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TORONTO, Jan. 30, 2022 /CNW/ – Orvana Minerals Corp. (TSX:ORV) (the “Company” or “Orvana”) announces that, as a result of a review by staff of the Ontario Securities Commission (“OSC”), the Company is issuing the following news release regarding our disclosure on the Don Mario Property.
On December 29, 2020the Company filed a technical report effective September 30, 2020on the Don Mario oxide stockpile project, located on the Don Mario Property (the “Stockpile Technical Report“).On December 29, 2021the Company filed a technical report effective September 30, 2021on the tailings reprocessing project, also located on the Don Mario Property (the “Tailings Technical Report“).
Both projects on the Don Mario Property were reported independently as the mineral resource base are not connected. OSC staff advised that under the definition of a technical report in NI 43-101, there can be only one current technical report in respect of a property. Any time a new technical report is filed, it will replace the previously filed technical report on that property and must include the material scientific and technical information which is still current and relevant to that property. Consequently, the Stockpile Technical Report and the Tailings Technical Report do not comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) and Form 43-101F1 – Technical Report (“Form 43-101F1“).
As a result, the Company is in the process of preparing a new technical report (the “Amended Technical Report“) that will effectively merge the disclosure contained in the Stockpile Technical Report and the Tailings Technical Report as both projects are located on the same property and information in respect of both is required for the technical report to be current.
OSC staff also identified certain other deficiencies in the Stockpile Technical Report and Tailings Technical Report related to missing disclosure that is required under several Items in Form 43-101F1, each of which will be rectified in the Amended Technical Report. The Company has engaged an independent technical consultant to assist in reviewing and preparing the Amended Technical Report to comply with the NI 43-101 requirements, and anticipates filing the Amended Technical Report on or before the date that is 45 days from the date hereof.
The Company will issue a subsequent press release when the Amended Technical Report is filed on the Company’s SEDAR profile.
ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana’s assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spainthe Don Mario gold-silver property in Boliviacurrently in care and maintenance, and the Taguas property located in Argentina. Additional information is available at Orvana’s website (www.orvana.com).
Cautionary Statements – Forward-Looking Information
Certain statements in this presentation constitute forward-looking statements or forward-looking information within the meaning of applicable securities …
Full story available on Benzinga.com
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