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Operations: Copper-gold-silver-mine in Bolivia, Gold/copper mine/Mill in Spain and its developing copper project in Michigan

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Message: Orvana to Apply to OSC for Relief Relating to Kinbauri's Recent Actions
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Orvana to Apply to OSC for Relief Relating to Kinbauri's Recent Actions

posted on May 15, 2009 01:06PM
May 15, 2009
Orvana to Apply to OSC for Relief Relating to Kinbauri's Recent Actions
TORONTO, ONTARIO--(Marketwire - May 15, 2009) - Orvana Minerals Corp. (TSX:ORV) today announced its intention to apply to the Ontario Securities Commission for relief relating to recent actions by Kinbauri Gold Corp.'s board of directors. Orvana believes that these actions are improper tactics in response to Orvana's proposed all cash offer of C$0.55 per share for all of the outstanding shares of Kinbauri.

Orvana believes that Kinbauri's entry into a definitive agreement with respect to its proposed transaction with Glen Eagle Resources Inc. and its proposed issuance of units (consisting of 6,000,000 shares and 3,000,000 warrants) are actions that frustrate an open take-over bid process.

Orvana intends to mail its take-over bid circular to Kinbauri shareholders on or before May 25, 2009.

Orvana is a well-established mine operator with an experienced management team that has collectively brought a number of underground mines into production. Orvana had cash of approximately US$96.6 million (C$113.3 million) as of December 31, 2008 which is sufficient to develop Kinbauri's Spanish mineral project.
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