(TSX: TVI)
CALGARY, July 28 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")
today provided an update for the Canatuan Mine, which is located in Southern
Philippines and operated by the Company's affiliate, TVI Resource Development
(Phils.) Inc ("TVIRD").
Certain statements in this News Release constitute forward-looking
statements, including statements respecting the anticipated timing of
commencement of mining and processing activities at the Canatuan Sulphide
Project. Readers should refer to the cautionary statement that appears at the
end of this News Release.
Sulphide Project On Plan
The Company reported that activities are onging and "on plan" in relation
to the engineering, development and construction of a copper-zinc flotation
plant to process ore from the lower, sulphide portion of the volcanogenic
massive sulphide deposit located at Canatuan. TVI is currently seeking further
financing for the project, which is scheduled to commence operations in the
fourth quarter of 2008. There can be no assurance that financing will be
available to the Company or TVIRD on terms acceptable to them. The sulphide
portion of the ore body underlies the oxidized, gossan zone, which has now
successfully been mined at the TVIRD Canatuan site.
The hiring of senior technical personnel to oversee the engineering,
development and construction of the sulphide plant has been completed. As
well, TVIRD has recruited personnel to fill various key senior administrative
positions in the operation. The search process for additional operating
personel has been initiated with a view to filling key positions at the time
operations commence.
Recent construction activity highlights for the Sulphide Project include
the following. Note that photographs of Canatuan construction activities may
be viewed in the online version of this news release at tvi2014.q4web.com:
Sulphide Project Construction Progress Update:
- Crushing Plant -
- Completed the mounting of the primary crushing assembly including
the vibrating grizzly feeder.
- Completed installation and alignment of the apron feeder.
- Completed installation of rebars, forms, supports, and concrete
pouring for floor slab (top portion) of feed conveyor tunnel.
- Fabrication of the truck dump and the installation of the
secondary crusher and screen are ongoing.
- Grinding Circuit -
- Completed fabrication of wedge plates for primary ball mill sole
plates alignment.
- Primary ball mill
- Concrete pouring of floor slab completed.
- Over sizing of primary ball mill end flange bolt holes 50%
completed. This is part of the critical work of converting the
ball mill to a SAG mill.
- Preparation and cleaning of pinion and motor sole plates 65%
completed.
- Fabrication of cyclone headers and cyclone launders 50%
complete.
- Flotation Area -
- Completed the fabrication of conditioning tanks - ready for
painting.
- Fabrication of rebars and form for concrete pad 60% completed.
- Excavation for reagent tanks area concrete pad 80% completed.
- Continued with the clearing of the filter press and concentrate
house area.
- Fabrication of concentrate thickener shell using old thickener
tank No. 1 45% completed.
- Assay Laboratory Extension -
- Completed preparation of ground for flooring and piling of hollow
blocks for walling.
- Installation of roofing structure 45% completed.
- Finishing of inside walling 65% completed.
- Dam Construction -
- Except for the sand haul (for dam filter requirement), the project
continued to be ahead of schedule. Management of the Company
believes that there is a sufficient stockpile of sand to continue
the pace of work.
- Total dam material placement totaled 45,700 cubic metres versus
plan of 25,900 cubic metres.
- Sand haul during the week of July 21, 2008 was affected by
rains and was 784 cubic metres compared to plan of 2,450 cubic
metres.
- Environmental Rehabilitation -
- Developing remedial plans to rehab creeks silted by exceptional
rains during the previous months (additional information available
on TVIRD's website at
http://www.tviphilippines.com/article.php?id=176).
- Completed construction of lower dam concrete spillway.
- Planted 500 tree seedlings within the mine area and surrounding
disturbed areas. TVIRD has planted over 100,000 trees in Canatuan
since 2004.
- Rehabilitation of previous mine areas and overburden waste areas
within the Lumot Creek watershed are underway. Reconstruction of
the backroad access was completed.
- Social Development and Management Program -
- Five month intensive community consultation and education
communication sessions completed.
- Comprehensive Social Development and Management Program ("SDMP")
completed for the communities within the Sulphide Project area.
- The SDMP represents TVIRD's continuing commitment to the
sustainable development of the Subanon ancestral domain and its
neighboring communities.
- Additional information available on TVIRD's website at:
http://www.tviphilippines.com/article.php?id=179.
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 the Philippines. The Company's interest in the Canatuan Mine and
its other Philippine assets are held through its affiliate, TVI Resource
Development (Phils.) Ltd.
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. 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. 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, changes in exploration plans or budgets, availability of equipment
and availability of personnel. 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 respecting the
timing of commencement of mining and processing activities at the Canatuan
Sulphide Project, is based upon progress made to date on the construction of
the Infrastructure required to support mining and processing activities at
Canatuan, advice received from third-party contractors with respect to the
timing of various components of the construction project, prior experiences of
management with construction activities at Canatuan, the current development
plan for Canatuan and the Company's current budget and overall strategy for
Canatuan, which plans, budget and strategy are all subject to change. 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, 2007, which was filed
on SEDAR on March 27, 2008 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.
For further information: Investor Relations - (403) 265-4356 or
tvi-info@tvipacific.com