- "Tabingan" Outcrop Located 10 km Northeast of Canatuan Mine
- Outcrop Yields High-Grade Gold, Copper Samples from what is
Believed to be the Same Geological Formation that Hosts the Canatuan Ore
Body
-- Samples Contain up to 5.5 gpt Au and 1.82% Cu
- Priority Follow-up Exploration Expected
- Priority Follow-up Exploration Expected-->
CALGARY, ALBERTA--(CCNMatthews - Feb. 13, 2007) - TVI Pacific Inc.
("TVI" or the "Company") (TSX:TVI) today announced that its affiliate,
TVI Resource Development (Phils.), Inc. ("TVIRD"), has identified a new
copper-gold prospect near its producing mine at Canatuan, Siocon,
Zamboanga del Norte on the southern island of Mindanao. The prospect,
called Tabingan, is located approximately 10 aerial kilometres northeast
of Canatuan.
Certain statements in this News Release constitute forward-looking
statements, including statements respecting additional exploration
activities at Tabingan, the estimated remaining mine life of the
Canatuan mine and the timing of receipt of regulatory approvals from
Government authorities in the Philippines. Readers should refer to the
cautionary statement that appears at the end of this News Release.
The Tabingan outcrop was identified as a result of TVIRD's
reconnaissance work (involving to date, mapping, channel and limited
geochemical sampling), which targets, among other areas, TVIRD tenements
surrounding Canatuan. The objective of this component of the
exploration program is to discover additional resources that may be
processed through the Canatuan facility in order to extend the current
estimated mine life of 8 years.
The Tabingan outcrop, located in TVIRD's Exploration Permit
Application (EXPA-00061-IX), yielded banded to massive sulphides hosted
in a quartz-sericite schist body, essentially similar in nature and
attitude to the Canatuan ore body. The sulphide-schist occurrence is
estimated to reach up to 20 metres in thickness and has been traced over
several hundred meters to date over multiple exposures along two
tributaries to the Tabingan Creek. More work is needed to further
delineate the mineralized zone. The total surface area of the TVIRD
tenement hosting the outcrop is 14,580 hectares in size and remains
largely under explored, as exploration activities to date have
concentrated on the south-western part of the tenement.
Readers are invited to consult the maps associated with this News Release (posted on TVI's website, at tvi2014.q4web.com), for the location of the Tenement, the Canatuan Mine, and the Tabingan Prospect.
Assay results from channel samples obtained directly from the
Tabingan outcrop yielded as much as 5.5 grams per tonne (gpt) Gold
(please see Sample GD-208 B in Table 1, below) and 1.82 % Copper (see
sample GD-207 B in Table 1).
"The location of the Tabingan prospect is particularly significant
to TVI," commented Clifford James, President and CEO of TVI Pacific.
"One of the key objectives of the Company's exploration program in the
Philippines is to extend the mine life at Canatuan by securing new
resources. Potential new gossan and/or sulphide deposits in this area
could result in an alternative mill feed source for the Canatuan mine."
"Further work, including systematic mapping, test-pitting, trenching
and eventually drilling is required to evaluate the potential of the
Tabingan Prospect", Mr. James added.
TVI anticipates that its 2007 Exploration Program, to be the subject
of a future TVI News Release, would be directed on a priority basis
toward the further evaluation of this sulphide body.
TVIRD has entered into the Free Prior Informed Consent ("FPIC")
process under Philippine Mining Act regulations, leading to a Memorandum
of Agreement with Indigenous People resident in the area - as a
precondition to receiving final Government approval for further
exploration testing and drilling on the EXPA-000061-IX tenement. Once
final approvals are received - anticipated later in 2007 - the Company
expects to initiate an extensive drilling program utilizing TVI's
drilling subsidiary, Exploration Drilling Corporation Inc. ("EDCO").
The following table sets out information concerning assay results from samples collected at the Tabingan prospect.
TABLE 1: TABINGAN PROSPECT SAMPLE ASSAYS
Sample Au, Ag, Cu,
Code Interval ppm ppm ppm Remarks
---------------------------------------------------------------------------
AD0044 A 1.00 m 0.366 27.4 2820 Qtz-Py-Ser Schist
---------------------------------------------------------------------------
AD0044 B 0.85 m 1.257 39.3 6133 Banded Sulfide
---------------------------------------------------------------------------
AD0044 C 0.85 m 0.768 22.6 5830 Qtz-Py-Ser Schist
---------------------------------------------------------------------------
AD0048 A 0.75 m 0.639 39 2259 Banded Sulfide
---------------------------------------------------------------------------
AD0048 B 0.75 m 1.119 45.6 5396 Banded Sulfide
---------------------------------------------------------------------------
AD0049 A 1.00 m 0.147 6.6 617 Qtz-Py-Ser Schist
---------------------------------------------------------------------------
AD0049 B 1.00 m 1.834 107.5 17354 Banded Sulfide
---------------------------------------------------------------------------
GD-207 A 0.60 m 2.146 145.7 13654 Massive Sulfide
---------------------------------------------------------------------------
GD-207 B 1.00 m 0.128 4.3 18237 Banded Sulfide
---------------------------------------------------------------------------
GD-208 A 1.00 m 1.246 53.4 4117 Banded Sulfide
---------------------------------------------------------------------------
GD-208 B 1.00 m 5.495 193.7 17477 Banded Sulfide
---------------------------------------------------------------------------
GD-209 A 0.50 m 1.718 45 4980 Banded Sulfide
---------------------------------------------------------------------------
GD-209 B 1.00 m 2.039 125.6 17434 Massive Sulfide
---------------------------------------------------------------------------
---------------------------------------------------------------------------
All samples were processed and analyzed at McPhar Laboratory, a fully
accredited assay laboratory in Manila
About TVI Pacific Inc. (TSX:TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company
focused on exploring for and producing precious and base metals within
district scale systems in Asia.
