🕐02.10.09 - 16:59 Uhr
TVI Pacific Announces Completion of Seventh Shipment of Copper Concentrates Produced at Canatuan
October 2, 2009
[TSX: TVI]
TVI Pacific Announces Completion of Seventh Shipment of Copper
Concentrates Produced At Canatuan
* Seventh shipment brings total expected gross revenue to US$40.9
million since March 2009
* 34,921 dmt of copper concentrates shipped from Sulphide
operation since March 2009
* To date, operations unaffected by record rains in the
Philippines
TVI Pacific Inc.
(TSX: "TVI" or the "Company") announced today that its
Philippine operating affiliate, TVI Resource Development (Phils.), Inc.
("TVIRD"), has completed its seventh shipment of copper concentrates
produced at the Canatuan Mine on September 30, 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 gross revenues of US$6.8 million from MRI for
roughly 5,217 dry metric tonnes ("dmt") of copper concentrates.
This shipment occurred four weeks after the previous shipment,
reflecting consistent operating throughput and concentrate production
achieved by the mine in September.
It is anticipated that future
shipments of approximately 5,000 dmt each will occur 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 36,600 dmt of copper concentrate.
Of that production,
34,921 dmt has been sold through the offtake agreement with MRI.
Funds
generated from the sale of the copper concentrates are expected to be
allocated to budgeted capital and operations at Canatuan, exploration
and development projects at Canatuan, Balabag and Tamarok and debt
service.
Operations at the Canatuan mine on Mindanao Island in the southern
Philippines have, to date, been unaffected by the tropical storms in the
region.
Please visit www.tvipacific.com
for regular storm updates.
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 Companys interest in the
Canatuan Mine and its other Philippine assets are held through its
affiliate, TVI Resource Development (Phils.) Inc.
Further Information: Investor Relations - 403-265-4356 or
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 TVIRDs 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 TVIRDs 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
Companys Annual Information Form for the year ended December 31, 2008,
which was filed on SEDAR on March 26, 2009, and is available under the
Companys 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.
2000, 736 - 6 Avenue S.W.
Calgary, Alberta T2P 3T7 Tel: (403)
265-4356 Fax: (403) 264-7028
Website: http://www.tvipacific.com E-mail: