CALGARY, Feb. 22, 2017 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the Company") announces that TVI Resource Development (Phils.), Inc. ("TVIRD"), a company in which TVI has a 30.66% equity interest, has issued a cash dividend of 30 million Philippine pesos (CAD $787,647) to all shareholders of record as of December 31, 2016. TVI International Marketing Limited ("TVIIM"), the direct shareholder of TVIRD and a subsidiary in which TVI holds a 100% equity interest, has received as its share of the dividend 9.2 million Philippine pesos (CAD $241,529), prior to Philippine dividend tax, and has transferred a net 7.8 million Philippine pesos (CAD $205,300) through to TVI as a repayment of intercompany advances.
TVIRD was incorporated under the laws of the Philippines on January 18, 1994 and was an indirect subsidiary of TVI until July 2014 when Prime Resource Holdings Inc., a private Philippine investment entity, became the controlling shareholder. Following the enactment of the Philippine Mining Act of 1995, TVIRD was the first foreign-affiliated resource company to reach the production stage with the Canatuan project located in the municipality of Siocon, Zamboanga del Norte, Philippines. At the Canatuan mine, TVIRD established gold and silver operations from 2004 to 2008 and transitioned to copper and zinc operations from 2009 until 2014, during which time TVIRD ranked among the country's top copper and zinc producers.
TVIRD's track record of exceptional environmental performance at its Canatuan operations was recognized by numerous environmental and safety awards at the annual Presidential Mineral Industry Environmental Awards. Top accolades received between 2010 and 2013 include the Presidential Mineral Industry Environmental Award – Platinum Award (2012); Titanium Award for Excellence in Environmental Management (2011); Platinum Achievement Award - Surface Mining Category (2010); and Titanium Award – Surface Mining Category (2013).
Since 2014, TVIRD has evolved into a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. Key projects include the 100% owned Balabag gold-silver project located in the municipality of Bayog, province of Zamboanga del Sur; and nickel laterite direct shipping ore operations at the Agata project located in northern Mindanao.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in the Asia Pacific region. TVI currently holds a 30.66% equity interest in TVIRD and a 25.5% equity interest in FOY Group Limited, an Australian company in the process of acquiring and funding the commercialization of plastics to diesel technology in Australia and relisting on the Australian Stock Exchange in H2/2016. TVI's other holdings include a 14.4% equity interest in Mindoro Resources Ltd.; a 10% interest in the Amazon Bay Iron Sands project in Papua New Guinea; and a 100% investment in shares of TG World.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes 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", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, 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 by such forward-looking statements.
Various risks to which the Company is exposed in the conduct of its business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2015, which was filed on SEDAR on March 24, 2016 and is available under the Company's profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this News Release to reflect subsequent events or circumstances.
SOURCE TVI Pacific Inc.
For further information: Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-4356, E-mail: Patrick.Hanna@tvipacific.com