CALGARY, Feb. 2, 2017 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the Company")
announces that Agata Mining Ventures Incorporated ("AMVI"), a company
in which TVI's 30.66% owned TVI Resource Development (Phils.), Inc.
("TVIRD") holds a 60% interest and is the operator of the Agata nickel
laterite mine in Northern Mindanao, Philippines,
is among 12 mining companies that have passed an audit performed by the
Philippine Department of Environment and Natural Resources ("DENR").
In an announcement made by the DENR on February 2, 2017,
it was learned that AMVI shall be allowed to continue their operations
together with 11 other mining companies. A further 21 mining companies
shall be closed while another 6 mining companies are suspended. The
closure and current suspension of some of the 27 mining companies will
cause the production of a significant amount of nickel direct shipping
ore ("DSO") in the Philippines to cease.
"TVIRD
is proud to be among those companies recognized by the DENR to be
operating in accordance with the highest environmental and social
standards upon which they have based their audit. TVIRD considers it a
priority to respect the environment and the communities in which they
operate and our efforts have been consistently recognized by industry
regulatory bodies, including the DENR," stated Cliff James,
Chairman and CEO of TVI and Chairman of TVIRD. "Operations at Agata
have continued uninterrupted but with resolution of the audit TVIRD may
now set its focus through AMVI on another successful year."
AMVI's
Agata operation was the first Philippine mining operation to be awarded
the Titanium Award at the Presidential Mineral Industry and
Environmental Awards Ceremony in November 2015
after just one year in operation and has received the award again in
2016. The Titanium Award recognizes AMVI's exceptional implementation of
its approved Environment Protection and Enhancement Program, Social
Development and Management Program and its ongoing Occupational Health
and Safety Program.
About TVIRD
TVIRD was incorporated under the laws of the Philippines on January 18, 1994 and was an indirect subsidiary of TVI until July 2014
when Prime Resource Holdings Inc., a private Philippine investment
entity, became the controlling shareholder. Following the enactment of
the Philippine Mining Act of 1995, TVIRD was the first
foreign-affiliated resource company to reach the production stage with
the Canatuan project located in the municipality of Siocon, Zamboanga
del Norte, Philippines. At the Canatuan mine, TVIRD established gold and
silver operations from 2004 to 2008 and transitioned to copper and zinc
operations from 2009 until 2014, during which time TVIRD ranked among
the country's top copper and zinc producers.
TVIRD's
track record of exceptional environmental performance at its Canatuan
operations was recognized by numerous environmental and safety awards at
the annual Presidential Mineral Industry Environmental Awards. Top
accolades received between 2010 and 2013 include the Presidential
Mineral Industry Environmental Award – Platinum Award (2012); Titanium
Award for Excellence in Environmental Management (2011); Platinum
Achievement Award - Surface Mining Category (2010); and Titanium Award –
Surface Mining Category (2013).
Since
2014, TVIRD has evolved into a diversified mining company that focuses
on the acquisition, exploration, development and production of resource
projects in the Philippines. Key projects include the 100% owned Balabag
gold-silver project located in the municipality of Bayog, province of
Zamboanga del Sur; and nickel laterite direct shipping ore operations at
the Agata project located in northern Mindanao.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in the Asia Pacific
region. TVI currently holds a 30.66% equity interest in TVIRD and a
25.5% equity interest in FOY Group Limited, an Australian company in the
process of acquiring and funding the commercialization of plastics to
diesel technology in Australia
and relisting on the Australian Stock Exchange in H2/2016. TVI's other
holdings include a 14.4% equity interest in Mindoro Resources Ltd.; a
10% interest in the Amazon Bay Iron Sands project in Papua New Guinea; and a 100% investment in shares of TG World.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
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 effective 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.
Various
risks to which the Company is exposed in the conduct of its business
(including mining activities) are described in detail in the Company's
Annual Information Form for the year ended December 31, 2015, which was filed on SEDAR on March 24, 2016 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.
SOURCE TVI Pacific Inc.
For
further information: Patrick Hanna, Chief Financial Officer, TVI
Pacific Inc., Phone: 403-265-4356, E-mail: Patrick.Hanna@tvipacific.com
RELATED LINKS
http://www.tvipacific.com