|By Marketwired .||
|December 21, 2012 11:21 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/21/12 -- Orvana Minerals Corp. (TSX:ORV) (the "Company") announced today financial and operating results for the fourth quarter ("Q4 2012") and fiscal year ended September 30, 2012.
The Company reported adjusted net income for Q4 2012 of $0.09 per share excluding the unrealized loss from the revaluation of the Company's derivative instruments and the tax effect thereof and the one-time expense associated with the conversion of an outstanding debenture relating to a royalty.
The audited consolidated financial statements for the fiscal year ("2012 Financials") and Management's Discussion & Analysis related thereto ("2012 MD&A") are available on SEDAR and at www.orvana.com.
Dollar amounts (other than per ounce/pound and per share amounts) are in thousands of U.S. dollars unless stated otherwise, and fine troy ounces of gold and silver are referred to as "ounces".
Q4 2012 Operating and Financial Highlights
-- Production of 15,155 ounces of gold, 4 million pounds of copper, 277,081 ounces of silver and 636,126 pounds of lead and sales of 18,604 ounces of gold, 5.3 million pounds of copper, 289,356 ounces of silver and 636,126 pounds of lead. (1) -- Consolidated revenue of $50,608 in the fourth quarter of fiscal 2012 compared to $10,576 in the fourth quarter of fiscal 2011, an increase of 379%. -- Net loss of $2,007 in the fourth quarter of fiscal 2012 compared to net income of $8,037 in the fourth quarter of fiscal 2011. -- Adjusted net income of $12,325 or $0.09 per share compared to an adjusted net loss of $4,852 or adjusted net loss of $0.04 per share in the fourth quarter of fiscal 2011. (2) -- Cash flows provided by operating activities of $29,617 in the fourth quarter of fiscal 2012 compared to cash flows provided by operating activities of $91 in the fourth quarter of fiscal 2011 and cash flows provided by operating activities before changes in non-cash working capital of $14,453 in the fourth quarter of fiscal 2012 compared to cash flows used in operating activities before changes in non-cash working capital of $1,217 in the fourth quarter of fiscal 2011. (2)
2012 Annual Operating and Financial Highlights
-- First full year of commercial production at the EVBC Mine and nine months of commercial production at the UMZ Mine. -- Major permitting milestones achieved at the Copperwood Project. -- Production of 55,929 ounces of gold, 15.4 million pounds of copper, 716,280 ounces of silver and 636,126 pounds of lead and sales of 55,052 ounces of gold, 14.7 million pounds of copper, 669,810 ounces of silver and 636,126 pounds of lead. (1) -- Consolidated revenue of $140,917 for fiscal 2012 compared to $25,085 for fiscal 2011, an increase of 462%. -- Net loss of $2,353 for fiscal 2012 compared to a net loss of $21,306 for fiscal 2011. -- Adjusted net income of $15,474 for fiscal 2012 or $0.11 per share compared to adjusted net loss of $12,671 or adjusted net loss of $0.11 per share for fiscal 2011. (2) -- Cash flows provided by operating activities of $41,705 in fiscal 2012 compared to cash flows used in operating activities of $12,623 in fiscal 2011 and cash flows provided by operating activities before changes in non-cash working capital of $33,276 in fiscal 2012 compared to cash flows used in operating activities before changes in non-cash working capital of $2,263 in fiscal 2011. (2) -- Cash and cash equivalents of $13,200 and short-term restricted cash of $16,783 at September 30, 2012. -- New executive management leadership with a new Chief Executive Officer in December 2011, Chief Financial Officer and Bolivia country manager in June 2012, Chief Operating Officer in August 2012 and Spain country manager in September 2012. (1) For a description of the EVBC Mine and the UMZ Mine, please see "Overall Performance - EVBC Mine" and "Overall Performance - UMZ Mine". (2) Adjusted net income (loss) excludes the unrealized losses from the revaluation of the Company's financial instruments at the end of the period and the tax effect thereof and the one-time expense of $3,132 payable in fiscal 2013 associated with the conversion of an outstanding debenture relating to a royalty associated with the EVBC Mine. Adjusted net income (loss) and cash flows provided by operating activities before changes in non-cash working capital are non-IFRS performance measures with no standard definition under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance including the Company's ability to generate cash flows from its mining operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the MD&A for the financial year ended September 30, 2012.
"Our financial performance greatly improved in the fourth quarter, ending the 2012 fiscal year on a positive note," said Bill Williams, President and Chief Executive Officer. "With the UMZ operation stabilized and EVBC Mine recovering from the ground stability issues, in addition to getting the shaft operational, we expect fiscal 2013 to be very successful both operationally and financially."
