CALGARY, ALBERTA--(Marketwire - Aug. 9, 2007) - TVI Pacific Inc.
(TSX:TVI) ("TVI" or the "Company") announced today that it has filed a
National Instrument 43-101 ("NI 43-101") technical report on SEDAR (www.sedar.com)
regarding the mineral resource estimate of select zones (the
Tinago-Miswi-Lalab vein system) within its Balabag prospect. The Balabag
Property is located on the Zamboanga Peninsula in the Southern
Philippines approximately 75 km east-northeast of the producing Canatuan
Mine, operated by TVI's Philippine affiliate TVI Resource Development
(Phils.) Inc. ("TVIRD"). This news release should be read in conjunction
with the release issued on June 27, 2007, "TVI Provides Initial Balabag
Prospect Resource Estimates".
Certain statements in this News Release constitute forward-looking
statements, including statements respecting further exploration
activities, the timing of the scoping study to assess the
Tinago-Miswi-Lalab mineralized zone and details regarding a potential
full feasibility assessment and detailed engineering of the Balabag
project. Readers should refer to the cautionary statement that appears
at the end of this News Release.
The Balabag mineral resource estimate prepared by P.J.Lafleur
Geo-Conseil Inc., and reproduced in the table below, is based on the 76
hole drill exploration program completed to the end of February, 2007.
Using a greater than 0.5 g/t grade group, indicated resources showed
1.37 million tonnes ("Mt") averaging 2.9 grams per tonne ("gpt") gold
("Au") and 84.3 gpt silver ("Ag"), or 203,700 gold equivalent ounces
("AuEqOz"), with inferred resources amounting to 1.96 Mt averaging 2.6
gpt Au and 55.2 gpt Ag, or 234,200 AuEqOz. Readers are cautioned that
such estimates remain conceptual in nature and mineral resources which
are not mineral reserves do not have demonstrated economic viability.
Importantly, newly discovered vein exposures potentially extend the
mineralized zones up to 150 metres to the east and at depth. Additional
follow up work, including drilling and continued assaying of trench
samples, is being pursued on a priority basis.
As previously disclosed, a scoping study to assess the
Tinago-Miswi-Lalab mineralized zone at Balabag is currently underway and
is expected to be completed in the third quarter of 2007. The scoping
study assessment is being undertaken at this stage of the project to
provide an economic analysis of the potential of the Balabag Project to
become a stand alone, commercial mining operation based on the currently
known mineral resources. It is anticipated that the scoping study will
lead into a full feasibility assessment and detailed engineering of the
project. An expanded infill drilling program is also expected to resume
upon the completion of the scoping study to further define the current
vein system and explore the new vein occurrences.
Balabag Mineral Resource Estimates - Cumulative (at variable grade groups)
(@ $650/Oz Au & $13.5/Oz Ag)
----------------------------------------------------------------------------
Grade Au Ag AuEq
Group Class. Tonnage (gpt) AU_OZ (gpt) AG_OZ (gpt) AUEQ_OZ
----------------------------------------------------------------------------
Greater
than 2.0
gpt Au Indicated 695,128 4.5 101,452 133.0 2,972,660 7.3 163,192
----------------------------------------------------------------------------
Greater
than 1.0
gpt Au Indicated 1,091,970 3.4 119,912 100.6 3,531,287 5.5 193,254
----------------------------------------------------------------------------
Greater
than 0.5
gpt Au Indicated 1,371,105 2.9 126,507 84.3 3,716,842 4.6 203,703
----------------------------------------------------------------------------
0.0 - 0.5
gpt Au Indicated 314,820 0.3 2,834 9.3 93,665 0.5 4,779
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Indicated 1,685,925 2.4 129,341 70.3 3,810,507 3.8 208,482
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Grade Au Ag AuEq
Group Class. Tonnage (gpt) AU_OZ (gpt) AG_OZ (gpt) AUEQ_OZ
----------------------------------------------------------------------------
Greater
than 2.0
gpt Au Inferred 821,521 4.5 118,864 96.9 2,560,532 6.5 172,045
----------------------------------------------------------------------------
Greater
than 1.0
gpt Au Inferred 1,488,853 3.1 150,300 65.9 3,152,794 4.5 215,781
----------------------------------------------------------------------------
Greater
than 0.5
gpt Au Inferred 1,957,168 2.6 162,056 55.2 3,471,890 3.7 234,165
----------------------------------------------------------------------------
