TSX: TVI OTCQX: TVIPF
CALGARY, Feb. 21, 2013 /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 34th shipment of copper concentrate produced at the Canatuan mine, on February 13, 2013. This is the first of five copper concentrate shipments that the Company anticipates to make this year along with two zinc concentrate shipments.
- 5,089 dry metric tonnes (dmt) of concentrate were shipped containing 18.10% copper;
- Gross revenue of approx. US$11.6 million expected to be received for the shipment; and
- Inventory of 574 dmt of copper concentrate is currently in storage.
The 34th shipment of 5,089 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 February 13, 2013. TVIRD expects to earn gross revenue of approximately US$11.6 million from MRI for this shipment (pending final assay and price adjustments). Remaining in inventory is approximately 574 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 Canadian resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia. The Company produces copper and zinc concentrates from its Canatuan mine and is advancing its Balabag Gold-Silver project towards production in 2014. TVI is a partner/operator in several joint venture projects in the Philippines and Papua New Guinea and 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.