Construction Continues to Proceed at TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Project
Construction Continues to Proceed at TVI
Pacific's 30.66% owned TVIRD Balabag Gold
and Silver Project
CALGARY
,
April 6, 2020
/CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF)
("
TVI
" or "
the
Company
") is pleased to provide a construction update with respect to the Balabag gold and silver
project ("
Balabag
"). Balabag is owned 100% by TVI Resource Development Phils., Inc. ("
TVIRD
"),
a
Philippines
corporation in which TVI holds a 30.66% interest, and is located in Zamboanga del Sur,
Philippines.
Balabag Gold-Silver Project
:
TVIRD has taken considerable care to ensure that all staff are aware of COVID-19 precautionary
measures and has incorporated an awareness campaign into its daily review of safety matters with
all of its team at site. The ongoing attention to health and safety has allowed project development
works to continue to progress and the Company is pleased to report that:
Project development continues to move forward and includes:
Ongoing construction of the Processing Plant including construction of the cyclone building,
installation of the conditioner, flotation cells, catwalk, stairs/railing at the flotation building and
ongoing erection of the CIL tanks;
Ongoing works related to power supply including the switchgear room and
troubleshooting/synchronization testing of 3 gensets transferred from Canatuan. Delivery of an
additional 2 new gensets is expected in
April 2020
;
Continued clearing and construction of the Tailings Storage Facility ("
TSF
");
Ongoing construction of permanent accommodations.
Photos evidencing Balabag construction progress can be found on the Company website at
TVIPacific.com.
Agata Direct Shipping Nickel/Iron Operations Update:
Attention to health and safety has continued to also be a key priority at Agata where no disruption in
the profitable activities of direct shipping Nickel/Iron mineralized material has been experienced.
Four (4) shipments have been completed during March for a total project-to-date of 257 shipments
of 13.97 million wet metric tonnes through to
March 31
, 2020.
"We are proud of the commitment the TVIRD teams continue to demonstrate at both our Balabag
and Agata sites. The health and safety of the TVIRD personnel and contractors at site is key to
ensuring that all TVIRD operations and activities continue without any disruption and we are
therefore pleased that all precautionary measures taken to date have proven to be effective. TVI
fully supports and commends this commitment and wishes all staff and their families the best of
health through the current COVID-19 pandemic that has gripped the world.", said Mr.
Cliff James
,
Chairman and CEO of TVI and Chairman of TVIRD.
Further to the Company's press release of
November 22, 2019
, in which the Company announced
the withdrawal of the scientific and technical disclosure set out in the Technical Report entitled "NI
43-101 Technical Report: Balabag Gold and Silver Project, Balabag, Depore, Zamboanga del Sur,
Philippines
" and filed on
October 18, 2019
, the Company wishes to clarify that in making the decision
to put Balabag into production, TVIRD, a Philippine corporation that the Company does not control,
relied exclusively on technical and economic analysis prepared under Philippine regulations and did
not rely on TVI's
October 18
report or any feasibility study classifying mineral reserves prepared in
accordance with NI 43-101. Historically such projects have a much higher risk of economic and
technical failure.
The Qualified Person responsible for the scientific and technical content of this press release is Mr.
Michael James Bue, Bsc.
Eng, M.Eng, P.Eng,
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining
company that focuses on the acquisition, exploration, development and production of resource
projects in the Philippines. It operates under the highest standards of health and safety practices for
its workers and its host community; and is uncompromising in its best-practices approach to
environmental protection as well as community development. TVIRD has a pool of highly competent
managers, technical personnel and skilled workers with previous experience in gold-silver operation
and owns 100% of the Balabag gold/silver project in addition to 60% interest in AMVI, a nickel
laterite DSO operation that commenced in
October 2014
and in which TVIRD is operator. AMVI has
shipped a total of 13.97 million wet metric tonnes through 257 shipments through to
March 31, 2020
.
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 2.95% equity
interest in Integrated Green Energy Solutions Ltd, a publicly listed company incorporated in
Australia
with shares listed on the ASX, that is engaged in the commercialization of technologies related to
converting waste plastics to fuel in
Australia
and internationally. TVI's other holdings include a
14.4% equity interest in Mindoro Resources Ltd. and a 100% investment in shares of TG World. As
at the date of this announcement, TVI has 655,537,039 outstanding common shares and
696,887,039 fully diluted including the currently issued outstanding options of 41,350,000.
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.
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 supplied by
third parties. Although the Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and that information received from 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 that could
cause actual events or 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
changes in general economic conditions in
the Philippines
and elsewhere; the volatility of prices
for certain base and precious metals and other commodities; commodity supply and demand;
fluctuations in currency and interest rates; an inability to procure third party approvals in a timely
manner or on satisfactory terms; new laws and regulations (domestic and foreign); inherent risks
associated with the exploration and development of mining properties; ultimate recoverability of
reserves; production, timing, results and costs of exploration and development activities; political
or civil unrest; TVIRD's overall plans, budget and strategy (which are all subject to change), and
extreme weather conditions and forces of nature (i.e. typhoons, heavy rains, earthquakes, and the
like) that may disrupt operations and exploration.
Accordingly, readers should not place undue reliance upon the forward-looking statements
contained in this material change report and such forward-looking statements should not be
interpreted or regarded as guarantees of future outcomes.
The Company does not have control over TVIRD nor does it have any involvement in the
management or decisions of TVIRD or control over financial reporting and internal controls of
TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and
their failure to maintain effectiveness or comply with applicable standards may adversely affect
TVI.
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, 2018
, which was filed on SEDAR on
April 29, 2019
and is available under the
Company's profile at
www.SEDAR.com
.
The forward-looking statements contained in this News Release are made as of the date hereof
and the Company does not undertake any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable securities laws in force in Canada.
The forward-looking statements contained herein are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
TVI Pacific Inc.
View original content:
http://www.newswire.ca/en/releases/archive/April2020/06/c9385.html
%SEDAR: 00001837E
For further information:
Contact Information: Patrick Hanna, Chief Financial Officer, TVI Pacific
Inc., Phone: 403-265-4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 07:00e 06-APR-20