TVI Pacific Investment Update Including Construction Progress at TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Project
TVI Pacific Investment Update Including
Construction Progress at TVI Pacific's 30.66%
owned TVIRD Balabag Gold and Silver Project
CALGARY, AB
,
Sept. 21, 2020
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
"
the Company
") is pleased to provide an update with respect to dividends received from TVI
Resource Development Phils., Inc. ("
TVIRD
"), a
Philippines
corporation in which TVI holds a 30.66%
interest, as well as construction progress at TVIRD's 100% owned Balabag gold and silver project
("
Balabag
") located in Zamboanga del Sur, Philippines.
TVIRD Dividends
:
TVIRD has issued a cash dividend of
24 million Philippine pesos
(
$654 thousand
) to all shareholders
of record as of
December 31
, 2020. TVI International Marketing Limited ("
TVIIM
"), the direct
shareholder of TVIRD and a subsidiary in which TVI holds a 100% equity interest, has received as
its share of the dividend
7.4 million Philippine pesos
(
$201 thousand
), prior to Philippine dividend tax,
and has transferred a net
6.3 million Philippine pesos
(
$170 thousand
) through to TVI as a
repayment of intercompany advances.
This represents the second dividend received from TVIRD in 2020, having received
7.8 million
Philippine pesos
(
$211 thousand
) net of Philippine dividend tax, TVI's share of a
30 million Philippine
pesos
(
$808 thousand
) dividend declared by TVIRD, on
August 3, 2020
.
To date, TVI Pacific has received dividends of
$2.4 million
from TVIRD, prior to Philippine dividend
tax, since TVIRD first started to declare dividends as noted in the following table:
Total TVIRD Dividend Declared
Total TVI International Marketing Share
Prior to Philippine Dividend Tax
Net of Philippine Dividend Tax
Date Received
PHP
(millions)
$CAD
(thousands)
PHP
(millions)
$CAD
(thousands)
PHP
(millions)
$CAD
(thousands)
Total 2017 Dividends
185,0
$
4,747.6
56.7
$
1,454.2
48.2
$
1,236.1
Total 2018 Dividends
60,0
$
1,480.1
18.4
$
453.8
15.6
$
385.7
Total 2019 Dividends
60,0
$
1,532.1
18.4
$
469.7
15.6
$
399.3
August 3, 2020
30,0
$
807.7
9.2
$
247.6
7.8
$
210.5
September 18, 2020
24,0
$
653.8
7.4
$
200.5
6.3
$
170.4
Total 2020 Dividends
54,0
$
1,461.5
16.6
$
448.1
14.1
$
380.9
Total Dividends
305,0
$
7,759.8
93.5
$
2,377.7
79.5
$
2,021.1
TVIRD Project Update
:
Balabag Gold-Silver Project:
Development works have continued uninterrupted by the COVID-19 pandemic at Balabag since TVI
announced on
November 22, 2019
that TVIRD had determined to advance the project towards
commercial production. The project is situated approximately 75 kilometers (47 miles) east-
northeast of TVIRD's Canatuan mine.
Significant achievements include:
Ongoing construction of the Processing Plant including:
Completion of the crushing area and testing of the crushing circuit for 4 hours with ore feed;
Rehabilitation works related to the SAG mill and ball mills, including delivery of ball mill
liners and ongoing reconditioning and installation of the jacking pumps;
Fabrication and installation works related to the primary and secondary cyclones and
related electrical works for the grinding area;
Air and slurry line piping and electrical works related to the flotation area and continuing
installation of the concentrate pumps and tails pumps as well as the cleaning of flotation
bank cells in preparation for installation of the ceramic liner;
Installation of underflow pumps and piping in the leached concentrate dewatering area and
commencement of reconditioning works related to the thickener mechanism and the
flocculant mixing assembly;
Installation of the Merrill Crowe package including full welding of 4 tanks
(Barren/Clarified/Unclarified/Underflow) and construction of the filter press structure and the
process water line;
Installation of the intertank screen and related electrical works in the carbon in leach area
where carbon transfer pumps have been installed as well as the safety carbon screen.
Preparations are also in progress for the installation of the tank agitator assemblies.
Installation works of water and airline piping are continuing;
Installation of spillage pumps and water and airline piping in the detoxification area;
Commencement of civil and structural works in the acid wash and elution column area
including installation of the working platform and strip solution tank and fabrication of the
kiln hopper and carbon quench tank;
Completion of the process water tank fabrication and ongoing pipe works from the head
tank to grinding area as well as the reconditioning and installation of freshwater pumps to
supply water to the Mill Plant.
Installation of cable trays to the grinding circuit following the previously reported completion of
load testing and synchronization of 5 genset units;
Continued stripping and removal of waste materials and the placement, spreading and
compaction of numerous layers for the Tailings Storage Facility ("
TSF
"), affected in part by
above average rainfall;
Continued mine development and pre-production stripping;
Ongoing construction of permanent accommodations as well as the administration building,
warehouse, met lab and assay laboratory. Works also include construction of the reagent
storage facility and the gold room where concrete walls and the eluant tank are being
installed.
Current Balabag project development photos can be found on the Company website at
TVIPacific.com
.
"Progress has continued at Balabag and we note the commitment of staff and contractors at site. It
is exciting to see the project take shape with testing of some equipment already being performed in
the crushing circuit. Testing will continue as we move through the remaining stages of development
and continue to optimize also the various technical processes.", said Mr.
Cliff James
, Chairman and
CEO of TVI and Chairman of TVIRD.
Agata Direct Shipping Nickel/Iron Operations Update:
TVIRD holds a 60% interest in and is operator of the Agata direct shipping Nickel/Iron project, Agata
Mining Ventures Inc. ("
AMVI"
), which commenced operations in
October 2014
and includes also
Mindoro Resources Ltd. (15%) and Minimax (25%). The Agata site is situated in a 4,995 hectare
Mineral Processing Sharing Agreement ("
MPSA
") area located in the adjacent municipalities of
Tubay, Jabonga and
Santiago
in Agusan del Norte province, Philippines. The project mine site is
located 3.5 km from AMVI's private port, which is strategically located within proximity to main
markets in
Asia
and bears the opportunity for shipping all year round.
Within the current year, and as at
August 31, 2020
, AMVI has shipped a total of 2.10 million wet
metric tonnes ("
wmt
") of nickel laterite through 38 shipments for a total project-to-date of 15.46
million wmt through 284 shipments. Of note in the current year also is that, as at the current date,
the price of high iron ore ("
HFO
") and saprolite ("
SO
"), the two raw materials shipped by Agata, has
increased significantly since the same time year-over-year as noted below:
Price per wet metric tonne (note 1)
Percent Change
Product
30-Aug-19
31-Aug-20
HFO - 48% Fe / 0.90% Ni
$
10.00
$
18.00
80%
SO - 1.3% Ni / 15-30% Fe
$
9.50
$
30.50
221%
SO - 1.4% Ni / 15-20% Fe
$
13.00
$
36.50
181%
Note 1
: Source
www.ferroalloynet.com
Agata has continued to ship uninterrupted through the COVID-19 pandemic.
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 15.46 million wet metric tonnes through 284 shipments through to
August 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. 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 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, 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/October2020/21/c0599.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 21-SEP-20