CALGARY, ALBERTA -- (MARKET WIRE) -- 10/21/10 --
TVI Pacific Inc. (TSX: TVI), (OTCQX: TVIPF), ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has begun drilling at the recently acquired, highly prospective, Copper-Zinc-Gold (Cu-Zn-Au) Siennalynn property.
The Stage 1 drilling program underway is designed to assess the extent and quality of the near-surface mineralization and to begin drilling a number of prospects that have potential for major new copper resources.
- Drilling began on October 19th, 2010
- Seven shallow holes to assess near-surface mineralization (total of 500 metres
or 1,640 feet)
- Two deeper holes to explore potential intrusive-related copper prospects
(total of 700 metres or 2,296 feet)
- Completion of the Stage 1 drilling program is expected mid-Q1 2011
- While Stage 1 is underway, additional test pitting, soil sampling,
trenching and mapping will be ongoing in preparation for Stage 2.
Stage 1 Drill Program
The Stage 1 program will drill an initial seven holes at the near-surface Pinili prospect that has been the site of small-scale, direct-shipping-ore mining over the past few years. Based on results provided by the small-scale operator, recent field work by TVI and a reinterpretation of previous exploration data acquired by major international mining companies, this component of the drill program is targeting potential new sources of ore near the current Canatuan operation.
Click here to view Siennalynn Project Geology and Prospects
The Pinili Prospect is a short trucking distance of about 25 kilometres (15.5 miles) from TVI's operating mine at Canatuan and could extend the mine life of the current project.
In addition, the Stage 1 program will test two targets at Nanao East and Nanao West, to explore the tenement's potential to host intrusive-related copper mineralization, which if successful, would add major new resources to the company's inventory.
Click here to view Nanao West and Nanao East Proposed Drillholes
It is anticipated that this drilling will be completed by mid-Q1, 2011 with assays sand evaluations completed by the end of the same quarter. While Stage 1 drilling is ongoing, the exploration team will be conducting test pitting, soil sampling, trenching and mapping, in preparation for the Stage 2 Drill program outlined in our initial press release.
Click here to view a photo gallery of the Siennalynn area and exploration activities
Stage 2 Drill Program
Assuming the initial 7 holes at the Panili Prospect are successful, TVI anticipates drilling additional holes in this area. By mid-2011, approximately 3,000 metres (9,842 feet) of exploratory drilling will be carried out on prospects that could host hydrothermal copper mineralization. These prospects include Bailos, Abueva, Tatfu, and Rodrige.
Click here to view our Siennalynn Project Home Page on our website for additional geological information
The extent of this additional drilling will be determined as progress is evaluated during Stage 1, and will be the subject of further updates.
NORTH ZAMBOANGA AIRBORNE GEOPHYSICAL SURVEYS ONGOING
As indicated in the news release dated August 13, 2010, a helicopter-supported geophysical survey has been initiated covering all TVI's tenements in the Zamboanga peninsula including the areas surrounding the operating Canatuan mine (Greater Canatuan Tenement area). The Greater Canatuan Tenements are expected to host additional volcanogenic massive sulphide (VMS) deposits similar to that currently being mined. It is hoped that this survey will help identify deposit targets.
To date, the airborne survey has flown over 2,114 line-kilometres (1,313 miles) acquiring magnetics/radiometric data covering 26,640 hectares (65,828 acres). The program has been divided into two parts: the magnetics/radiometrics program currently being flown over most of the TVIRD tenements; and a second program that will acquire Versatile Time-Domain Electromagnetic (VTEM) data over selected, appropriate targets, including the Greater Canatuan Tenement area.
Click here to a view airborne survey area map
Click here to view North Zamboanga Property Maps and Prospect Locations
The balance of the 131,308-hectare (324,469 acre) Part 1 program will be surveyed in the coming weeks. Part 2 of the program is anticipated to be completed by year-end, barring any unforeseen circumstances.
ZINC CIRCUIT UPDATE
As described in TVI's Official Discussion Forum on Facebook on August 17, 2010, the objective of the commissioning process for the zinc circuit is to continuously make changes until the largest volume of concentrate (both copper and zinc) is produced with the highest grade and with the best metal recovery, taking into consideration the full extent of input factors.
Zinc Circuit Timeline
- In the early stages of the zinc circuit commissioning in May-June this
year, it was found that acceptable copper/zinc separation was not being
achieved using the 'recipe' initially chosen. As a result, the zinc
circuit was temporarily suspended on August 13 and additional
metallurgical testing was carried out to determine a better 'recipe' for
metal separation and recovery.
- Extensive metallurgical testing of the Canatuan ores has been conducted
by reputable third parties and an optimum 'recipe' involving combinations
of reagents and plant configurations for the process flow sheet has been
decided.
- The company expects to resume on-site testing in early November. However,
it is expected that commissioning of the revised process flow sheet will
continue for some time until acceptable copper/zinc recovery is achieved.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded copper producer focused on the production, development, exploration and acquisition of precious and base metal mining deposits 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.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements 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", "schedule" 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 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 nature and timing of the exploration program at Siennalynn and the Company's ability to define additional resources and reserves is based upon the previous exploration activities at Siennalynn, management's experiences with other exploration work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to the various components of the exploration work program and the Company's current budget and overall strategy for Siennalynn, which plans, budget and strategy are all subject to change. Forward-looking information concerning development and production activities at Siennalynn (in the event a production decision is reached by the Company in respect of the project) are based upon management's experiences with other construction projects in the Philippines and elsewhere, advice received from third-party advisors, and the Company's current budget and overall strategy for Siennalynn, which plans, budget and strategy are all subject to change. Forward-looking statements regarding exploration, development and production activities in the Canatuan Near-Mine Tenements are based on the timing of regulatory approvals from government authorities in the Philippines (including the granting of FPIC and the Exploration Permit), the results of prior and current exploration activities and the Company's overall plans, budget and strategy, which are all subject to change. Forward-looking statements regarding the nature and timing of airborne geophysical surveys over Canatuan and the North Zamboanga Tenements are based on discussions held to date with the international service provider, the timing of mobilization of equipment to the Philippines, the timing of regulatory approvals from government authorities in the Philippines, the results of prior and current exploration activities, and the Company's overall plans, budget and strategy, which are all subject to change. Forward-looking statements regarding the timing and nature of production of zinc concentrates at the Canatuan Mine are based on the current mining and processing activities at Canatuan, management's prior experiences with mining and processing at Canatuan, the estimated copper and zinc mineralization of the sulphide zone at Canatuan and the Company's overall plans, budget and strategy, which 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 and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2009, which was filed on SEDAR on March 25, 2010, 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.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Executive Director Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
TVI Pacific Inc.
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