- Seventh shipment brings total expected gross revenue to
US$40.9 million since March 2009
- 34,921 dmt of copper concentrates shipped from Sulphide operation
since March 2009
- To date, operations unaffected by record rains in the Philippines
CALGARY, Oct. 2 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has completed its seventh shipment of copper concentrates produced at the Canatuan Mine on September 30, 2009. The concentrates were shipped from the TVIRD warehouse facility, at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI").
TVIRD expects to receive gross revenues of US$6.8 million from MRI for roughly 5,217 dry metric tonnes ("dmt") of copper concentrates.
This shipment occurred four weeks after the previous shipment, reflecting consistent operating throughput and concentrate production achieved by the mine in September. It is anticipated that future shipments of approximately 5,000 dmt each will occur every four weeks depending on specific shipping and marketing arrangements.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced approximately 36,600 dmt of copper concentrate. Of that production, 34,921 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan, exploration and development projects at Canatuan, Balabag and Tamarok and debt service.
Operations at the Canatuan mine on Mindanao Island in the southern Philippines have, to date, been unaffected by the tropical storms in the region. Please visit www.tvipacific for regular storm updates.
About TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company focused on exploring for, developing and producing precious and base metals within district-scale systems in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.) Inc.
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 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. These factors include, but are not limited to, such things as the volatility of prices for precious metals and base metals, commodity supply and demand, fluctuations in currency and interest rates, inherent risks associated with the exploration and development of mining properties, ultimate recoverability of mineral reserves, timing, results and costs of exploration and development activities, 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 equipment and personnel. 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. Forward-looking information concerning the expected use of funds generated from the sale of copper concentrates produced at Canatuan is based upon TVIRD's current budget and overall strategy for Canatuan, which plans, budget and strategy are all subject to change and current and anticipated financial obligations of TVIRD, including the terms and repayment schedules associated with the term loan facility between TVIRD and LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Ltd. Forward-looking information concerning the anticipated timing and quantities of future shipments of copper concentrates from Canatuan, is based upon current production of copper from the Canatuan mine, the terms of the third party offtake agreement for the purchase of copper concentrates produced at Canatuan, the processing capabilities of the Canatuan mine, the availability of transportation for the shipment of copper concentrates produced at Canatuan, estimates of the size of the copper reserves at Canatuan, the current development plan for Canatuan and TVIRD's current budget and overall strategy for Canatuan, which plans, budget and strategy are all subject to change. The forward-looking statements of the Company contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2008, which was filed on SEDAR on March 26, 2009, 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.
The Toronto Stock Exchange has neither approved nor disapproved of
the information contained herein.
SOURCE TVI Pacific Inc.
For further information: For further information: Investor Relations - (403) 265-4356 or firstname.lastname@example.org