TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Mine Reaches 100 Shipments
TVI Pacific's 30.66% owned TVIRD Balabag
Gold and Silver Mine Reaches 100 Shipments
CALGARY, AB
,
May 27, 2024
/CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) ("
TVI
" or
"
the Company
") is pleased to announce that the Balabag gold and silver mine (
"Balabag"
) has
successfully completed one hundred (100) doré shipments since the start-up of production in July
2021. 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 Mine
Balabag is proudly celebrating a milestone of one hundred (100) shipments of gold doré since the
start-up of production in
July 2021
and through to
May 27
, 2024. Balabag is 100%-owned by
TVIRD and declared commercial production on
November 1
, 2021. Balabag covers a 4,779-hectare
Mineral Production Sharing Agreement ("
MPSA
", MPSA No. 086-97-IX with expiry date
November
20, 2047
) located within the Municipality of Bayog, Province of Zamboanga del Sur and
Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay, Mindanao, Philippines.
While assay results continue to be confirmed for the five (5) shipments completed in
May 2024
, the
fifteen (15) shipments completed for the four (4) months ended
April 30, 2024
, have generated
gross revenue of US
$32.6 million
with an average Au price of US
$2,113.14
and Ag price of US
$24.32
and have contained:
Since Start-up of Production:
July 2021 to Apr.30.2024
Current Year:
Jan.01.2024 to Apr.30.2024
Number of Shipments
95
15
Gold doré
(kg)
60,299
6,965
Gold
(oz)
88,700
13,120
Silver
(oz)
1,791,310
207,943
Gold Equivalent
(oz)
109,293
15,618
The processing plant from the former Canatuan mine was decommissioned, fully rehabilitated and
installed at Balabag so as to reduce overall capital expenditures. The plant has proven to be
successful and has operated at an average processing rate in the four (4) months ended
April 30,
2024
, of 2,023 t/d while plant availability was 90%. Head grades for the four (4) months ended
April
30, 2024
, averaged 1.70 g/t Au and 31.90 g/t Ag with recoveries at 95% for Au and 80% for Ag.
A focus to optimize the operation has continued and has thus far resulted in a significant increase in
mill throughput, recoveries and plant availability, as reflected in the following table:
Year ended
Year ended
Year ended
4 months ended
December 31, 2021
December 31, 2022
December 31, 2023
April 30, 2024
(average)
(average)
(average)
(average)
Gold
Silver
Gold
Silver
Gold
Silver
Gold
Silver
Head Grade
1.91 g/t
68.90 g/t
1.88 g/t
62.24 g/t
1.38 g/t
25.62 g/t
1.70 g/t
31.90 g/t
Recoveries
87.90 %
69.20 %
88.11 %
63.79 %
93.00 %
77.18 %
94.62 %
79.88 %
Mill Throughput
1,101 tonnes per day
1,797 tonnes per day
2,186 tonnes per day
2,023 tonnes per day
Plant
Availability
70 %
86 %
85 %
90 %
Maintenance activities and water shortages caused by the El Niño phenomenon that resulted in
below-normal rainfall conditions have affected year-to-date average mill throughput. Average mill
throughput continues to ramp back up and in
April 2024
was 2,231 t/d (2,023 t/d year-to-date) with
recoveries continuing at 95% for Au and 80% for Ag.
The cash cost per ounce for the four (4) months ended
April 30, 2024
, was US
$1,439.84
per AuEq
oz (twelve (12) months ended
December 31, 2023
, was US
$1,443.75
per AuEq oz) and the All-in
Cost for the same period was US
$1,805.49
per AuEq oz (twelve (12) months ended
December 31,
2023
, was US
$1,900.54
AuEq oz).
"The 100
th
shipment from Balabag represents an exciting and significant milestone for the mine and
both I and the board of TVI Pacific congratulate the operations team with this achievement", said Mr.
Cliff James
, Chairman and CEO of TVI and Chairman of TVIRD, "Balabag had long been in the plan
for TVIRD just as several other projects now are. It is rewarding to see Balabag realize its potential
while exploration also continues for the purpose of extending the mine life further."
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. TVIRD owns 100% of the operating Balabag gold/silver mine, 100% of
the Siana gold mine and the neighboring Mapawa project (gold), a 60% indirect interest in the Mabilo
project (a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely
copper, gold and silver, with by-products magnetite and pyrite), and a 60% interest in Agata Mining
Ventures Inc. (nickel/iron DSO mine).
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on mining projects in
the Philippines
, one
of the most prolifically mineralized countries in the world. TVI maintains a strong presence in
the
Philippines
through its 30.66% equity interest in TVIRD, a
Philippines
corporation. Through TVIRD,
TVI has ownership in TVIRD's 100%-owned Balabag gold/silver mine, a currently producing mine,
and is focused on ramping-up to commercial production at TVIRD's recently restarted 100%-owned
Siana gold mine. TVIRD also has in its portfolio of projects its 100%-owned Mapawa project (gold),
a 60% indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential
for multi-metal products, namely copper, gold and silver, with by-products magnetite and pyrite), and
a 60% interest in Agata Mining Ventures Inc. (nickel/iron DSO mine).
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 the
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 the 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 and TVIRD 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: (1) TVIRD's Balabag operations and related optimization
works including improvements to, but not limited to, throughput, recoveries and plant availability;
(2) the results of completed and possible future exploration activities, are based upon, but are not
limited to, TVIRD's past exploration, operations, 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 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 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 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, 2023
, which was filed on SEDAR+ on
April 29, 2024
, and is available under the
Company's profile at
www.sedarplus.ca
.
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/May2024/27/c7012.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 09:10e 27-MAY-24