- Free, Prior and Informed Consent Received From Local Community
- TVI Welcomed By Indigenous Leaders
- Philippine Government on Hand to Witness Approvals
- Geological Surveys and Drilling Program Planned for 2007
CALGARY, ALBERTA--(CCNMatthews - April 25, 2007) - TVI Pacific Inc.
("TVI" or the "Company") (TSX:TVI) announced today that free, prior and
informed consent has been received from a Subanen indigenous community
in Zamboanga del Norte, Southern Philippines, allowing TVI Pacific's
Philippine affiliate, TVI Resource Development Philippines, Inc.
("TVIRD"), to conduct further exploration activities on the Tamarok
Prospect, located 60 aerial kilometres NNE of TVIRD's Balabag Project.
This release should be read in conjunction with the release issued on
February 7, 2007, "Tamarok - Tapisa Results Indicate Potential for
Extensive Copper-Gold Mineralization System."
The consent is outlined in the final draft of a Memorandum of
Agreement ("MOA"). This document defines the terms and conditions for
the Company's proposed exploration project at the Tamarok Prospect,
within the Subanen's ancestral domain claim. The MOA also sets out the
benefits that the Subanen people will receive when exploration
activities commence, including provisions requiring TVIRD to develop an
Environmental Work Program. Ranking officials of the National Commission
on Indigenous Peoples ("NCIP"), the Philippine government agency that
oversees the implementation of the Indigenous Peoples Rights Act
("IPRA"), were on hand to witness the decision meeting where the final
draft MOA was approved.
The decision meeting is part of the free, prior and informed consent
("FPIC") process under the IPRA. The MOA will be signed by the Subanen,
TVIRD, and the NCIP following the review of the Company's FPIC Report
and the final draft MOA. The Philippines' Mines and Geosciences Bureau
will then be in a position to complete the granting of the permits
required to allow continued exploration, currently expected by the
fourth quarter 2007.
In February, TVI Pacific Inc. announced that preliminary
reconnaissance surveys, involving semi-detailed geological mapping and
sampling over portions of Tamarok and the nearby Tapisa tenement
applications, supported previously reported historical findings and
identified additional copper and gold prospective occurrences. The
Management of TVI believes that these early-stage results indicate that
both properties have the potential to host copper-gold porphyry
deposits.
Once the permitting process is complete, TVIRD plans to carry out
systematic detailed geological surveys, further delineate on surface
drill targets and schedule a diamond drilling program commensurate with
ongoing results.
For the full feature story and photos, please visit www.tviphilippines.com
About TVI Pacific Inc. (TSX:TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company
focused on exploring for and producing precious and base metals within
district scale systems in Asia.
In the Philippines, TVI's most advanced project, the Canatuan Mine
(the first foreign-invested, new, mining project in the Philippines
since the passage of the Philippine Mining Act of 1995) began mining and
milling operations in mid-2004, producing gold and silver dore through
its affiliate TVI Resource Development (Phils.) Ltd. ("TVIRD"). In 2006,
TVIRD received a completed NI 43-101 feasibility study on the Canatuan
Sulphide project prepared by Norwest Corporation. The report has been
filed with certain securities regulatory authorities in Canada and is
available at the SEDAR website at www.sedar.com.
The Norwest study addresses the copper-zinc bearing massive sulphide
zone, or lower portion of the Canatuan Deposit. Construction of the
Sulphide Project at Canatuan is now underway. In addition, TVIRD holds a
2.5% NSR on the Philippine-based Rapu Rapu project operated by
Lafayette Mining Ltd. Exploration in the Philippines is being conducted
at Canatuan, in an effort to expand TVIRD's mineral resource base and to
find new deposits, at Balabag and at other areas which management of
TVI view as compelling exploration properties.
In China, TVI's wholly-owned Chinese subsidiary, Hunan Pacific
Geological Exploration Inc. ("HPGEI"), was the first foreign mining
company to be granted both WOFE status and a Qualified Explorer License.
The exploration program in China is focused primarily within the Golden
Triangle area, a highly prospective metallogenic region in China's
south-western provinces of Yunnan, Guizhou and Guangxi Autonomous Region
and prospective areas in the Tibet Autonomous Region. HPGEI has 2,394
sq kms of land under application in China in the Golden Triangle and in
the Tibet A.R.
TVI also has a Drilling Segment consisting of Exploration Drilling
Corporation ("EDCO"), a wholly-owned subsidiary of TVI Pacific Inc.
based in the Philippines, and Hunan Pacific Drilling ("HPD"), a segment
of HPGEI based in China, which generates revenue from contract drilling.
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" 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 provided 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 provided 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 events or 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 to administrative practices and changes in exploration plans or
budgets.
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 information relating to
the timing of tenement applications and the nature and timing of
anticipated exploration activities is based upon prior experiences with
Government agencies in the Philippines, the Company's understanding of
the regulatory environment in the Philippines, the results of prior
exploration activities, the current exploration plan developed by the
Company, and the Company's current budget and overall strategy for
exploration in the Philippines, which plans, budget and strategy are all
subject to change. In certain cases, the anticipated timing of
exploration activities is dependent upon the receipt of regulatory
approvals from government authorities in the Philippines. The Company
has no control over the timing of processing of applications for such
regulatory approvals. 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 is exposed in the conduct of its business (including exploration
activities) are described in detail in the Company's Annual Information
Form for the year ended December 31, 2006, which has been filed on
SEDAR 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.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.