The key factors affecting Orvana's operating and financial performance are tonnages mined and treated, metal grades and recoveries, quantities of metal produced and sold, realized metals prices, cost of supplies including labour and energy, mine development and other capital expenditures, foreign exchange rates, financial instruments and tax rates.
The Company's operating and financial performance for the fourth quarters ended September 30, 2012 and 2011 and the 2012, 2011 and 2010 fiscal years are summarized in the table below:
---------------------------------------------------------------------------- Q4 2012 Q4 2011 2012 2011 2010 ---------------------------------------------------------------------------- Operating Performance (1) Gold Production (oz) 15,155 9,336 55,929 19,313 27,751 Sales (oz) 18,604 5,520 55,052 16,179 28,341 Average realized price / oz (2) $ 1,666 $ 1,479 $ 1,659 $ 1,402 $ 1,141 Copper Production ('000 lbs) 4,058 469 15,366 1,056 - Sales ('000 lbs) 5,259 504 14,730 504 - Average realized price / lb (2) $ 3.50 $ 1.93 $ 3.54 $ 1.93 - Silver Production (oz) 277,081 11,691 716,280 11,691 - Sales (oz) 289,356 13,270 669,810 13,270 - Average realized price / oz (2) $ 31.06 $ 29.16 $ 29.43 $ 34.58 - ---------------------------------------------------------------------------- Financial Performance Revenue $ 50,608 $ 10,576 $ 140,917 $ 25,085 $ 32,344 Mining costs $ 24,738 $ 7,503 $ 83,574 $ 18,290 $ 21,475 Depreciation and amortization $ 3,958 $ 2,706 $ 15,017 $ 4,079 $ 3,610 Gross margin $ 21,912 $ 367 $ 42,326 $ 2,716 $ 7,259 Financial instruments gain (loss) $ (17,493) $ 17,139 $ (26,095) $ (13,611) - Net income (loss) $ (2,007) $ 8,037 $ (2,353) $ (21,306) $ (2,431) Net income (loss) per share (basic and diluted) $ (0.01) $ 0.07 $ (0.02) $ (0.18) $ (0.02) Adjusted net income (loss) $ 12,325 $ (4,852) $ 15,474 $ (12,671) $ 864 Adjusted net income (loss) per share (basic and diluted) (3) $ 0.09 $ (0.04) $ 0.11 $ (0.11) $ 0.01 Operating cash flows $ 29,617 $ 91 $ 41,705 $ (12,623) $ (8,644) Operating cash flows before non-cash working capital changes (3) $ 14,453 $ (1,217) $ 33,276 $ (2,263) $ 2,545 Ending cash and cash equivalents $ 13,200 $ 12,244 $ 13,200 $ 12,244 $ 11,947 Restricted cash $ 18,399 $ 2,275 $ 18,399 $ 2,275 $ 753 Capital expenditures (including primary mine development) (4) $ 12,572 $ 14,948 $ 37,718 $ 59,819 $ 37,497 ---------------------------------------------------------------------------- (1) Metal production and sales are from the EVBC Mine and the UMZ Mine. In addition to gold, copper and silver, during the fourth quarter of fiscal 2012, the Company produced and sold 636,126 pounds of lead. (2) Realized metal prices are calculated by dividing gross revenue recorded for the period from sales of the particular metal, before deduction of treatment and refinement charges, by ounces of gold or silver or pounds of copper sold during the period. (3) Adjusted net income (loss), adjusted net income (loss) per share and operating cash flows before non-cash working capital changes are non- IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the MD&A for the financial year ended September 30, 2012. (4) Capital expenditures for fiscal 2012 recorded in the 2012 Financials are $37,718. This includes capital expenditures for the EVBC Mine for the twelve months ended September 30, 2012 of $31,136 adjusted by an increase for finance lease payments of $1,961 and a decrease of $3,234 for capital expenditures that were incurred but unpaid at September 30, 2012.
EVBC Mine, Spain
Through its wholly-owned subsidiary, Kinbauri Espana S.L.U. ("Kinbauri"), the Company owns and operates the EVBC Mine, which is located in the Rio Narcea Gold Belt in northern Spain and consists of 14 exploitation concessions comprising 4,298 hectares and two investigation permits comprising 754 hectares.
The following table includes operating and financial performance data for the EVBC Mine for the third and fourth quarters of fiscal 2012, the fourth quarter of fiscal 2011 and the 2012 and 2011 fiscal years. The EVBC Mine reached commercial production in August 2011.
