TORONTO, ONTARIO--(Marketwired - May 5, 2014) - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is providing a general update in anticipation of the attendance by Daniella Dimitrov, Orvana's Chief Financial Officer, at the European Gold Forum in Zurich, Switzerland May 6 to May 8, 2014. Ms. Dimitrov is scheduled to present on Thursday, May 8, 2014 at 09:10 a.m. CET.

Operational Update and Outlook

Following a hoisting accident at its Boinás Mine in Spain in June 2013, the Company has been completing the recovery and upgrades to the capabilities of the hoist with enhanced performance design and safety improvements. The hoist and shaft repairs, upgrades and the majority of commissioning were completed during the second quarter of fiscal 2014 allowing hoisting to recommence. The final certification process is expected to be completed early in the third quarter of fiscal 2014. During the certification process the hoist is operational.

Production at the EVBC Mines was lower in the first half of fiscal 2014 primarily as a result of lower than planned grades in the areas mined. Due to the hoisting accident, an alternative production schedule continued to be used during the second quarter of fiscal 2014 which incorporated ramp haulage for all ore, waste and backfill haulage. Backfilling is now generally caught up to normal levels and will be further facilitated with the reduced trucking usage for ore due to hoisting capability. With the completion of the hoist repairs and upgrades and the recovery of the San Martin area, the Company will continue to focus on improving head grades, increasing metal production and reducing total all-in costs per ounce of gold in the second half of fiscal 2014. Management expects the return to higher grade mineralization to take some additional time and, accordingly, is revising its production guidance lower given the volumes of metals produced to date.

At its Don Mario Mine in Bolivia, the Company commissioned two new gravity concentrators towards the end of March 2014. This is expected to increase gold recoveries to between 60% and 65% from between 40% and 45%, resulting in expected increased gold production in the second half of fiscal 2014 and thereafter. Additional work to improve the concentrator support structure and permanent bagging area is currently in progress to ensure optimization of recoveries. Sales of the new gold concentrate are expected to commence by mid-third quarter of fiscal 2014. Given the production from the Don Mario Mine to date and expectations for the balance of the fiscal year, management is revising its production guidance upward for all three metals.

The net result of the changes in guidance for the EVBC and Don Mario Mines is that Orvana's overall guidance for gold remains largely unchanged with the high end of the guidance being reduced. The guidance for copper and silver is being increased. The following table sets out consolidated operating performance data for the EVBC and Don Mario Mines for the periods set out below together with updated fiscal 2014 guidance:

Retirement of Chief Operating Officer

Orvana also announces that Mr. James Jacques, Orvana's Chief Operating Officer, is retiring effective May 18, 2014. Since joining the Company in 2011, Mr. Jacques has made significant contributions to the advancement of the EVBC and Don Mario Mines and the Copperwood Project. Orvana's Board of Directors expresses its gratitude to Mr. Jacques for his dedication and services to the Company. "Jim's contributions are numerous in consistently advancing organizational and operational objectives. He will be missed," said Michael Winship, President and Chief Executive Officer. "We thank Jim for his contributions and hard work and wish him the very best." A search is underway for Mr. Jacques replacement.

Divestiture of Copperwood

On February 11, 2014, the Company announced that it had entered into a definitive agreement to sell its Copperwood project for total cash consideration of up to $25 million in aggregate, of which $20 million will be paid in cash on closing and $5 million may be paid in cash or shares of the acquirer, Highland Copper Company Inc. ("Highland"), at Orvana's option, upon occurrence of certain events following closing and/or commercial production including the price of copper exceeding $4.25 and $4.50 within certain specified periods of time. The closing, expected to occur on or before May 31, 2014, is conditional upon, among other things, the completion of a financing by Highland to fund the purchase of Copperwood.

Quarterly Conference Call

The Company will release its second quarter financial results on May 14, 2014 and hold a conference call on May 15, 2014 at 11:00 a.m. (EST) to discuss its financial and operational results. Following the presentation there will be a question and answer period for analysts and investors. The conference call details are as follows and are also available on the front page of Orvana's website (www.orvana.com):

Toll-Free call 877-588-9586;

Participants in the US may call 1-702-800-7084.