CALGARY, ALBERTA -- (MARKET WIRE) -- 04/05/11 --
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 the progress to date at its Balabag gold project.
- The Phase 2 drill program has been successful in its objective of confirming and extending the Balabag mineral resource, with 32 out of 39 holes showing mineralization;
- A decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau as soon as possible; and
- The Internal Feasibility Study(1) remains on track.
"The results of the additional drilling, and the progress we have made on the internal feasibility study, continue to support our belief that a progressive "bootstrap" mine development will be robustly economic on a stand-alone basis" said Cliff James, President & CEO. "The exploration results demonstrate a clear pattern of gold distribution across the property. Drilling will continue as development proceeds."
As of March 31, 2011, 39 holes have been completed in Phase 2 with 32 out of 39 showing mineralization. The exploration portion of the Phase 2 drill program, which was focused on step-out drilling in the down dip mineralized zones, has been successful in its objective of confirming and extending the Balabag mineralization. This component of the program is expected to be completed around mid-year 2011. It is anticipated that the program will also include further infill drilling in the core area of the Tinago vein zone to tighten up the modeled orebody used for production planning as well as resource expansion in all lateral directions.
Based on assay results from the Phase 2 dill program to date (results in the table below), a decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau of the Philippines as soon as possible. This report involves an evaluation of the economics of mining a minimum identified "core" resource and includes capital costs such as infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs.
The starter pit design, plant general layout and a preliminary production and cash flow schedule are near completion for the internal feasibility study(1) using the core ore resource from recent geological interpretation. The mineralogical and metallurgical analyses for process determination and design are on-going at a laboratory in Peterborough, Canada. Environmental and social preparation work continues.
TVI intends to produce an updated NI 43-101 report in the second half of 2011 which will incorporate all drill results to the end of Q2.
(1) The intent of the internal scoping study referred to in this press release is to evaluate the feasibility of a "Bootstrap" or phased operation at Balabag and to make a development decision. An earlier study was completed ("Scoping Study of the Balabag Project" filed August 20, 2008, prepared by Genivar Limited Partnership) which evaluated a full-scale operation. Click here to view.
Phase 2 Drill Program Details
Tinago: 26 completed holes in the Phase 2 program confirmed an extension of the mineralized zone. Six of the holes were not mineralized; however, three of those holes tested the boundaries outside the limits of the system.
Miswi: 5 completed holes (all mineralized)
Lalab: 8 completed holes (1 unmineralized)
Click here to view the Balabag Gold-Silver Project Drill Hole Location Map
Assay results for the Phase 2 drill holes reported up to March 31, 2011, are detailed in the table below using a cut-off of 0.50g/t Au:
----------------------------------------------------------------------------
True
Hole_ID From To Length length g/t Au g/t Ag
----------------------------------------------------------------------------
BLDH-10-130 28.40 28.80 0.40 0.39 2.19 43.08
----------------------------------------------------------------------------
BLDH-10-130 37.20 41.80 4.60 4.53 2.80 227.97
----------------------------------------------------------------------------
BLDH-10-130 42.80 46.70 3.90 3.84 1.44 31.74
----------------------------------------------------------------------------
BLDH-10-130 57.25 57.55 0.30 0.30 4.58 9.46
----------------------------------------------------------------------------
BLDH-10-130 97.90 99.30 1.40 1.38 2.56 5.31
----------------------------------------------------------------------------
BLDH-10-130 107.45 108.15 0.70 0.69 0.93 3.47
----------------------------------------------------------------------------
BLDH-10-130 126.30 128.30 2.00 1.97 0.90 2.15
----------------------------------------------------------------------------
BLDH-10-130 135.00 137.00 2.00 1.97 1.21 10.77
----------------------------------------------------------------------------
BLDH-10-130 149.55 150.00 0.45 0.44 1.06 3.06
----------------------------------------------------------------------------
BLDH-10-131 47.35 53.05 5.70 5.61 2.39 120.23
----------------------------------------------------------------------------
including 52.35 53.05 0.70 0.69 6.41 297.02
----------------------------------------------------------------------------
BLDH-10-131 78.75 96.15 17.40 17.14 2.07 51.52
----------------------------------------------------------------------------
including 79.75 81.75 2.00 1.97 5.04 67.09
----------------------------------------------------------------------------
BLDH-10-131 96.45 97.05 0.60 0.59 2.10 108.83
----------------------------------------------------------------------------
BLDH-10-131 98.80 100.80 2.00 1.97 0.51 11.62
----------------------------------------------------------------------------
BLDH-10-131 102.80 104.80 2.00 1.97 0.51 13.06
----------------------------------------------------------------------------
BLDH-10-132 45.60 47.76 2.16 2.13 0.66 14.07
----------------------------------------------------------------------------
