CALGARY, Oct. 18, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") and its Philippine operating affiliate, TVI
Resource Development (Phils.), Inc. ("TVIRD") are pleased to provide an
update of its Agata high iron direct shipping ore ("DSO") project
located in Agusan del Norte, Mindanao, the Philippines.
Port Loading Facility and Infrastructure
Further to development plans and initial pre-development activities
announced as being underway February 11th, 2013, 100% of land required for the road network has now been acquired
in coordination with the local government unit while 90% of land
required under the current design of the Port facility has been
acquired. The planning and design of port construction as well as for
roads and other infrastructure is proceeding.
Most roads and ramps constructed currently are temporary and
predominantly confined to within the pit, where further refinements
have also been made in the pit design to consider non-contiguous mining
areas, zones less than 1.5 meters thick, and areas on slopes considered
too steep to mine.
The Port design, consisting of a causeway, will allow for two barges to
be moored and loaded simultaneously. The causeway will also serve as a
temporary ramp for the delivery of equipment, construction and heavy
lift materials. The current design is under review to decrease capital
The Agata DSO Project is well into the permitting stage with the
Environmental Protection and Enhancement Program and the Final Mine
Rehabilitation and Decommissioning Plan under review by the Mine
Rehabilitation Fund Committee. Final approval of the Declaration of
Mining Project Feasibility is then expected to follow, which will allow
the project to move into development. The Agata high iron DSO project
already has an existing Environmental Compliance Certificate.
The region in which the Agata DSO Project is situated, in north-eastern
Mindanao, hosts approximately fifteen DSO operations at present that
cumulatively exported 17.3 million wmt and 19.2 million wmt in 2011 and
2012, respectively. TVI is currently in discussion with off-takers who
have expressed interest in the Agata DSO product.
TVI and Mindoro Joint Ventures
The Agata DSO project is one of four joint venture agreements signed
with Mindoro Resources (TSXv:MIO) and previously announced on October
1, 2012. The joint ventures, relating to the Agata and Pan de Azucar
mining projects located in the Philippines, present TVI with multiple
growth opportunities for near-term and medium-term cash flow. Under the
agreements the Company's Philippine affiliate, TVI Resource
Developments (Phils.) Inc. ("TVIRD") has the ability to earn up to a
60% interest and is operator of the projects.
In addition to the DSO project, mining opportunities at Agata include:
near-term limestone DSO;
medium-term lime production facility;
medium-term nickel-processing plant.
The National Instrument 43-101 Compliant Mineral Resource estimate for
the Agata Nickel Project, released on April 10, 2013 and available on www.sedar.com and www.tvipacific.com, shows the Agata DSO project to have reported Proven and Probable
Reserves of 9.70 million wmt grading of 48% Fe with 0.9% Ni.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company indirectly engaged in
the production, development, exploration and acquisition of resource
projects in the Philippines and Southeast Asia. The Company's
affiliate, TVI Resource Development (Phils.) Inc., produces copper and
zinc concentrates from its Canatuan mine and is advancing its Balabag
Gold-Silver project. TVI is a direct or indirect participant/operator
in several joint venture projects in the Philippines and Papua New
Guinea and also has an interest in an offshore Philippine oil property.
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The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking
information. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "intend", "could",
"might", "should", "believe", "schedule" and similar expressions.
Forward-looking statements are based upon the opinions and expectations
of TVI as at the effective date of such statements and, in certain
cases, information received from or disseminated by third parties.
Although TVI believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and
that information received from or disseminated by third parties is
reliable, it can give no assurance that those expectations will prove
to have been correct. Forward-looking statements are subject to certain
risks and uncertainties (known and unknown) that could cause actual
outcomes to differ materially from those anticipated or implied. These
factors include, but are not limited to, such things as general
economic conditions in Canada, the United States, the Philippines and
elsewhere; volatility of prices for precious metals, base metals, oil
and gas; commodity supply and demand; fluctuations in currency and
interest rates; inherent risks associated with the exploration and
development of mining properties; inherent risks associated with the
exploration of oil and gas properties; ultimate recoverability of
reserves; production, timing, results and costs of exploration and
development activities; political or civil unrest; availability of
financial resources or third-party financing; new laws (domestic or
foreign); changes in administrative practices; changes in exploration
plans or budgets; and availability of personnel and equipment
(including mechanical problems). Accordingly, readers should not place
undue reliance upon the forward-looking statements contained in this
news release and such forward-looking statements should not be
interpreted or regarded as guarantees of future outcomes.
The forward-looking statements of TVI contained in this news release are
expressly qualified, in their entirety, by this cautionary statement.
Various risks to which TVI and their affiliates are exposed in the
conduct of their business are described in detail in TVI's Annual
Information Form for the year ended December 31, 2012, which was filed
on SEDAR on March 19, 2013 and is available at www.SEDAR.com. Subject
to applicable securities laws, TVI does not undertake any obligation to
publicly revise the forward-looking statements included in this news
release to reflect subsequent events or circumstances, except as
required by law.
SOURCE: TVI Pacific Inc.
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TVI Pacific Inc.