(TSX: TVI)
CALGARY, Feb. 4 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")
today provided an update on commissioning activities at 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, 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.
Commissioning Activities Continue
The Company reports that commissioning activity, which began after
project start-up in mid-November, continues at TVIRD's copper-zinc flotation
plant, which is designed to process ore from the lower, sulphide portion of
the volcanogenic massive sulphide deposit located at Canatuan. Commissioning
activities for operations of a similar size generally last between three to
six months as operators attempt to achieve optimal levels of production. The
sulphide portion of the ore body underlies the oxidized, gossan zone that was
previously mined at the Canatuan site. This news release should be read in
conjunction with the Company's prior update announcing the commencement of
Sulphide Project operations, which was disseminated on November 17, 2008, and
is available at tvi2014.q4web.com.
Recent activity highlights for the Sulphide Project include the following
(accompanying photos are available at: tvi2014.q4web.com):
- Overall Project Activity -
- Construction of the overall plant is now completed except for
the sulphide dam, which is expected to be built progressively
in stages.
- The primary focus in recent weeks has been on plant
optimization and metallurgical performance, with the plant
recovery improving as TVIRD personnel have developed systems
to manage the behaviour of the complex ore being treated.
- Conducted a geological review of the ore body to better define
ore-type contacts which is important in predicting ore feed
quality. Blending strategies and procedures have been refined,
resulting in improved metallurgical performance in the mill.
Improved geological grade control procedures have been
developed and have been implemented.
- As of January 31, 2009, 2,174 metric tons of concentrate had
been produced in connection with on-going plant commissioning
and optimization.
- Mining Operations -
- Drilling and blasting operations commenced during the week of
December 15th, 2008, and these operations continue on a regular
basis. Directed drilling is also being undertaken as part of
the grade control process for better selectivity during mining.
- Grade control procedures and inter-departmental (mine and mill)
production planning and grade control have been strengthened
with the availability of additional information from blast hole
drilling.
- Crushing Circuit -
- Operating.
- Grinding Circuit -
- Operating.
- Flotation Circuit -
- Operating.
- Additional piping circuits were installed to allow flexibility
in re-directing pulp and froth flows depending on the
performance of the flotation circuit. There is now a high
degree of flexibility in handling froths and concentrate
product which has contributed to better recovery performance
at the plant.
- Filter Press and Concentrate House -
- Operating
- Concentrate Warehouse -
- Construction of the concentrate warehouse at the port of Sta.
Maria was completed on December 23, 2008. Hauling of the first
batch of copper concentrates to the warehouse commenced on
December 26, 2008.
- Construction of the "dryer house" at the warehouse has
commenced. The construction of this mezzanine room for
concentrate assaying is expected to continue for approximately
one month.
- Continued with the related road maintenance and drainage
controls.
- Assay Laboratory -
- Operating.
- Sulphide Dam -
- The sulphide tailings impoundment facility is now operational.
- Continued work on the concreting of the temporary spillway at
the right abutment. This is a necessary preparation to raise
the spillway level to about 292 metres from the current
282 metres.
- Further sulphide dam construction work will be allocated as the
need arises.
- Environmental Rehabilitation -
- Completed the construction of a sediment pond at the back road
side of the pit.
- Commenced installation of safety barrier at the rehabilitated
Ambaan Ridge and erected log posts in the area. This is part of
TVIRD's Safety Action Plan for 2009.
- Reforestation at the rehabilitated Ambaan Ridge was completed
after having planted 625 Mangium trees at the third and last
benches.
- Continued preparation and implementation of environmental
protection plans.
- Began reclamation activities at the upper and lower tailings
dam impoundments consisting of debris removal and placement of
fill materials on top of the tailings.
- Commenced rehabilitation and drainage controls at southwest
overburden dump and the Phase 2 area within the Lumot Creek
watershed.
- Social Development and Management Program -
- Continued to expand the Food Always In The Home ("FAITH")
program in the Canatuan area.
- Worked with the Siocon Subanon Women's Association Inc.
(SSWAI) to assist their expanding program.
- Implemented a number of medical missions in
neighbouring communities.
- Launched a computer literacy program for the indigenous
peoples.
- Hosted members of the municipal council members to witness the
blasting in the pit area.
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, 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
and commissioning 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