CALGARY, ALBERTA -- (MARKET WIRE) -- 05/10/11 --
TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or the "Company") today provides an update on its Siennalynn exploration project; progress at other Near-Mine tenements; and welcomes a new Head of Exploration to its senior management team.
- TVI's Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has concluded its Siennalynn prospect exploration program and, based on the results of the program as described below, has decided to terminate its involvement in the project;
- Progress has been made within the Greater Canatuan Tenement Area ("GCTA") including EXPA 61; and
- TVI welcomes a new Head of Exploration as part of the senior management team.
Siennalynn
On October 7, 2010, TVI announced that TVIRD had acquired the rights to explore, and possibly acquire, a highly prospective copper-zinc-gold (Cu-Zn-Au) property on the Zamboanga Peninsula, Mindanao Island, Philippines. Two agreements covered a total of 2,000 hectares (4,900 acres) both areas being located within MPSA No. 076-97-IX granted to Siennalynn Gold Mining Corp. ("SGMC").
A reinterpretation of previous exploration data on the property from programs conducted by major international mining companies, together with field work conducted by TVIRD, had identified two types of exploration targets: near-surface showings that could potentially provide material for immediate trucking to the Canatuan mill site; and deeper, potential hydrothermal deposits.
Unfortunately, the copper-gold zones did not produce consistent mineralization that was judged to warrant a resource drill out. The mapped and drill-intercepted zones are narrow, steeply dipping and have erratic metal grades, which cannot be consistently related from drill section to drill section.
Since the results of the exploration program have not identified any close-to-surface or significant copper (or precious metals) ore bodies, the venture agreements with Siennalynn Gold Mining Corporation and YZ Summit Mining Corporation have been terminated and the projects returned to the parties.
Greater Canatuan Tenement Area ("GCTA")
The airborne data acquisition has now been completed and the results are being analyzed. Dacon, TVI's partner on the EXPA 61 near-mine tenement, has recently submitted a Certificate of Non-Overlap with nearby ancestral domains to the Mines and Geosciences Bureau in support of the application currently being processed by the government for the Exploration Permit required to begin drilling identified anomalies and prospects.
The Company is also working on perfecting other near-mine tenement applications in order to follow-up additional anomalies identified by the airborne data.
New Head of Exploration
TVI is pleased to welcome Joseph Paul McKibben to its Senior Leadership Team. Paul has over 40 years professional experience in mineral exploration in Eastern Australia (Tasmania, Queensland, New South Wales), South East Asia (Philippines, Indonesia, Malaysia, Thailand, Vietnam) and the Pacific (Fiji, Vanuatu, New Zealand, Papua New Guinea) including more than 36 of those years actively involved in the Philippine exploration industry. He has resided in the Philippines for over 27 years and has field experience in many parts of the Philippine archipelago. Mr. McKibben will head up TVI's exploration team from the Company's Manila office.
His experience largely relates to the search for porphyry copper-gold and epithermal gold in island - arc settings. During the period 1980 - 1992, Paul served as Exploration Manager (Asia-West Pacific) for RGC Exploration Pty. Limited, the exploration subsidiary of the major Australian mining company Renison Goldfields Consolidated Limited ("RGC"). He represented the RGC Group on the Porgera Joint Venture Ore Reserves Committee, which was responsible for ore reserve definition for the successful Porgera Gold Mine development in Papua New Guinea. Since leaving the RGC Group, Paul has practiced as a Consulting Economic Geologist, served as President of a Manila-based contract core drilling company, spent some time working on a nickel laterite development project on Palawan Island, Philippines and 3 years working towards exploration of a copper-gold deposit located on the island of Luzon, Philippines.
He is experienced in the realities of operating in remote, tropical environments in South East Asia and understands the need for cultural sensitivity and close co-ordination with communities and local officials. His exposure to local society and his continuing interest in mining investment facilitation have provided deep familiarity with the legal, social and political issues essential to successful mineral exploration and mine development in the Philippine setting.
Paul was a Trustee of the Philippine Mineral Exploration Association, Inc. ("PMEA") for 10 years and currently serves as PMEA's Executive Director in an honorary capacity. He is a 35-year Member of the Geological Society of the Philippines, up to the present time.
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 concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
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Contacts:
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
tvi2014.q4web.com
Source: TVI Pacific Inc.