BLDH-10-132 54.90 55.70 0.80 0.79 0.68 11.69
----------------------------------------------------------------------------
BLDH-10-133 NSMI
----------------------------------------------------------------------------
BLDH-10-134 2.00 4.00 2.00 1.97 1.19 1.13
----------------------------------------------------------------------------
BLDH-10-134 8.00 10.00 2.00 1.97 1.53 0.25
----------------------------------------------------------------------------
BLDH-10-134 28.00 29.30 1.30 1.28 0.90 13.17
----------------------------------------------------------------------------
BLDH-10-135 41.60 45.30 3.70 3.64 5.21 64.98
----------------------------------------------------------------------------
BLDH-10-135 75.80 76.70 0.90 0.89 2.98 5.37
----------------------------------------------------------------------------
BLDH-10-135 127.15 131.40 4.25 4.19 9.84 70.62
----------------------------------------------------------------------------
including 129.45 131.40 1.95 1.92 19.66 149.37
----------------------------------------------------------------------------
BLDH-10-135 145.75 146.70 0.95 0.94 1.13 2.64
----------------------------------------------------------------------------
BLDH-10-136 95.15 97.15 2.00 1.97 1.20 0.25
----------------------------------------------------------------------------
BLDH-10-136 145.85 151.60 5.75 5.66 1.82 49.48
----------------------------------------------------------------------------
BLDH-10-136 157.60 160.90 3.30 3.25 2.74 18.46
----------------------------------------------------------------------------
including 159.30 160.90 1.60 1.58 4.91 34.98
----------------------------------------------------------------------------
BLDH-10-137 NSMI
----------------------------------------------------------------------------
BLDH-10-138 37.90 39.00 1.10 1.08 1.68 27.69
----------------------------------------------------------------------------
BLDH-10-138 145.20 148.20 3.00 2.96 16.92 1046.66
----------------------------------------------------------------------------
including 146.20 147.20 1.00 0.99 46.80 2846.89
----------------------------------------------------------------------------
BLDH-10-139 0.00 3.00 3.00 2.96 0.53 0.25
----------------------------------------------------------------------------
BLDH-10-139 165.00 170.47 5.47 5.39 7.37 391.31
----------------------------------------------------------------------------
including 166.00 167.00 1.00 0.99 13.84 751.91
----------------------------------------------------------------------------
BLDH-10-139 174.05 174.56 0.51 0.50 8.79 421.28
----------------------------------------------------------------------------
BLDH-10-140 65.40 68.40 3.00 2.96 0.64 12.12
----------------------------------------------------------------------------
BLDH-10-141 48.30 49.15 0.85 0.84 1.95 51.98
----------------------------------------------------------------------------
BLDH-10-142 129.80 132.85 3.05 3.00 3.85 136.65
----------------------------------------------------------------------------
including 129.80 130.85 1.05 1.03 8.00 279.48
----------------------------------------------------------------------------
BLDH-10-142 138.93 140.93 2.00 1.97 0.64 5.75
----------------------------------------------------------------------------
BLDH-10-142 171.75 173.40 1.65 1.63 0.66 134.22
----------------------------------------------------------------------------
BLDH-10-143 NSMI
----------------------------------------------------------------------------
BLDH-10-144 45.85 47.20 1.35 1.33 3.88 37.07
----------------------------------------------------------------------------
BLDH-10-144 60.35 61.10 0.75 0.74 0.56 21.27
----------------------------------------------------------------------------
BLDH-10-145 147.77 148.77 1.00 0.99 1.04 3.98
----------------------------------------------------------------------------
BLDH-10-146 69.05 71.66 2.61 2.57 6.25 129.44
----------------------------------------------------------------------------
BLDH-10-147 92.80 98.12 5.32 5.24 3.26 68.41
----------------------------------------------------------------------------
including 96.12 97.12 1.00 0.99 7.27 88.61
----------------------------------------------------------------------------
BLDH-10-147 127.00 128.00 1.00 0.99 11.06 41.99
----------------------------------------------------------------------------
BLDH-10-147 131.00 134.00 3.00 2.96 3.38 8.49
----------------------------------------------------------------------------
BLDH-10-147 139.60 141.05 1.45 1.43 3.65 83.65
----------------------------------------------------------------------------
BLDH-10-147 145.05 145.41 0.36 0.35 0.57 8.37
----------------------------------------------------------------------------
BLDH-10-147 147.14 150.68 3.54 3.49 1.98 55.32
----------------------------------------------------------------------------
BLDH-10-148 110.85 112.50 1.65 1.62 0.60 10.40
----------------------------------------------------------------------------
BLDH-10-148 116.20 117.00 0.80 0.79 0.58 3.30
----------------------------------------------------------------------------
BLDH-10-149 150.34 154.40 4.06 4.00 7.00 75.81
----------------------------------------------------------------------------
BLDH-10-150 108.05 109.25 1.20 1.18 0.88 2.35
----------------------------------------------------------------------------
BLDH-10-150 115.90 121.45 5.55 5.46 4.67 17.69
----------------------------------------------------------------------------
including 119.95 121.45 1.50 1.48 12.93 54.43
----------------------------------------------------------------------------
BLDH-10-150 149.58 150.55 0.97 0.96 0.78 6.65
