TVI Pacific Inc. Completes 31st Shipment of Copper Concentrate
TSX: TVI OTCQX: TVIPF
CALGARY, Oct. 2, 2012 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (TVI or the Company) announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed its 31st shipment of copper concentrate produced at the Canatuan mine, on September 29, 2012.
- 5,026 dry metric tonnes (dmt) of concentrate was shipped containing 18.25% copper;
- Gross revenue of approximately US$10.5 million is expected to be received for the shipment; and
- Inventory of 1,168 dmt of copper concentrate is currently in storage.
The 31st shipment of 5,026 dmt of copper concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG (MRI) on September 29, 2012. TVIRD expects to earn gross revenue of approximately US$10.5 million from MRI for this shipment (pending final assay and price adjustments). Remaining in inventory is approximately 1,168 dmt of copper concentrate.
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 18 and 25 percent. TVIRD anticipates that future shipments of copper concentrate will continue approximately every six to eight weeks.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company that is focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is pre-developing its Balabag gold and silver project, and is carrying out exploration programs on its other North Zamboanga tenements. TVI also has an interest in an offshore Philippine oil property.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
SOURCE TVI Pacific Inc.