TVI Pacific Inc. Completes 32ND Shipment of Copper Concentrate
TSX: TVI OTCQX: TVIPF
CALGARY, Nov. 8, 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 32nd shipment of copper concentrate produced at the Canatuan mine, on November 4, 2012.
- 5,083 dry metric tonnes (dmt) of concentrate was shipped containing 18.13% copper;
- Gross revenue of approximately US$11.5 million is expected to be received for the shipment; and
- Inventory of 621 dmt of copper concentrate is currently in storage.
The 32ND shipment of 5,083 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 November 4, 2012. TVIRD expects to earn gross revenue of approximately US$11.5 million from MRI for this shipment (pending final assay and price adjustments). Remaining in inventory is approximately 621 dmt of copper concentrate.
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 17 and 20 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 and is pre-developing its Balabag gold and silver project. 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.