CALGARY, June 20, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that it has completed and submitted the Declaration of Mining Project Feasibility (DMPF) for the Balabag gold-silver project to the Department of Environmental and Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB) for review and approval. The Balabag gold-silver project is located approximately 75 kilometres east-northeast of TVI's Canatuan copper-zinc mine on the Island of Mindanao, Philippines.
The filing of the DMPF represents an important milestone and follows on the filing of the Environmental Compliance Certificate (ECC). The Environmental Management Bureau (EMB) has previously reviewed and endorsed the ECC which is now under final review by the MGB in preparation for official signatures from the DENR. Both filings represent the final documents needed to be approved to allow the Company to commence construction of the mine, mill and related facilities.
"The Balabag Project is 'ready to go', as soon as these documents get the final approval of the government," said Mr. Cliff James, Chairman and CEO of TVI Pacific Inc. "We have the funding in place, and we have completed all the technical requirements needed for approval. Once the documents are signed, we will be in a position to accelerate development of the Balabag Project to the benefit of all stakeholders."
The DMPF is a regulatory requirement including plans, documents and other certifications required in order to obtain approval from the Philippine Government for the development of Balabag.
An ECC is a certificate issued by the DENR/EMB which certifies that based on the application the proposed project will not cause a significant negative impact on the environment. The ECC contains specific measures and conditions that must be met before and during the operation of the project. The ECC also certifies that the Company has complied with all the requirements of the Environmental Impact Statement (EIS) System and has committed to implement its approved Environmental Management Plan in the Philippines. The Company's EIS submission was given a positive recommendation by the EMB in Q1 2013.
The Company announced on March 12, 2013 that it has secured low interest financing for the development of the project.
About the Balabag Project
The Balabag epithermal gold and silver project is located within an area covering approximately 52 square kilometres (20 square miles) and is situated approximately 75 kilometres (47 miles) east-northeast of TVI's Canatuan mine.
The Balabag NI 43-101 technical report dated June 23, 2012, and entitled "NI 43-101 Technical Report on the Balabag Gold Project, Zamboanga Province, Philippines" is available on SEDAR at www.sedar.com and on TVI's website at www.tvipacific.com. The technical report, which incorporates results of drilling completed to the end of June 2011, provides estimates of an indicated mineral resource of 1.78 million tonnes averaging 2.34 grams per tonne of gold and 72.3 grams per tonne of silver containing 134,262 ounces of gold and 4,148,196 ounces of silver. The Company continues to conduct exploration work with the goal of expanding the resource.
Yulo Perez, Chief Operations Officer of TVI Resource Development (Phils.), Inc. (TVIRD), Fellow AusIMM, is the qualified person under NI 43-101 who has approved the scientific and technical information in this news release.
About TVI Pacific Inc.
TVI Pacific Inc. is a publicly-traded Canadian company that is focused on the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia. TVI produces copper and zinc concentrates from its Canatuan mine. TVI is a partner/operator in several joint venture projects in the Philippines and Papua New Guinea and also has an interest in an offshore Philippine oil property.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Forward-Looking Statements: This news release contains certain forward-looking information (referred to herein as "forward-looking statements"). 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. 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. Those risks and uncertainties include, but are not limited to, TVI's plans to implement the development of its Balabag gold-silver project; and certain other risks identified elsewhere in TVI's public filings, including, without limitation, those risk factors set forth in TVI's Annual Information Form dated March 19, 2013. 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 contained in this news release are made as of the date hereof and 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 contained herein are expressly qualified by this cautionary statement.
SOURCE: TVI Pacific Inc.
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TVI Pacific Inc.