---------------------------------------------------------------------------- Q3 2012 Q4 2012 Q4 2011 2012 2011 ---------------------------------------------------------------------------- Operating Performance (1) Ore mined (tones) 161,115 129,015 68,595 558,583 203,821 Ore milled (tones) 150,711 118,436 94,658 519,690 177,926 Gold Grade (g/t) 3.09 2.95 2.04 2.77 1.92 Recovery (%) 93.4 93.2 87.5 92.5 87.0 Production (oz) 13,983 10,465 5,439 42,864 9,336 Sales (oz) 11,358 13,457 5,520 42,837 5,520 Copper Grade (%) 0.51 0.37 0.33 0.41 0.41 Recovery (%) 86.5 82.0 67.8 84.1 66.1 Production ('000 lbs) 1,468 800 469 3,951 1,056 Sales ('000 lbs) 934 1,241 504 3,951 504 Silver Grade (g/t) 10.43 8.41 7.06 9.17 8.64 Recovery (%) 78.4 76.3 54.5 76.4 57.8 Production (oz) 39,621 24,718 11,691 117,113 28,456 Sales (oz) 36,260 29,098 13,270 106,199 13,270 Total cash costs (by- product) ($/oz of gold sold) (2) $ 806 $ 720 $ 1,370 $ 854 $ 1,370 Total production costs (by-product) ($/oz of gold sold) (2) $ 982 $ 989 $ 1,778 $ 1,071 $ 1,778 ---------------------------------------------------------------------------- Financial Performance (1) Revenue $ 20,845 $ 25,718 $ 10,473 $ 82,239 $ 10,473 Mining costs (3) $ 13,664 $ 13,156 $ 7,242 $ 47,615 $ 7,242 Depreciation and amortization (4) $ 2,730 $ 3,971 $ 2,754 $ 11,754 $ 2,754 Financial instruments gain (loss) $ 10,621 $ (17,493) $ 17,139 $ (26,095) $ (13,611) Income (loss) before tax (2) $ 15,100 $ (9,961) $ (15,727) $ (6,506) $ (14,519) Adjusted income (loss) before tax $ 2,947 $ 6,040 $ (2,687) $ 14,487 $ (2,184) Capital expenditures (including primary mine development) (4) $ 6,976 $ 9,457 $ 5,714 $ 31,136 $ 45,924 ---------------------------------------------------------------------------- (1) The EVBC Mine commenced commercial production on August 1, 2011. Information relating to production and sales for fiscal 2011 includes production and sales for the start-up and commissioning period of May to July 2011. Sales for May to July 2011 were credited against capitalized commissioning costs and sales for August and September 2011 were recorded as revenue. (2) Total cash costs (by-product) and total production costs (by-product) per ounce of gold sold and adjusted net income (loss) before tax are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the 2012 MD&A for fiscal 2012. Adjusted income before tax includes realized expenses in connection with financial instruments settled during the period but does not include the mark-to-market fair value adjustments of the Company's outstanding financial instruments at the end of the period. See also "Other Information - Financial Instruments" below. (3) The information for the third quarter of fiscal 2012 includes $2,134 of costs that were incurred in the second quarter of fiscal 2012 and recorded in inventory and subsequently recorded in cost of sales in the third quarter of fiscal 2012. (4) Capital expenditures include primary mine development expenditures which have been capitalized during the period. In fiscal 2012, the Company capitalized $14,026 in respect of primary mine development expenditures. Depreciation and amortization recorded in the fourth quarter of fiscal 2012 includes an adjustment for depreciation and amortization in respect of the full fiscal 2012. Total production cost (by-product) for the fourth quarter of fiscal 2012 is higher as a result of this higher depreciation adjustment recorded in the period ($85 per sold ounce).
UMZ Mine, Bolivia
Through its wholly-owned subsidiary, Empresa Minera Paititi S.A. ("EMIPA"), the Company owns and operates the UMZ Mine in south-eastern Bolivia. The UMZ Mine reached commercial production in January 2012, thus sales therefrom were recorded as revenue for the full second, third and fourth quarters of fiscal 2012.
A Leach-Precipitation-Flotation ("LPF") circuit, which included conventional flotation circuits, was installed to process the oxide and transition ores from the UMZ Mine. As a result of higher than expected acid consumption, it was realized that the LPF process could not be run on a continuous basis monthly as the sulphuric acid plant could not supply the necessary quantities to operate the mill at high availability. In March 2012, the Company commenced processing the transition ore, which includes both copper in oxide minerals and copper in sulphide minerals, by flotation-only as well as oxides through the LPF process. Processing ore through both the LPF and flotation-only circuits allows the plant to operate at greater than 90% availability. As a result of the LPF low copper recovery, gold-silver dore cannot be produced.
