TVI Pacific announces completion of sixth shipment of copper concentrates produced at Canatuan



    (TSX: TVI)

    
    -  Sixth shipment brings total expected gross revenue to US$34.1 million

    -  Total of 29,705 dmt of copper concentrates shipped to date from
       Sulphide operation
    

    CALGARY, Sept. 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 sixth shipment of
copper concentrates produced at the Canatuan Mine on August 31, 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 a total of US$5.4 million from MRI for roughly
5,264 dry metric tonnes ("dmt") of copper concentrates, representing
approximately 90% of the estimated value of the total shipment. Final payment
for the remaining sale price of the concentrates (approximately 10%) is due
once final details relating to weight, assays and prices are determined.
    This shipment occurred four weeks after the previous shipment, reflecting
increased operating throughput and concentrate production achieved by the mine
in August. It is anticipated that future shipments of approximately 5,000 dmt
each will occur approximately 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 31,300 dmt of
copper concentrate. Of that production, 29,705 dmt has been sold through the
offtake agreement with MRI. Funds generated from the sale of the copper
concentrates are expected to be allocated by TVIRD to working capital and debt
service.

    
    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.
    





For further information:

For further information: Investor Relations - (403) 265-4356 or
tvi-info@tvipacific.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890