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TVI Pacific announces completion of sixth shipment of copper concentrates produced at Canatuan

September 02, 2009


    -  Sixth shipment brings total expected gross revenue to US$34.1 million

    -  Total of 29,705 dmt of copper concentrates shipped to date from
       Sulphide operation

CALGARY, Sept. 2 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has completed its sixth shipment of copper concentrates produced at the Canatuan Mine on August 31, 2009. The concentrates were shipped from the TVIRD warehouse facility, at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI").

TVIRD expects to receive a total of US$5.4 million from MRI for roughly 5,264 dry metric tonnes ("dmt") of copper concentrates, representing approximately 90% of the estimated value of the total shipment. Final payment for the remaining sale price of the concentrates (approximately 10%) is due once final details relating to weight, assays and prices are determined.

This shipment occurred four weeks after the previous shipment, reflecting increased operating throughput and concentrate production achieved by the mine in August. It is anticipated that future shipments of approximately 5,000 dmt each will occur approximately every four weeks depending on specific shipping and marketing arrangements.

The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced approximately 31,300 dmt of copper concentrate. Of that production, 29,705 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated by TVIRD to working capital and debt service.

    About TVI Pacific Inc. (TSX: TVI)

TVI Pacific Inc. is a publicly traded Canadian mining company focused on exploring for, developing and producing precious and base metals within district-scale systems in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.) Inc.

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", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, 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, changes in exploration plans or budgets, and availability of equipment and personnel. 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 concerning the expected use of funds generated from the sale of copper concentrates produced at Canatuan is based upon TVIRD's current budget and overall strategy for Canatuan, which plans, budget and strategy are all subject to change and current and anticipated financial obligations of TVIRD, including the terms and repayment schedules associated with the term loan facility between TVIRD and LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Ltd. Forward-looking information concerning the anticipated timing and quantities of future shipments of copper concentrates from Canatuan, is based upon current production of copper from the Canatuan mine, the terms of the third party offtake agreement for the purchase of copper concentrates produced at Canatuan, the processing capabilities of the Canatuan mine, the availability of transportation for the shipment of copper concentrates produced at Canatuan, estimates of the size of the copper reserves at Canatuan, the current development plan for Canatuan and TVIRD's current budget and overall strategy for Canatuan, 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, 2008, which was filed on SEDAR on March 26, 2009, 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.