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NEWS: Orvana Provides EVBC Development Update and Reports Drill Results From Carles Deposit, Northern Spain

Orvana Minerals Corp. today announced a development update for the El Valle-Boinás/Carlés (“EVBC”) gold-copper mine in northern Spain as well as results from the underground drilling program at Carlés, the satellite deposit.

Development update

The development in the El Valle/Boinás and the Carles mines is progressing well. The development has focused on preparing the mine infrastructure, main ramps and stope accesses. During December 2010, an important ventilation raise was finalized in El Valle-Boinás mine between the 200m and 100m levels and has significantly improved the working conditions in the deeper levels of the mine. All of the important production equipment has been delivered, and subsidiary equipment will be delivered during early 2011. Approximately 15,000 tonnes of ore from the development work has been stockpiled. Mining of the ore from both mines is scheduled to progressively increase over the next few months. All of the important equipment in the processing plant has been refurbished, tested, and proven to be operational. First production is scheduled during the spring of 2011.

Drilling Results

The drilling is a part of a planned 12-month, 20,000-metre program that commenced in September, 2010. The results reported herein are from the Capa Z zone, which zone lies between the Carlés North and Carlés East orebodies and consists of over 80% inferred resources. Mineralization is hosted by a subvertical, tabular skarn that wraps around an intrusive. These holes are the first that the Company has drilled in the Capa Z zone and were both infill and stepout holes. Results are summarized in the table below.

Hole   From, metres   To, metres   True Thickness, metres   Au, gpt   Ag, gpt   Cu, %   Recovery, %   Zone   Comments
10CE1001   94.35   103.20   5.58   4.21   25.8   2.32   99.8   Capa Z   Infill
10CE1002   72.30   74.50   1.39   3.44   0.6   0.00   99.4   Capa Z   Infill
10CE1003   25.10   28.00   1.91   2.13   1.6   0.17   100.0   Capa Z   Infill
10CE1003   49.40   50.85   0.96   2.89   7.3   0.47   96.0   Capa Z   Infill
10CE1003   58.85   59.60   0.50   59.60   13.7   0.05   93.0   Capa Z   Infill
10CE1004   122.20   128.25   1.63   2.69   2.1   0.02   89.8   Capa Z   Stepout
10CE1005   79.95   81.65   0.92   4.25   0.5   0.01   99.0   Capa Z   Infill
10CE1006   86.90   91.75   2.57   1.76   10.3   0.86   99.0   Capa Z   Infill
10CE1007           no intercepts               Capa Z   Infill
10CE1008   64.60   66.60   1.64   3.38   8.2   0.01   100.0   Capa Z   Infill
10CE1009   68.55   69.45   0.77   2.74   1.3   0.05   100.0   Capa Z   Infill
10CE1010   105.75   107.30   0.60   2.69   7.5   0.45   100.0   Capa Z   Infill
10CE1011   82.45   84.55   1.01   5.33   41.9   1.31   100.0   Capa Z   Stepout
10CE1011   87.10   93.30   2.98   4.67   13.7   1.44   98.9   Capa Z   Stepout
 
Note: True thicknesses were determined graphically by measuring the distance approximately perpendicular to the contacts. No values were capped.

“These results verify the continuity of, and in some cases extend, the mineralization in areas where inferred resources were estimated at Capa Z,” said Agne Ahlenius, General Manager of Kinbauri Espana S.L., a wholly-owned subsidiary of Orvana Minerals Corp. “Drilling will continue in Carlés and we currently have 2 rigs underground that will drill on the A107, San Martín and the Boinas East orebodies at El Valle-Boinás.”

More information related to the EVBC geology and mineralization can be found on the Company’s website www.orvana.com

QA/QC

Security measures were taken to ensure the integrity and validity of the mineralization and proximal rocks in the new drill core under the supervision of Santiago Gonzalez-Nistal, Chief Geologist, Kinbauri Espana S.L.U., a qualified person for the purposes of NI 43-101. The core was sampled based on lithologic and alteration considerations. Assays were completed by ALS Chemex. The QA/QC protocol included internal and laboratory certified reference materials, blanks, duplicates and check assays. A 30-gram sample was analyzed by fire assay methods for gold and a conventional ICP-AES analysis was used for the analysis of 35 elements. Copper values exceeding 10,000 ppm and silver values exceeding 100 ppm were re-analyzed by atomic absorption using a 4-acid digestion. 

Qualified Person

The technical information contained in this document was prepared under the supervision of Bill Williams, Ph.D., VP Corporate Development, a qualified person for the purposes of NI 43-101.

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