CALGARY, ALBERTA -- (MARKET WIRE) -- 11/08/11 --
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announced today that the Company's wholly-owned subsidiary, TG World Energy, Inc. ("TG"), entered into a definitive agreement to sell all of its leasehold interests in Alaska for approximately US$16 million, subject to adjustments (the "Transaction"). The Transaction is subject to customary terms, conditions and adjustments for transactions of this nature and is expected to close on or around November 9, 2011.
A portion of the proceeds from the Transaction will be directed to full repayment of the loan facility which carries a balance of approximately US$6.8 million, and that is secured against the assets of TG.
The remainder of the proceeds from the transaction will be directed towards the Company's working capital requirements including the Balabag gold project, extending mine life at Canatuan, exploration drilling and possibly a value-enhancing joint venture or acquisition opportunity.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is developing its Balabag gold-silver property and is carrying out other exploration programs. TVI also has oil interests in various stages of discovery, drilling and exploration offshore Philippines.
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The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233.6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
Source: TVI Pacific Inc.