CALGARY, Sept. 2 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")
today provided an update for the Canatuan Mine, which is located in Southern
Philippines and operated by the Company's affiliate, TVI Resource Development
(Phils.) Inc ("TVIRD").
Certain statements in this News Release constitute forward-looking
statements, including statements respecting the anticipated timing of
commencement of mining and processing activities at the Canatuan Sulphide
Project and the anticipated timing of completion or commissioning of various
components of the Sulphide Project. Readers should refer to the cautionary
statement that appears at the end of this News Release.
Plant Commissioning Scheduled
The Company reported that activities are well advanced in relation to the
construction of a copper-zinc flotation plant to process ore from the lower,
sulphide portion of the volcanogenic massive sulphide deposit located at
Canatuan. Various sections of the plant, including the crushing and grinding
circuits, are scheduled for commissioning as early as the first week of
September 2008. This news release should be read in conjunction with the
Company's prior update on the Sulphide Project construction activities, dated
July 28, 2008, which is available at www.tvipacific.com.
TVI is currently seeking further financing for the Sulphide Project,
which is scheduled to commence operations in the fourth quarter of 2008. There
can be no assurance that financing will be available to the Company or TVIRD
on terms acceptable to them. The sulphide portion of the ore body underlies
the oxidized, gossan zone, which has now successfully been mined at the
Recent construction activity highlights for the Sulphide Project include
the following (accompanying photos are available at: www.tvipacific.com):
Sulphide Project Construction Progress Update:
- Crushing Plant -
- Scheduled for commissioning first week of September.
- Completed the installation of the crushing assembly.
- Completed installation of the crushing circuit conveyors.
Fabrication and installation of the ore reclaim tunnet conveying
system is on-going, estimated to be completed in mid-September.
- Completed construction of retaining wall at slope near secondary
- 75% completion of the installation of electrical control panel and
Motor Control Centre building.
- Continued painting works, 70% completed.
- Grinding Circuit -
- Scheduled for commissioning first week of November.
- Completed mounting of the primary mill trunnion bearing assembly.
- Construction of primary Mill Motor Control Centre building 40%
- Fabrication and installation of flooring and working platform at
screen and transfer box area 80% completed.
- Fabrication and installation of working platform and catwalks at
secondary cyclone 25% completed.
- Flotation Area -
- Completed fabrication and installation of the steel base for the
flotation tanks, and construction of the concrete pad for the
froth pumps and conditioner tanks.
- Fabrication and installation of steel columns for the flotation
tanks 60% completed. Shipping arrangements have been finalized for
the rougher floatation cells enroute from Vancouver, Canada.
- Fabrication of the cleaner cells in progress. Estimated completion
by the first week of September.
- Assay Laboratory Extension -
- Scheduled for commissioning first week of September
- Dam Construction -
- Total dam material haulage for the most recent week totaled 20,762
cubic metres to stockpile. The activity continued to be focused on
the clean-up of the dam abutment and the establishment of the
temporary spillway on the opposite abutment.
- Overall, the project continues to be ahead of plan by
approximately one month.
- Environmental Rehabilitation -
- Planted 2,300 slips of Vetiver grass, 600 slips of this planted on
the western side of overburden dump area and 1,700 slips planted
near the upper treatment pond.
- Transplanted 1,800 mangium seedlings and followed by germination
of mangium seeds.
- Rehabilitation work on the Ambaan Road landslide area is
- Soil conditioning using lime was performed at the southwest
overburden stockpile to increase pH levels.
- Rehabilitation of the sediment pond located near the tree nursery.
- Social Development and Management Program -
- The Mines and Geo-Sciences Bureau ("MGB") Regional Office has
approved TVI's Social Development Management Program ("SDMP") for
the next five years.
- The SDMP represents TVIRD's continuing commitment to the
sustainable development of the Subanon ancestral domain and its
- Additional information available on TVIRD's website at:
About TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company focused on
exploring for 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.) Ltd.
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" and similar expressions. Forward-looking
statements are based upon the opinions and expectations of management of the
Company as at the effective date of such statements and, in certain cases,
information received from or disseminated by third parties. Although the
Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and that information received
from or disseminated by third parties is reliable, 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 availability of 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 respecting the timing of commencement of mining and processing
activities at the Canatuan Sulphide Project and the anticipated timing of
completion or commissioning of various components of the Sulphide Project, is
based upon progress made to date on the construction of the Infrastructure
required to support mining and processing activities from the Sulphide zone at
Canatuan, advice received from third-party contractors with respect to the
timing of various components of the construction project, prior experiences of
management with construction activities at Canatuan, the current development
plan for Canatuan and the Company'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 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, 2007, which was filed on
SEDAR on March 27, 2008 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