On December 13, 2012, the Company announced National Instrument ("NI") 43-101-compliant updated resource and reserve estimates for the UMZ. This Technical Report is available on www.sedar.com and the Company's website at www.orvana.com. During 2012, EMIPA made significant changes to the mining and processing aspects of the operation thus warranting an update.
The following table includes operating and financial performance data for the UMZ Mine for the third and fourth quarters of fiscal 2012 and the 2012 and 2011 fiscal years. The UMZ Mine was not in commercial production during the third and fourth quarters of fiscal 2011, accordingly, this comparative information has not been provided.
---------------------------------------------------------------------------- Q3 2012 Q4 2012 2012 2011 ---------------------------------------------------------------------------- Operating Performance (1) Ore mined (tones) 343,450 336,772 1,178,809 279,620 Ore milled (tones) 179,923 191,725 594,054 279,620 Gold Grade (g/t) 1.92 1.55 1.75 1.37 Recovery (%) 39.2 49.2 39.1 80.1 Production (oz) 4,361 4,691 13,065 9,977 Sales (oz) 5,484 5,147 12,215 10,659 Copper Grade (%) 1.83 1.65 1.76 - Recovery (%) 49.7 46.7 49.4 - Production ('000 lbs) 3,612 3,259 11,415 - Sales ('000 lbs) 4,520 4,018 10,779 - Silver Grade (g/t) 87.58 75.23 81.17 - Recovery (%) 41.3 54.4 38.6 - Production (oz) 209,287 252,364 599,167 2,218 Sales (oz) 247,975 260,054 563,611 2,418 Total cash costs (co- product) ($/lb) copper (2) $ 2.35 $ 1.92 $ 2.39 - Total cash costs (co- product) ($/oz) gold (2) $ 1,119 $ 969 $ 1,143 1,033 Total cash costs (co- product) ($/oz) silver (2) $ 21.20 $ 18.69 $ 22.00 - ---------------------------------------------------------------------------- Financial Performance Revenue $ 22,846 $ 24,889 $ 58,678 $ 14,612 Mining costs $ 14,193 $ 11,581 $ 35,959 $ 11,048 Depreciation and amortization (3) $ 2,073 $ (13) $ 3,263 $ 1,325 Income (loss) before tax $ 6,315 $ 12,116 $ 17,060 $ (253) Capital expenditures $ 197 $ 1,164 $ 1,969 $ 16,139 ---------------------------------------------------------------------------- (1) The UMZ Mine commenced commercial production on January 1, 2012. Information relating to production and sales for fiscal 2011 includes production and sales from Las Tojas deposit of the Don Mario Mine but does not include production from the UMZ Mine during the start-up and commissioning period. Information relating to production for fiscal 2012 includes production from the UMZ Mine during the start-up and commissioning period in the first quarter of fiscal 2012. Sales for the first quarter of fiscal 2012 from the UMZ Mine were credited against capitalized commissioning costs and sales from January 1, 2012 onwards were recorded as revenue. (2) Total cash costs (co-product) per pound of copper and per ounce of gold and silver are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the MD&A for the financial year ended September 30, 2012. (3) Depreciation and amortization costs for the fourth quarter of fiscal 2012 include a reduction of $2,234 as a result of higher depreciation and amortization expenses recorded in prior quarters.
Through its wholly-owned subsidiary, Orvana Resources US Corp., Orvana entered into long-term mineral lease agreements covering 936 hectares within the Western Syncline, which is located in the Upper Peninsula of the State of Michigan, USA, comprising the "Copperwood Project". In addition, the Company purchased the surface rights on about 700 hectares that secured access to the Copperwood Project and additional space for infrastructure.
On February 7, 2012, the Company announced positive results in an NI 43-101-compliant feasibility study, which included a reserve estimate. The Company has achieved the following major permitting milestones during the fiscal year:
-- In April 2012, it received its mining permit from the Michigan Department of Environmental Quality ("MDEQ"), as prescribed by Part 632 of the Non-Ferrous Metallic Mining regulation of the State of Michigan. This permit is an important step in obtaining all regulatory approvals for the Copperwood Project and indicates that the State of Michigan considers the project to have met all the necessary criteria to operate a mine in a responsible manner. -- In July 2012, it received the Permit to Install, or Air Quality Permit, from the MDEQ, Air Quality Division. -- In November 2012, it received the National Pollutant Discharge Elimination System permits for treated sanitary and process wastewaters from the MDEQ. -- In November 2012, the Company announced, in cooperation with the MDEQ, that it has agreed to withdraw the Wetlands Permit application in order to provide more time for review by the MDEQ and the Environmental Protection Agency ("EPA"). The permit application was re-submitted at the end of November 2012, with expectations of a final decision before the end of January 2013.
