CALGARY, Nov. 27, 2012 /CNW/ - TVI Pacific Inc. ("TVI" or the "Corporation") (TSX:TVI) (OTCQX:TVIPF) announced today that on November 21, 2012,
Foyson Resources Limited ("Foyson"), in which TVI currently holds a 9.96% equity stake as a result of its
recently announced investment transaction, released encouraging results
of the first diamond drilling program and an induced polarisation
survey at the Atui Porphyry project, within Foyson's EL1642 on New
Britain Island, PNG. Foyson conducted the underlying work that it
reported on. The Atui Porphyry project is part of the New Britain Joint
Venture ("NB Joint Venture"), one of two joint ventures between Foyson
and TVI. The NB Joint Venture was negotiated as part of an investment
package signed and announced on August 28, 2012, finalization of which
is subject to certain conditions to be fulfilled and subject to final
due diligence by TVI. All dollar amounts in this news release are in
Australian Dollars unless otherwise indicated.
Foyson's announcement can be accessed on Foyson's website at http://www.milresources.com/files/FOY_news_1211211.pdf or on the Australian Securities Exchange at http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=foy#headlines
Mr. Clifford M. James, President and Chief Executive Officer for TVI
stated: "As a joint venture partner we are pleased to see these
encouraging results announced by Foyson."
The NB Joint Venture agreement provides that: (i) TVI will commit to a
minimum expenditure on NB Joint Venture of A$1.25 million in the twelve
months following the date on which all applicable joint venture
conditions are satisfied (the "Stage 1 Farm-in Obligation"); (ii) TVI
will refund to Foyson any expenditures incurred by Foyson on the New
Britain Island tenements since July 1, 2012, provided such expenditure
has previously been approved by TVI (with such reimbursed amounts being
creditable against TVI's spending commitments under the applicable
joint venture agreement); (iii) TVI will earn a 12.5% interest in NB
Joint Venture as a result of wholly satisfying the Stage 1 Farm-in
Obligation; and (iv) TVI will have the right to earn a further 42.5%
interest in NB Joint Venture by spending an additional A$5.25 million
within 12 months following completion of the Stage 1 Farm-in
Foyson is an Australian company engaged in mining exploration in Papua
New Guinea. The common shares of Foyson are listed on the Australian
Securities Exchange. Foyson trades under the symbol FOY on the ASX.
TVI is a publicly-traded Canadian company focused on the production,
development, exploration and acquisition of resource projects in the
Philippines and Southeast Asia. TVIRD produces copper and zinc
concentrates from its Canatuan mine. TVI has an indirect interest in an
offshore Philippine oil property and is a partner in several joint
venture projects in the Philippines and Papua New Guinea.
Forward Looking Statements
This news release contains a link to a press release that includes
certain forward-looking information (referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws.
Forward-looking statements are often, but not always, identified by the
use of words such as "anticipate", "plan", "intend", "estimate",
"scheduled", "expect", "may", "will", "should", or similar words
suggesting future activities or outcomes. Such forward-looking
statements include plans for the Atui Joint Venture to embark on an
exploration program and a subsequent multiple hole drill program in
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking
statements. With respect to the future plans, those risks and
uncertainties include the results of the anticipated exploration
program, the ability of the Atui Joint Venture to undertake such future
programs, that future exploration results may differ materially from
those anticipated as a result of the currently reported results, as
well as governmental and other risks typical of very early stage
TVI does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, except as required by
applicable Canadian securities law. The forward-looking statements are
expressly qualified by this cautionary statement.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
SOURCE: TVI Pacific Inc.
For further information:
Vice President, Investor & Corporate Relations
TVI Pacific Inc.
Investor Relations Coordinator
TVI Pacific Inc.
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