(TSX: TVI)
CALGARY, Oct. 16 /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 and the anticipated timing of completion or commissioning of various
components of the Sulphide Project. Readers should refer to the cautionary
statement that appears at the end of this News Release.
Construction Activities Continue
The Company reports that activities continue in relation to the
construction of the copper-zinc flotation plant, which is designed to process
ore from the lower, sulphide portion of the volcanogenic massive sulphide
deposit located at Canatuan. The sulphide portion of the ore body underlies
the oxidized, gossan zone, which has now successfully been mined at the
Canatuan site. This news release should be read in conjunction with the
Company's prior update on the initial Sulphide Project commissioning
activities, disseminated on September 9, 2008, which is available at
tvi2014.q4web.com.
TVIRD is currently in discussion with several financial institutions for
additional financing to complete the construction of the Sulphide Project as
noted within the Company's news release dated October 14, 2008. There can be
no assurance that financing will be available to the Company or TVIRD on terms
acceptable to them. Subject to additional financing, the Sulphide Project is
anticipated to start producing copper concentrates in mid-November 2008.
Recent construction activity highlights for the Sulphide Project include
the following (accompanying photos are available at: tvi2014.q4web.com):
- Overall Project Activity and Schedule Update -
- The crushing plant, ore reclaim facility and assay laboratory are
completed and ready for operation. The grinding plant, concentrate
thickener and storage tank are nearly 80% completed and are
currently on schedule for completion within the next three weeks.
The flotation circuit, filter press and water supply facilities
are more than 50% complete and are currently on schedule for
start-up within 5 weeks.
- Construction of the overall plant is approximately 80% completed.
- Grinding Circuit -
- Currently on schedule for commissioning first week of November.
- Mounted the ball mill shell, gear ring, and pinions to the
foundation.
- Completed grouting of the primary ball mill pedestal.
- Construction of primary Mill Motor Control Centre building 75%
completed.
- Continued with the installation of electrical control panel
boards, now 85% completed.
- Completed fabrication and installation of steel structures for
catwalk and working platform and the flooring around the ball mill
area.
- Installation of the ring cover and concrete pouring for the
cyclone pump box concrete pedestal is 100% complete.
- Installation of the cyclone and launder, as well as the
fabrication and installation of the cyclone catwalks and working
platforms, is 100% complete.
- Flotation Area -
- Completed the fabrication and installation of steel pedestals and
the mounting of all 9 rougher flotation cell tanks.
- Completed fabrication of shafting for two copper conditioning
tanks.
- Fabrication and installation of the superstructure for the lime
slaking storage tank and the superstructure for the copper
conditioning tanks is 70% completed.
- Commenced fabrication of the roof trusses and beams for the
flotation building construction.
- Concentrate Thickener and Storage Tank -
- Currently on schedule for commissioning first week of November.
- Commenced installation of the concentrate thickener rake
mechanism.
- Completed the installation of the agitator mechanisms for the
concentrate holding tank.
- Filter Press and Concentrate House -
- Completed installation of the roof truss and roof beams. The
roofing will be installed after the installation of the filter
press.
- Installation of steel flooring for the filter press mezzanine is
75% complete.
- Concrete pouring for ground slab below filter press area is 50%
complete.
- Installation of wall studding and steel supports is 75% complete.
- Water Supply -
- Completed installation of the piping from the tailings thickener
to the water supply head tank.
- Final piping and connections are expected to be completed after
the installation of the flotation cells and the feed chute of the
primary mill.
- Assay Laboratory Extension -
- Ready for operations.
- Dam Construction -
- Sulphide dam construction work is currently suspended as part of a
cash management program. The sulphide dam is expected to be
available for tailings deposition prior to the start-up of the
plant.
- Environmental Rehabilitation -
- Revegetation/reforestation of the following areas:
- Planted 4,000 slips of vetiver grasses and 50 bamboo cuttings
at the newly benched / rehabilitated Ambaan road.
- Planted 3,000 slips of vetiver grasses and 600 mangium tree
seedlings at the rehabilitated Ambaan Ridge.
- Planted 360 rubber seedlings at Agolo village.
- Planting of seedlings within the Malusok area.
- Planted 230 rubber seedlings at Romy Sapian area.
- Initiated rehabilitation work at the crusher area consisting of
benching and the planting of trees and grasses.
- Continued rehabilitation and maintenance of the back road and
Phase 2 areas.
- Construction of the final gossan dam spillway is approximately 70%
complete.
- Commenced erosion control activities along the gossan dam and at
the previous Phase 1 mine area.
- Continued preparation of the sulphide tailings impoundment water
and materials balance for the updated Environmental Risk
Assessment.
- Social Development and Management Program -
- The Mines and Geo-Sciences Bureau ("MGB") has approved the 2nd
5-year cycle of Social Development Management Program ("SDMP").
This will be implemented in 2009. The implementation of the 1st
cycle SDMP is ongoing and will be completed in the 1st quarter of
2009. The focus of the remaining 1st cycle SDMP projects is on the
implementation of Food Always in the Home project ("FAITH"), a
food self-sufficiency program that applies modern farming methods,
and on education support through provision of teachers.
- The ground levelling of an area for a school to be donated by the
government has been 80% completed by TVIRD. TVIRD is contributing
the necessary earth moving services for the project.
- Continuing capacity building for the Council of Elders ("COE") and
Subanon Siocon Association ("SSAI") in preparation for their
effective management of the sulphide royalty and responsive
governance of the Certificate of Ancestral Domain Title ("CADT")
through the formulation of their Ancestral Domain Sustainable
Development and Protection Plan ("ADSDPP").
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.) Inc.
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" 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 certain cases,
information received from 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 or disseminated by 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 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,
and 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 and the anticipated timing of
completion or commissioning of various components of the Sulphide Project, is
based upon progress made to date on the construction of the Infrastructure
required to support mining and processing activities from the Sulphide zone 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 mining 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