Orvana Minerals Corp. announce that its wholly-owned subsidiary, Orvana Resources US Corp., has entered into a second minerals lease and a second exclusive option to lease in respect of areas of the “Western Syncline” in the Upper Peninsula of Michigan. The leased area is referred to as the Copperwood Project. The Copperwood Project is located about 30 kilometers southwest of the now-closed White Pine mine, which produced over 1.7 million tonnes (3.75 billion pounds) of copper between 1952 and 1996, principally from chalcocite-bearing siltstone and shale units at the base of the Nonesuch Formation.
This new lease covers an area of 436 hectares (1,078 acres) which is contiguous to the land covered by a minerals lease announced in a press release dated September 10, 2008 on terms identical to those contained in the earlier mineral lease. The September 10 press release stated that the mineral lease covered 312 hectares (771 acres); however, the actual area is 276 hectares (681 acres). The total leased area for the Copperwood Project is now 712 hectares (1,759 acres).
In addition to the mineral leases, Orvana has also acquired an exclusive option to lease mineral rights in respect of an additional 595 hectares (1,470 acres) on the same terms as the exclusive option to lease announced in the press release dated September 10, 2008. The total area under option now covers 1,559 hectares (3,852 acres).
Orvana is also pleased to announce that it has contracted STS to conduct the Environmental Impact Assessment as required by applicable Michigan mining law prior to applying for a mining permit. Initial studies include, but are not limited to, subsurface and surface water monitoring and the installation of a weather station. STS, a part of AECOM, is a professional services firm with global reach, specializing in site planning, design and construction engineering.
Orvana President and Chief Executive Officer, Carlos Mirabal said, “Environmental studies related to water and other resources have started and demonstrate our commitment to responsible environmental stewardship in preparation for a potential mining operation. We are pleased to be able to expand and consolidate the minerals rights for the Copperwood Project.”
Orvana Minerals Corp. is a Canadian mining and exploration company based in Toronto, Canada, involved in the evaluation, development and mining of precious and base metal deposits in the Americas. The Company owns and operates the Don Mario Mine in eastern Bolivia. Orvana’s long-term goal is to become a low cost, long-life, multi-mine gold and base metals producer in the Americas. Orvana’s shares have been listed on the Toronto Stock Exchange since 1992 under the trading symbol ORV. Further information on Orvana may be found on the Company’s website at www.orvana.com and on SEDAR at www.sedar.com.