----------------------------------------------------------------------------
BLDH-10-150 153.65 155.60 1.95 1.93 0.75 30.81
----------------------------------------------------------------------------
BLDH-10-151 76.65 80.85 4.20 4.16 3.25 138.74
----------------------------------------------------------------------------
BLDH-10-151 112.25 114.15 1.90 1.87 3.55 236.92
----------------------------------------------------------------------------
BLDH-10-151 122.37 126.35 3.98 3.87 4.35 191.89
----------------------------------------------------------------------------
including 124.20 126.35 2.15 2.12 6.99 299.43
----------------------------------------------------------------------------
BLDH-10-152 NSMI
----------------------------------------------------------------------------
BLDH-10-153 56.45 63.80 7.35 7.23 8.83 217.06
----------------------------------------------------------------------------
including 56.45 57.55 1.10 1.08 42.81 900.42
----------------------------------------------------------------------------
including 59.90 61.90 2.00 1.97 7.45 259.06
----------------------------------------------------------------------------
BLDH-11-154 107.00 107.28 0.28 0.28 1.18 3.79
----------------------------------------------------------------------------
BLDH-11-154 108.28 108.80 0.52 0.51 0.51 3.49
----------------------------------------------------------------------------
BLDH-11-155 38.20 39.00 0.80 0.79 2.43 26.48
----------------------------------------------------------------------------
BLDH-11-156 NSMI
----------------------------------------------------------------------------
BLDH-11-157 NSMI
----------------------------------------------------------------------------
BLDH-11-158 NSMI
----------------------------------------------------------------------------
BLDH-11-159 0.00 6.00 6.00 5.91 0.53 23.42
----------------------------------------------------------------------------
BLDH-11-159 41.45 42.15 0.70 0.69 4.75 46.42
----------------------------------------------------------------------------
BLDH-11-161 38.90 47.10 8.20 8.08 10.17 137.12
----------------------------------------------------------------------------
BLDH-11-162 11.85 14.85 3.00 2.96 0.98 3.17
----------------------------------------------------------------------------
BLDH-11-163 10.75 25.70 14.95 14.73 1.91 12.30
----------------------------------------------------------------------------
BLDH-11-163 36.70 39.00 2.30 2.27 0.89 4.50
----------------------------------------------------------------------------
BLDH-11-163 51.00 53.00 2.00 1.97 2.99 16.50
----------------------------------------------------------------------------
Note: Assay results for 6 more drill holes are awaited.
Click here for Phase 1 drill hole results
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 within this press release. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
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 a 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 and Niger and offshore Philippines.
Connect With Us tvi2014.q4web.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
Quality Assurance and Quality Control:
- Analyses of Balabag drill core samples were completed by TVI's Canatuan mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gram charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V, W, Zn: 0.5 gram Acid Digest ICP-OES analysis.
- Strict QA/QC procedures are implemented in core handling and sampling at Balabag. There are 3 types of QA/QC samples randomly included in a ratio of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold assay values,
-- Duplicates,
-- Blank samples.
- The QA/QC samples are strictly monitored and if the control parameters pertaining to each of the individual QA/QC sample types are not satisfied, the entire batch is re-assayed.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this press 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, 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; accuracy of production and cost estimates; 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; fluctuations in the global financial condition; environmental and social hazards; the political, social and economic environment; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this press 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 Balabag and the Company's ability to define additional resources and reserves is based upon the previous exploration activities at Balabag, 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 Balabag, which plans, budget and strategy are all subject to change. Forward-looking information respecting the timing and nature of planned feasibility reports and work at Balabag is based upon the exploration activities at Balabag, management's experiences with other feasibility work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to various components of the feasibility work program and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change. Forward-looking information concerning the nature and timing of development activities at Balabag (in the event a production decision is reached by the Company in respect of the project) is based upon management's experiences with other construction projects in the Philippines and elsewhere, advice received from third-party advisors with respect to the timing of various components of the construction project, and the Company's current budget and overall strategy for Balabag, 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 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, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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.