0.0 - 0.5
gpt Au Inferred 498,254 0.2 3,845 8.3 133,411 0.4 6,615
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Inferred 2,455,422 2.1 165,901 45.7 3,605,301 3.1 240,780
----------------------------------------------------------------------------
Notes:
1. Indicated: within 25m Search Radius (SR) of at least two drill holes;
Inferred: between 25 and 150m SR of at least one drill hole
2. The estimation method used geostatistical block modeling techniques,
using Ordinary Krigging grade interpolation and capping values set at
50gpt Au and 1000gpt Ag
3. The Company is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or others issues that may materially
affect the estimate of mineral resources
4. Mineral resources which are not mineral reserves do not have demonstrated
economic viability
5. Metallurgical recoveries and net smelter returns have not yet been
determined
6. There is no assurance, at this time, that the mineralization at Balabag
will support a commercial mining operation
The foregoing is a summary only of information contained in the full
43-101 report. Readers should refer to the full 43-101 report for more
detail concerning the information summarized in this news release. The
information set out in the table above and detailed in the 43-101 report
represents an estimate only and actual results may differ materially.
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 through 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 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 km2 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.
Pierre-Jean Lafleur of P.J. Lafleur Geo-Conseil Inc., is serving as
the Qualified Person ("QP") for the purposes of the Balabag Resource
Estimate and has reviewed this news release. Carl L. Caumartin BSc,
P.Eng., MBA, Vice President, Exploration of TVI Pacific Inc. is serving
as TVI's QP (as contemplated by National Instrument 43-101 (Standards of
Disclosure for Mineral Projects)), for purposes of the Balabag
exploration project. Mr. Caumartin has reviewed and approved this news
release and has verified the data, including sampling, analytical and
test data, set out in this news release. The Canatuan Assay Lab,
Philippines, an accredited laboratory, performed the sample preparation
and assaying for the current sampling phase (since the beginning of
2007) of the exploration project at Balabag. Gold analysis was by 50 gm
fire assay fusion; where gold values were greater than 3 ppm assay
values were by gravimetric finish and by AAS where the values were less
than that threshold. Silver was determined by AAS after an
HCL-HNO3-HClO4 digest. Pulp and coarse duplicate results were included
in the analytical report. A blank and a standard sample were included
for each batch of 50 samples for quality control. A replicate assay was
done on every 20th sample and certified reference materials were used in
every 20 samples. As part of the laboratory's internal QA/QC, TVIRD is
routinely submitting duplicate samples to McPhar laboratory of Manila,
Philippines, an ISO 9001/2000 accredited laboratory, on average every
20th sample.
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 obtained from third party sources 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, 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 in 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 respecting the completion of the
scoping study to assess the Tinago-Miswi-Lalab mineralized zone, is
based upon, results of prior exploration activities at Balabag, timing
expectations relating to completion of the next phase of the exploration
program at Balabag and the results of that program, prior experiences
with scoping studies undertaken in respect of Philippines exploration
properties, 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.
Forward-looking information concerning the possible development of
the Balabag prospect and additional exploration activity at Balabag is
based upon the Company's experiences with the development of the
Canatuan mine in the Philippines, the current exploration plan developed
by the Company and the Company's current budget and overall strategy
for exploration in the Philippines, the timing of completion of various
elements of the exploration plan and the proposed scoping study, 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 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 was filed on SEDAR on March 29, 2007 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.