The El Valle-Boinás/Carlés Project is located in the Rio Narcea Gold Belt in Northern Spain, close to the port city of Avilés. In September 2009, Orvana acquired Kinbauri Gold for the El Valle-Boinás/Carlés Project, which is an excellent fit with Orvana’s strategic growth plans and its experience bringing underground mines into production.

Commercial production commenced in August, 2011.

The Copperwood Project is located in the western Upper Peninsula, Michigan, USA, approximately 30 kilometres from the inactive White Pine Mine where nearly 2 million tonnes of copper was produced between 1953 and 1996.

Orvana acquired the Copperwood project in 2008 by entering into 20 year mineral leases covering 712 hectares within the Western Syncline in the Upper Peninsula of the State of Michigan. In September, 2010, the Company entered into a 30 year mineral lease agreement on 226 hectares east of and adjacent to the Copperwood mineral leases obtained in 2008. In August, 2010, Orvana purchased the surface rights that correspond to the aforementioned 30 year mineral lease, as well as approximately 480 hectares, in order to provide alternatives for infrastructure and access.

In February, 2012 the Company announced the results of an NI 43-101 compliant Feasibility study which presents a 13-year underground operation that applies conventional drill-and-blast methods and room-and-pillar mining

Don Mario District, Eastern Bolivia

The Don Mario district is located in the Chiquitos Province of eastern Bolivia and has three main mineral deposits of which the largest is the Don Mario Lower Mineralized Zone (“LMZ”) low-cost gold mine. This low-cost gold deposit was depleted in the fourth quarter of fiscal 2009 after producing more than 420,000 ounces of gold. The second, lower-grade, Las Tojas gold deposit, commenced production in August 2009 and was depleted in April of 2011. The third deposit, the Upper Mineralized Zone (“UMZ”) open-pit copper gold-silver deposit commenced Commercial production in January 2012. The UMZ has an estimated mine life of nine years.