TSX-V: TVI OTC Pink: TVIPF
CALGARY, Feb. 15, 2017 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the Company") announces that TVI Resource Development (Phils.), Inc. ("TVIRD"), a company in which TVI has a 30.66% equity interest, has learned through a news conference held on February 14 by the Philippine Department of Environment and Natural Resources ("DENR") that MPSA No.086-97-IX, in which the Balabag project is located, is among 75 Mineral Production Sharing Agreements ("MPSA") that have been recommended for cancelation. It should be stressed that this announcement does not relate to TVIRD's Agata nickel laterite mine for which TVIRD has been given authorization to continue operating.
Outside of learning of the recommended MPSA cancelation through the DENR press conference, TVIRD has not yet received any written notice from the DENR. The DENR has indicated that once affected companies receive such notice, they will then have seven days to provide a response. Despite the DENR Secretary's justification for these closures being that the related MPSAs are located in restricted watershed areas, TVIRD's clear understanding is that the Balabag MPSA No.086-97-IX is not in a proclaimed watershed forest reserve where mining is prohibited. TVIRD is therefore confident that its Balabag MPSA is valid and can withstand any legal challenge.
MPSA No.086-97-IX relates to the Balabag gold-silver project which is owned 100% by TVIRD. TVIRD received approval for its Balabag Declaration of Mining Project Feasibility from the DENR in April 2016 after undergoing an exhaustive review. Its Environmental Compliance Certificate was granted by the DENR in October 2013.
"While TVIRD continues to support and to align itself with the DENR's efforts to ensure that all mining in the Philippines is carried out responsibly, to the highest environmental and social standards, we believe the definition of a restricted watershed, as contained in Philippine law, will provide a basis for a strong response", stated Cliff James, Chairman and CEO of TVI and Chairman of TVIRD. "We reserve all options available to respond to the DENR upon receipt of a written notice to emphasize our position. Our past award winning experience has consistently demonstrated our commitment to both the environment and the community."
TVIRD was incorporated under the laws of the Philippines on January 18, 1994 and was an indirect subsidiary of TVI until July 2014 when Prime Resource Holdings Inc., a private Philippine investment entity, became the controlling shareholder. Following the enactment of the Philippine Mining Act of 1995, TVIRD was the first foreign-affiliated resource company to reach the production stage with the Canatuan project located in the municipality of Siocon, Zamboanga del Norte, Philippines. At the Canatuan mine, TVIRD established gold and silver operations from 2004 to 2008 and transitioned to copper and zinc operations from 2009 until 2014, during which time TVIRD ranked among the country's top copper and zinc producers.
TVIRD's track record of exceptional environmental performance at its Canatuan operations was recognized by numerous environmental and safety awards at the annual Presidential Mineral Industry Environmental Awards. Top accolades received between 2010 and 2013 include the Presidential Mineral Industry Environmental Award – Platinum Award (2012); Titanium Award for Excellence in Environmental Management (2011); Platinum Achievement Award - Surface Mining Category (2010); and Titanium Award – Surface Mining Category (2013).
Since 2014, TVIRD has evolved into a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. Key projects include the 100% owned Balabag gold-silver project located in the municipality of Bayog, province of Zamboanga del Sur; and nickel laterite direct shipping ore operations at the Agata project located in northern Mindanao.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in the Asia Pacific region. TVI currently holds a 30.66% equity interest in TVIRD and a 25.5% equity interest in FOY Group Limited, an Australian company in the process of acquiring and funding the commercialization of plastics to diesel technology in Australia and relisting on the Australian Stock Exchange in H2/2016. TVI's other holdings include a 14.4% equity interest in Mindoro Resources Ltd.; a 10% interest in the Amazon Bay Iron Sands project in Papua New Guinea; and a 100% investment in shares of TG World.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
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 effective 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.
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, 2015, which was filed on SEDAR on March 24, 2016 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.
SOURCE TVI Pacific Inc.
For further information: Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-4356, E-mail: Patrick.Hanna@tvipacific.com