. We believe his appointment reflects the company's focus on getting the operations back on track. . .we anticipate a revised technical report for EVBC prior to March 2012 with updated life-of-mine forecasts.

Orvana's Copperwood project in upper Michigan is a 50 Mlb/year copper project, now in bankable feasibility study, and Orvana is seeking to permit this year. Even with up to 800 Mlb of copper reserves, we believe that the Copperwood asset is not being valued at its current price levels. . .Orvana still provides about a 100% return to our target from where it is trading right now." More >

The Gold Report Interview with Matthew Zylstra (1/30/12) "Orvana Minerals Corp. has two properties that were both put into production in 2011. In Spain, the company's El Valle-Boinás/Carlés is an operating gold mine. . .grades are slowly increasing from around 2 g/t to an expected 3.5 g/t. Its other project in Bolivia, the Don Mario mine. . .is an open-pit, copper-gold mine where. . .we're also encouraged by the fact that Bill Williams has now taken the helm of the company. Bill has exceptional operational technical expertise. . .valuation looks compelling." More >

Gary Baschuk, Raymond James (12/14/11) "Orvana Minerals Corp.'s progress at El Valle/Boinas/Carles continues to ramp-up with gold grades incrementally increasing from 1.4 g/t in June to 2.17 g/t in October. . .with additional underground development, we expect more stopes to be opened resulting in higher grade material. Additionally, the shaft, raise-bored to surface and currently sinking at depth, is expected to be complete in April 2012 and should provide a higher rate of ore feed to the mill."

Christos Doulis, Stonecap Securities (12/6/11) "Orvana Minerals Corp. announced Roland Horst has resigned as Chief Executive Officer and as a director of Orvana; current VP Corporate Development Bill Williams has been appointed president and Chief Executive Officer and as a director of the company. . .we respect the Board's decision and welcome the increased commitment to focusing on the existing mining operations. We maintain our Outperform rating and $2.90 price target."

Chen Lin, What Is Chen Buying? (10/6/11) "Orvana Minerals Corp. is a stock that I have followed for a while. . .the key thesis for the stock is that they will be mining very low-cost gold; 100 Koz./year with about zero cost, if you use other metals as credits. . .the company could reach this kind of production in one year and is market cap is only $200M–$250M."

• Corporate Fact Sheet (8/15/11)
• Corporate Presentation (9/13/11)

• ORV's Copperwood project featured in Ironwood Daily Globe (11/10/11)

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