Orvana Gets Discharge Permits For Copperwood Project In Michigan

Nov. 14, 2012 4:06 PM ET
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Toronto-based Orvana Minerals Corp. (TSX:ORV) said this afternoon that the Michigan Department of Environmental Quality has granted the discharge permits for the company's Copperwood mine in the state's Upper Peninsula.

The National Pollutant Discharge Elimination System permits are for the treated sanitary and process wastewaters at the proposed mine.

"Orvana is pleased that the MDEQ has granted these permits," said chief operating officer, Jim Jacques.

"We continue to work with the MDEQ as well as the Environmental Protection Agency on the review of the Wetlands permit application, which was submitted as prescribed by Parts 301 and 303 of the State of Michigan regulations, and expect a decision next week."

Orvana Minerals is a multi-mine gold and copper producer. Its primary asset is the El Valle-Boinas/Carles gold-copper Mine in northern Spain, but it also operates the Don Mario Upper Mineralized Zone Mine in Bolivia, which is a copper-gold-silver deposit.

In addition, the company is advancing its Copperwood copper project in Michigan, USA.

"It's one of the few copper projects out there that could very well be in production in 2015," president and CEO Bill Williams toldProactiveinvestors in September.

Last month, Orvana posted its fiscal fourth quarter and full-year production results, and issued full-year 2013 production guidance that predicts increased year-over-year production.

For the quarter that ended September 30, the company said that it produced a total of 4.06 million pounds of copper, 15,155 ounces of gold and 277,081 ounces of silver, as well as 636,126 pounds of lead.

For the full-year, Orvana produced a total of 15.4 million pounds of copper, 55,928 ounces of gold, 716,280 ounces of silver and 636,126 pounds of lead.

Looking ahead, Orvana said its full-year 2013 production guidance for gold, silver, and copper is 34, 19 and 17 per cent more than the its full-year 2012 results, respectively.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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