Orvana up on strong quarterly resutls

A record quarter for Orvana Minerals (ORV-T) had the gold miners shares up on another down day for the market overall.

Toronto-based Orvana set a new mark for gold production, revenues and earning with a net income of US$7.6 million or 7 per share on revenues of US$15.6 million for the quarter, compared to net income of US$3.9 million or 3 per share on revenues of US$11.1 million for the same period last year.

Cash flows for the quarter amounted to US$12.3 million, a 78% increase compared to US$6.9 million for the same period last year.

Orvana made those numbers on the back of 23,425 oz. of gold produced compared to the 19,333 it produced this time last year.

In a prepared statement, Orvana president and chief executive, Carlos Mirabal, said barring the unforeseen, the company should hit a record production of 80,000 oz. of gold this year.

Orvana is long-term debt-free and finished the quarter with US$49,401 in cash money it says it will use to invest and grow.

Progress on the full feasibility study of the Upper Mineralized zone at its primary operation Don Mario — is schedule for completion by the end of the year. The company thinks that by investing another US$65,000 the operation’s life will be extended by as much as seven years beyond 2009.

Don Mario is located in eastern Bolivia, but the company says it is looking to diversify country-risk by investing elsewhere in South America.

In Toronto on Aug. 10 the companys shares finished 8% or 5 higher at 71 on roughly 191,000 shares traded.