CALGARY, ALBERTA--(Marketwire - Dec. 20, 2010) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") through its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on operations and exploration as follows;
-- Canatuan - good progress with the Zinc Circuit commissioning
-- Siennalynn - exploration drill program proceeding
-- Balabag - scoping study on track, resource definition drilling continues
Zinc Circuit Commissioning
During November and December, good progress has been made on the Zinc Circuit commissioning at Canatuan. Copper-zinc separation has been achieved using the revised reagent regime and the reconfigured process flow sheet discussed in previous press releases. During commissioning, the continuous production of copper concentrates has been achieved to meet shipping requirements. As of the date of this release, loading of the last copper concentrate shipment for the year is underway.
Given the progress in the copper-zinc separation to date, and the ongoing process refinements, it is anticipated that zinc concentrate production could begin in January 2011.
Click here for a schematic of the plant modifications
Siennalynn property
Since October 19, 2010, TVI has had four diamond drills operating on the property completing 1,765 metres to date. Initial results have confirmed the presence of a stockwork zone at the Pinili prospect containing two mineralized breccias bodies: one with significant base metal mineralization.
Pinili prospect: To date, seven diamond drill holes have been completed with an eighth hole in progress. Drilling in one section has identified a large stockwork zone containing appreciable zinc, copper and silver in at least two mineralized breccia bodies, which join together at depth. The strike length of the zone appears to be at least 250 metres and is open both along strike and at depth. Additional drilling on this prospect will test the continuity and intensity of the mineralization in this multi-element breccia system. The mineralized zone, hosted in andesitic volcanics, strikes easterly and dips approximately 75 degrees to the south.
Bailos prospect: Surface mapping and sampling have identified a one-kilometre strike length quartz vein breccia zone at Bailos, some 700 metres south of Pinili. To test for subsurface continuity of the mineralization, TVI has drilled two holes and the breccia zones were intersected in both. The breccia zones intersected to date show copper, gold and silver mineralization
Tatfu and Nanao West prospects: Drilling also continues on the Tatfu and Nanao West prospects.
Assay results for all the prospects are being compiled and analyzed and will be reported at a future date.
Click here to view Siennalynn prospect location map
Balabag gold project
The previously announced internal scoping study is on track and TVI expects to come to a decision regarding a "bootstrap" mine development plan in Q1, 2011 as previously stated. The study involves an evaluation of the economics of mining a minimum identified "core" resource. The study involves scoping capital costs including infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs. Metallurgical testing and social and environmental baseline studies are ongoing.
The Phase 2 drilling program, consisting of 55 new holes, is on schedule with 20 holes drilled to date and two presently drilling. The exploration portion of the program is currently focusing on step-out drilling in the downdip mineralized zones with a view to confirming and extending the Balabag mineral resource. This component of the program is expected to be completed by the end of Q1, 2011. It is intended that the program will also include further infill drilling in the core area of the Tinago vein zone for mine development planning, to be initiated in 2011.
Eight holes have been drilled in the zones downdip of the Tinago vein system. Five of these holes confirmed an extension of the mineralized zone and three tested the boundaries outside the limits of the system.
Phase 2 exploration drilling to date has included six holes at Miswi and seven holes at Lalab, adding to the resource database for these vein sections.
Assay results for all the new Balabag drill holes are being compiled and analyzed and will be reported at a future date.
Airborne Geophysical Survey
A helicopter-supported geophysical survey covering all of TVI's northern tenements in the Zamboanga peninsula is largely complete. As of December 1, 2010, over 6,546 line-kilometres (4,067 line-miles) have been flown acquiring magnetic/radiometric data covering 119,017 hectares (294,096 acres). Processing and interpretation of the data is expected to be completed by early 2011. This high quality data will assist the Company in identifying specific exploration targets for future program planning.
A second helicopter survey over the greater Canatuan area involves the acquisition of a combination of Versatile Time-Domain Electromagnetics (VTEM) and magnetics data. This survey had been delayed because of the unavailability of an appropriate helicopter but is now expected to be flown in early 2011 with processing and interpretation to follow. This data will assist in the location of mineralization in the vicinity of the Canatuan operations with the goal of providing additional mill feed and mine life.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information in this document and confirms compliance with NI 43-101 requirements. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
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 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", "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 statements regarding the timing of zinc concentrate production at Canatuan are based upon current mining and processing activities at Canatuan, the current throughput of the sulphide plant and anticipated commissioning adjustments, prior experiences of management with mining and processing at Canatuan, the current development and operating plan for Canatuan, and the Company's current budget and overall strategy for Canatuan, which are all subject to change. Forward-looking statements regarding the timing of a development decision for the Balabag project are based on current and previous exploration work, the results of previous and ongoing technical reports, the Company's experience at Canatuan and other projects in the Philippines, and the Company's current budget and overall strategy for Balabag, which are all subject to change. Forward-looking statements regarding the timing for completion of the Phase 2 drilling activities and initiation of further infill drilling activities at Balabag are based upon current and previous exploration work and the overall strategy for Balabag, which are all subject to change. Forward-looking statements regarding the nature and timing of airborne geophysical surveys over Canatuan are based on discussions held to date with the international service provider, the timing of mobilization of equipment, the results of prior and current exploration activities, 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. 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Exec. Dir. Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
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Source: TVI PACIFIC INC.