(TSX: TVI)
CALGARY, March 30 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")
today announced that its Philippine affiliate, TVI Resource Development
(Phils.) Inc. ("TVIRD"), completed the first shipment of copper concentrates
from the Canatuan Mine on March 27, 2009, following the completion of Sulphide
Project construction on November 15, 2008. This milestone event brings the
commissioning phase of operations to a close, with commercial operations
having been declared in early March 2009, when inventory levels reached the
5,000 tonne threshold.
Certain statements in this News Release constitute forward-looking
statements, including statements respecting cash flows anticipated from future
production of copper at Canatuan and the anticipated timing of future
shipments of copper concentrates from Canatuan.
In accordance with an offtake arrangement with MRI Trading AG, the first
shipment of approximately 5,350 dry metric tonnes ("dmt") of copper
concentrates left Sta. Maria Port in Siocon, Zamboanga del Norte, destined for
a major Chinese smelter. Under the copper offtake agreement with MRI Trading
AG an initial payment of approximately US$4.8 million for the cargo is
expected to be made to TVIRD within the week. The funds will be allocated to
working capital and operating costs in continuing mine operations.
"This is a major milestone event for TVI and its stakeholders," stated
Clifford M. James, President and CEO. "TVIRD has successfully overcome many
obstacles over the last two years, when the Canatuan Sulphide Project was
initiated. While challenges in the marketplace still exist, we are confident
that the cash flows to be generated by TVIRD's copper concentrate production
will enable us to further progress the overall development of the Company."
The shipment logistics were executed with contributions from the TVIRD
Operations team and the local communities. Two landing craft transport barges
were mobilized to the Santa Maria Port facility from another mining operation
elsewhere on the island of Mindanao. The concentrate was transferred from
TVIRD's warehouse facility at the port onto the barges, using the "Ro-Ro"
(roll on-roll off) access built into the pier, which had previously been
constructed under a United States Agency for International Development
("USAID") project to promote economic activity for the Zamboanga Peninsula
region. The barges were then mobilized alongside the vessel M.V. Sun Glory,
which arrived on March 25 and anchored in the bay outside the harbour. The
transhipment was completed by the close of March 27.
"My compliments go to the TVIRD Canatuan team," added Mr. James. "This
first shipment, made from a remote area of the Philippines, was executed
smoothly, professionally and flawlessly. But I'd also like to thank and
compliment the people of Santa Maria and Siocon, Zamboanga del Norte - the
indigenous Subanon as well as Muslim communities - for their tremendous
cooperation, support and assistance. It was a great, joint effort."
To date the Canatuan Mine has produced approximately 7,300 metric tonnes
of copper concentrate. It is anticipated that the next shipment will be made
at the end of April or early May 2009 and approximately every six weeks
thereafter.
Photos from the first shipment of copper concentrates are available in
the online version of this news release on the Company's website at
tvi2014.q4web.com.
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", "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. 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 cash flows
anticipated from future production of copper at Canatuan, is based upon base
metals prices in effect as at the date of this News Release, management's
forecasts of trends in prices of base metals, current production of copper
from the Canatuan mine, the processing capabilities of the Canatuan mine,
estimates of the size of the copper reserves at Canatuan, the current
development plan for Canatuan, TVIRD's current budget and overall strategy for
Canatuan, which plans, budget and strategy are all subject to change.
Forward-looking information respecting the anticipated timing of future
shipments of copper concentrates from Canatuan, is based upon current
production of copper from the Canatuan mine, the terms of the third party
offtake agreement for the purchase of copper concentrates produced at
Canatuan, the processing capabilities of the Canatuan mine, estimates of the
size of the copper reserves at Canatuan, the current development plan for
Canatuan, TVIRD'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, 2008, which was filed on SEDAR on March
(date), 2009 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