TORONTO, ONTARIO -- (Marketwire) -- 02/08/13 -- Orvana Minerals Corp. (TSX: ORV) (the "Company") announced today operating and financial results for the first quarter ended December 31, 2012.
The Company reported adjusted net income for the first quarter of fiscal 2013 of $0.03 per share excluding the unrealized gain from the revaluation of the Company's financial instruments and the tax effect thereof.
The unaudited condensed interim consolidated financial statements for the first quarter of fiscal 2013 (the "Q1 2013 FS") and Management's Discussion & Analysis related thereto (the "Q1 2013 MD&A") are available on SEDAR at www.sedar.com and at www.orvana.com.
Dollar amounts (other than per ounce/pound and per share amounts) are in thousands of U.S. dollars unless stated otherwise. Fine troy ounces of gold and silver are referred to as "ounces".
Q1 2013 Operating and Financial Highlights
- Production of 17,759 ounces of gold, 4.4 million pounds of copper and 233,452 ounces of silver and sales of 13,035 ounces of gold, 4.1 million pounds of copper and 244,516 ounces of silver in the first quarter of fiscal 2013 compared to production of 9,937 ounces of gold, 3.2 million pounds of copper and 82,654 ounces of silver and sales of 8,276 ounces of gold, 0.7 million pounds of copper and 9,283 ounces of silver in the first quarter of fiscal 2012. (1)- Consolidated revenue of $34,028 in the first quarter of fiscal 2013 compared to $15,373 in the first quarter of fiscal 2012, an increase of 121%.- Net income of $13,651 in the first quarter of fiscal 2013 compared to a net loss of $4,505 in the first quarter of fiscal 2012.- Adjusted net income of $4,341 in the first quarter of fiscal 2013 compared to an adjusted net loss of $3,254 in the first quarter of fiscal 2012. (2)- Cash flows provided by operating activities of $51 in the first quarter of fiscal 2013 compared to cash flows provided by operating activities of $5,290 in the first quarter of fiscal 2012 and cash flows provided by operating activities before changes in non-cash working capital of $8,189 in the first quarter of fiscal 2013 compared to cash flows used in operating activities before changes in non-cash working capital of $6 in the first quarter of fiscal 2012. (2)(1) For a description of the EVBC Mine and the UMZ Mine, please see "Overall Performance - EVBC Mine" and "Overall Performance - UMZ Mine".(2) Adjusted net income (loss) and cash flows from operating activities before changes in non-cash working capital are non-IFRS performance measures with no standard definition under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance including the Company's ability to generate cash flows from its mining operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q1 2013 MD&A.
