Construction Progress Report of TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Project
Construction Progress Report of TVI Pacific's
30.66% owned TVIRD Balabag Gold and Silver
Project
CALGARY, AB
,
March 3, 2021
/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.
Highlights
:
Procurement of major equipment is now 98% complete with the elution/strip solution
heater and heat exchanger being the last remaining major plant equipment that is now in
transit from
Australia
;
Preparations continuing for a Plant power-on and load test through
March 2021
;
Completion of Stage 1 of the Tailings Storage Facility remains as the critical path to
bringing the Balabag Mine online with first doré production.
Balabag Gold-Silver Project:
Further to the announcement on
December 29, 2020
that commissioning of the front-end circuits of
the process plant was continuing, debugging of the following areas has continued with the focus to
ensure that the process plant is prepared for a power-on and load test currently planned for
March
2021
:
√ Crushing area, where the Vibrating Grizzley Feeder has been adjusted and 1,500 tons of ore to
feed is ready for further testing through the second week of March;
√ Grinding area, where the ball mills and circuit were previously commissioned and completed.
Final painting will be scheduled after the ore load testing;
√ Filter Press area, where Filter Press 1 is now operational and the fabrication of controls for Filter
Press #2 is in progress;
√ Merrill Crowe Circuit, where equipment has been tested and the circuit is ready for operation;
√ Elution column area, where installation of the carbon kiln has been completed and piping and
electrical works are ongoing;
√ Gold room, where hydrotesting, dry runs and equipment final testing has been performed and the
rectifier and oven are now 100% operational. Further testing of the furnace is scheduled in early
March upon arrival of the Firebrick Body Mortar;
√ Thickener tanks, where flocculant dosing system modifications have been tested and the
thickener tanks are ready for Plant power-on and load test;
√
Carbon
in Leach ("
CIL
") area, where the installation of tank overflow lines and modifications to
the intertank screen have been completed following testing and the circuit is ready for Plant power-
on and load test.
Ongoing works include completion of the Assay and Met Lab where installation of the assay air
compressor and its piping is ongoing as well as fabrication of the Met Lab dust collector, and
completion of the helipad that will be used to transport gold doré bars once the Plant moves into
operation.
Critical remaining works include completion of the Tailings Storage Facility ("
TSF
") where stripping
and removal of waste materials and the placement, spreading and compaction of numerous layers is
continuing.
The project is fully funded to production.
Current Balabag project development photos can be found on the Company website at
TVIPacific.com.
"We believe the Balabag Mine will align perfectly with the current asset base of TVIRD and our
strategy for growth. We are also very excited about the timing of this project, as gold and silver
prices remain attractive. There is significant opportunity for value creation as Balabag is being
delivered into a robust gold market and opportunity for further growth exists with the initiation of
more exploration", said Mr.
Cliff James
, Chairman and CEO of TVI and Chairman of TVIRD.
Qualified Persons
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. Mr. Bue has acted as the Qualified Person in
compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("
NI 43-
101
") reporting requirements by virtue of his membership in the Professional Engineers of
Ontario
and Canadian Institute of Mining and Metallurgy and has confirmed compliance of this press release
with NI 43-101 requirements.
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 direct
shipping Nickel/Iron operation that commenced in
October 2014
and in which TVIRD is operator.
AMVI has shipped a total of 16.29 million wet metric tonnes of nickel laterite ore through 299
shipments through to
January 31, 2021
.
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 (but currently suspended since January 2020). Integrated
Green Energy Solutions Ltd. is engaged in the commercialization of technologies to convert 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 656,537,039 outstanding common shares and 696,887,039 fully diluted
including the currently issued outstanding options of 40,350,000.
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 (known and
unknown) that could cause actual outcomes to differ materially from those anticipated or
implied and should not be read as guarantees of future performance or results.
These
factors include, but are not limited to, such things as: (i) general economic conditions in
Canada
,
the Philippines
and elsewhere; (ii) volatility of prices for precious metals, base metals, and other
commodities; (iii) commodity supply and demand; (iv) fluctuations in currency and interest rates;
(v) inherent risks associated with the exploration and development of mining properties, including
but not limited to geological characteristics, metallurgical characteristics of the mineralization, the
availability of equipment and facilities necessary to complete development and the ability to
develop adequate processing capacity; (vi) the cost of consumables and mining and processing
equipment; (vii) unforeseen technological and engineering problems; (viii) ultimate recoverability
of reserves; (ix) production, timing, results and costs of exploration and development activities; *
political factors, political stability or civil unrest, including but not limited to acts of sabotage or
terrorism; (xi) availability of financial resources or third-party financing; (xii) changes in laws or
regulations (domestic or foreign); (xiii) changes in administrative practices; (xiv) changes in
exploration plans or budgets; (xv) the availability of skilled labour; (xvi) the failure of parties to
contracts with the Company to perform as agreed, including its joint venture partners; (xvii) the
impact of the COVID-19 pandemic; and (xviii) extreme weather conditions and forces of nature
(i.e. typhoons, heavy rains, earthquakes, and the like) that may disrupt operations and
explorations.
Forward-looking statements regarding TVIRD's development works at Balabag are based upon, but
are not limited to, TVIRD's past construction and project development experience in the region and
in such terrain, current and previous exploration activities, discussions with third parties, the
availability of financing and TVIRD's overall plans, budget and strategy for Balabag (which are all
subject to change). The forward-looking statements include information relating to opportunities for
further exploration and development of the Agata Nickel/Iron project and Agata Limestone project.
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.
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.
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, 2019
, which was filed on SEDAR on
July 2, 2020
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/March2021/03/c9735.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-
4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 07:00e 03-MAR-21