TSX: TVI OTCQX: TVIPF
CALGARY, Nov. 8, 2012 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
(TVI or the Company) announced today that its Philippine operating
affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed
its 32nd shipment of copper concentrate produced at the Canatuan mine, on
November 4, 2012.
-
5,083 dry metric tonnes (dmt) of concentrate was shipped containing
18.13% copper;
-
Gross revenue of approximately US$11.5 million is expected to be
received for the shipment; and
-
Inventory of 621 dmt of copper concentrate is currently in storage.
The 32ND shipment of 5,083 dmt of copper concentrate left the port of Santa
Maria in Siocon, Zamboanga del Norte, in accordance with the off-take
arrangement between TVIRD and MRI Trading AG (MRI) on November 4, 2012.
TVIRD expects to earn gross revenue of approximately US$11.5 million
from MRI for this shipment (pending final assay and price adjustments).
Remaining in inventory is approximately 621 dmt of copper concentrate.
Production remains steady at the Canatuan mine, achieving copper
concentrate grade levels between 17 and 20 percent. TVIRD anticipates
that future shipments of copper concentrate will continue approximately
every six to eight weeks.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company that is focused
on the production, development, exploration and acquisition of resource
projects in the Philippines. TVI produces copper and zinc concentrates
from its Canatuan mine and is pre-developing its Balabag gold and
silver project. TVI also has an interest in an offshore Philippine oil
property.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.