Total capital expenditures in respect of the Copperwood Project during the fourth quarter of fiscal 2012 were $2,597 for a total of $5,842 in fiscal 2012. Orvana is continuing to investigate a variety of possible options to enhance the value of the Copperwood Project to Orvana's shareholders, including financing options such as the sale of an equity interest and debt and equity financing should it determine to proceed to bring the Copperwood Project into production.
Orvana's short-term focus is operational optimization at the EVBC Mine and the UMZ Mine to generate increased operating cash flows in order to pay down debt as well as possibly advance the development of the Copperwood Project. Fiscal 2012 guidance for production was 60,000 ounces of gold, 16.53 million pounds of copper and 700,000 ounces of silver. Mostly due to the delays related to the commissioning of the EVBC shaft and other operational issues at the EVBC Mine, production for fiscal 2012 was 55,929 ounces of gold, 15.4 million pounds of copper and 716,280 ounces of silver. Fiscal 2013 guidance for production is 75,000 ounces of gold, 18 million pounds of copper and 850,000 ounces of silver.
Orvana's long-term focus is to utilize future cash flow and mining capabilities to build long-term value for its shareholders specifically through organic growth and possibly through certain strategic acquisitions primarily focused on advanced-stage gold and/or copper properties.
Notes: (1) Adjusted net income (loss), adjusted net income (loss) per share and cash-flows from operating activities before changes in non-cash working capital are non-IFRS performance measures. Adjusted net income (loss) after-tax excludes unrealized gains/losses recognized as a result of the revaluation of Orvana's outstanding financial instruments at the end of the period as well as the deferred income tax impact relating thereto. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the 2012 MD&A. (2) Total Cash Costs (by-product) per gold ounce is a non-IFRS performance measure with no standard definition under IFRS. For further information regarding the calculation and IFRS reconciliation, please see the "Other Information - Non-IFRS Measures" section of the 2012 MD&A. (3) Total cash costs (co-product) per pound of copper and per ounce of gold and silver sold for the periods presented are non-IFRS performance measures with no standard definition under IFRS. For further information regarding the calculation and IFRS reconciliation, please see the "Other Information - Non-IFRS Measures" section of the 2012 MD&A.
The Company will hold a conference call on Friday, January 4, 2013 to discuss the fourth quarter and fiscal 2012 results. Following the presentation there will be a question and answer period for analysts and investors. Participation information will be press released prior to the conference call.
Orvana Minerals is a multi-mine gold and copper producer. Orvana's primary asset is the El Valle-Boinas/Carles gold-copper Mine in northern Spain. Orvana also owns and operates the Don Mario Mine in Bolivia, processing its copper-gold-silver Upper Mineralized Zone deposit. Orvana is also advancing its Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).
Forward Looking Disclaimer
Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects" "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will" or "are projected to" be taken or achieved) are not statements of historical fact, but are forward-looking statements.
Forward-looking statements relate to, among other things, all aspects of the development of the Upper Mineralized Zone ("UMZ") deposit at the Don Mario Mine in Bolivia, the El Valle-Boinas/Carles Mine in Spain and the Copperwood project in Michigan and their potential operations and production; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; mineral resource estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's most recently filed Annual Information Form, or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the UMZ deposit, El Valle-Boinas/Carles Mine and the Copperwood project being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana's current expectations.
A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to develop the UMZ deposit, the Copperwood project or the El Valle-Boinas/Carles Mine; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in Orvana's Management's Discussion and Analysis for the period ended September 30, 2012 under the heading "Risks and Uncertainties". This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Annual Information Form for a description of additional risk factors.
Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.
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Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
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Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 29, 2015 06:00 AM EST Reads: 375
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Nov. 29, 2015 05:00 AM EST Reads: 460
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Nov. 29, 2015 04:30 AM EST Reads: 484
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 29, 2015 04:00 AM EST Reads: 377
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 29, 2015 03:00 AM EST Reads: 597
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
Nov. 29, 2015 03:00 AM EST Reads: 339
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk was on IBM Cloudant, Apache CouchDB, and ...
Nov. 29, 2015 02:45 AM EST Reads: 427