TVI Pacific Reports Construction Progress by 30.66% owned TVIRD at their Balabag Gold and Silver Project
TVI Pacific Reports Construction Progress by
30.66% owned TVIRD at their Balabag Gold
and Silver Project
CALGARY
,
Dec. 19, 2019
/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 Progress
:
Infrastructure works continue to move forward and include:
Near completion of the Mill Plant Pad bulk earthworks;
Near completion of the transfer of Mill Plant Equipment from Canatuan, including all
critical/heavy loads.
Commencement of the Tailings Storage Facility ("
TSF
") foundation basin excavation, including
placement of the cofferdam and completion of the diversion channel.
Other early works related to the Mill Plant erection including completion of the structural
foundation of the crushing circuit and completion of the crushed ore reclaim tunnel.
Erection of the Crushing Plant is progressing as planned.
The construction of site offices and crew shelters.
Aerial view of proposed Mill Plant Site of the Balabag Gold Project, showing two ball mills, the SAG
Mill, flotation cells, and two tanks, following their arrival from Canatuan (CNW Group/TVI Pacific
Inc.)
Upstream wall of the cofferdam. (CNW Group/TVI Pacific Inc.)
Crushing Circuit:
Primary Jaw Crusher Base (CNW Group/TVI Pacific Inc.)
"It is very rewarding to see the Balabag project visibly take form and we are confident that our
experienced specialists, many of whom have worked previously at our successful Canatuan mine,
are well positioned to resolve any challenges that may arise as we move toward production", said
Mr.
Cliff James
, Chairman and CEO of TVI and Chairman of TVIRD.
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 holds a 60% interest in AMVI, a nickel laterite DSO operation that commenced in
October 2014
and in which TVIRD is operator. To date AMVI has shipped a total of 13.19 million wet metric
tonnes through 243 shipments. TVIRD also owns 100% of the Balabag gold/silver project.
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 3.33% 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.
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%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 08:23e 19-DEC-19