In the Philippines, TVI's most advanced project, the Canatuan Mine,
(the first foreign-invested, new, mining project in the Philippines in
nearly four decades) began mining and milling operations in mid-2004,
producing gold and silver dore. In 2006, TVI received a completed NI
43-101 feasibility study on the Canatuan Sulphide project prepared by
Norwest Corporation. The report has since been filed with certain
securities regulatory authorities in Canada and is available at the
SEDAR website. The Norwest study addresses the copper-zinc bearing
massive sulphide zone, or lower portion of the Canatuan Deposit.
Construction of the Sulphide Project at Canatuan is now underway. In
addition, TVI holds a 2.5% NSR on the Philippine-based Rapu Rapu project
operated by Lafayette Mining Ltd. Exploration in the Philippines is
being conducted at Canatuan, in an effort to expand TVI's mineral
resource base and to find new deposits, at Balabag and at other areas
which management of TVI view as compelling exploration properties.
In China, TVI's wholly-owned Chinese subsidiary, Hunan Pacific
Geological Exploration Inc. ("HPGEI"), was the first foreign mining
company to be granted both WOFE status and a Qualified Explorer License.
The exploration program in China is focused primarily within the Golden
Triangle area, a highly prospective metallogenic region in China's
south-western provinces of Yunnan, Guizhou and Guangxi Autonomous Region
and prospective areas in the Tibet Autonomous Region. HPGEI has 2,394
sq kms of land under application in China in the Golden Triangle and in
the Tibet A.R.
TVI also has a Drilling Division consisting of Exploration Drilling
Corporation ("EDCO"), a wholly-owned subsidiary of TVI Pacific Inc.
based in the Philippines, and Hunan Pacific Drilling ("HPD"), a division
of HPGEI based in China, which generates revenue from contract
drilling.
Carl L. Caumartin BSc, P.Eng., MBA, Vice President, Exploration of
TVI Pacific Inc. is serving as TVI's "Qualified Person" (as contemplated
by National Instrument 43-101 (Standards of Disclosure for Mineral
Projects)), for purposes of the 2007 exploration program as described in
this News Release. Mr. Caumartin has reviewed and approved this news
release and has verified the data (including sampling, analytical and
test data) set out in this news release. McPhar Laboratory of Manila,
Philippines, an ISO 9001/2000 accredited laboratory, performed the
sample preparation and assaying for the prior sampling phase of the
exploration project at Tabingan. Gold analysis was by 50 gm fire assay
fusion; where gold assay values greater than 3ppm were by gravimetric
finish, and by AAS where the values were less than that threshold.
Silver was determined by AAS after an HCl-HNO3-HClO4 digest. Pulp and
coarse duplicate results were included in the analytical report. A blank
and a standard sample were included for each batch of 50 samples for
quality control. A replicate assay was done on every 10th sample, and
certified reference materials were used in every 20 samples. In addition
to the laboratory's internal QA/QC, TVIRD independently inserted blanks
and standards randomly, but on average every twentieth sample.
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" and similar expressions.
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 some cases, information provided or disseminated by
third parties. Although the Company believes that 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
results 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 the volatility of prices for precious
metals and base metals, commodity supply and demand, fluctuations in
currency and interest rates, inherent risks associated with the
exploration and development of mining properties, ultimate
recoverability of mineral reserves, timing, results and costs of
exploration and development activities, availability of financial
resources or third-party financing, new laws (domestic or foreign),
changes in administrative practices and changes in exploration plans or
budgets. Accordingly, readers should not place undue reliance upon the
forward-looking statements contained in this News Release and such
forward-looking statements should not be interpreted or regarded as
guarantees of future outcomes.
Forward-looking information relating to the timing of receipt of
Government approvals is based upon prior experiences with Government
agencies in the Philippines, prior experiences with indigenous
communities in the Philippines and the Company's understanding of the
regulatory environment in the Philippines. Forward-looking information
relating to the nature and timing of further exploration at Tabingan is
based upon the results of prior exploration activities, the current
exploration plan developed by the Company, and the Company's current
budget and overall strategy for exploration in the Philippines, which
plans, budget and strategy are all subject to change. Forward-looking
information respecting the remaining life of the Canatuan mine is based
upon the extent of the estimated mineral resources at Canatuan, the rate
at which ore sourced from the mine is processed through the Canatuan
facility and assumptions relating to future increases in processing
capacity at Canatuan. The forward-looking statements of the Company
contained in this News Release are expressly qualified, in their
entirety, by this cautionary statement. Various risks to which the
Company is exposed in the conduct of its business (including exploration
activities) are described in detail in the Company's Annual Information
Form for the year ended December 31, 2005, which was filed on SEDAR on
March 30, 2006 and is available under the Company's profile at
www.SEDAR.com.
Subject to applicable securities laws, the Company does not undertake
any obligation to publicly revise the forward-looking statements
included in this News Release to reflect subsequent events or
circumstances.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.