TSX: TVI OTCQX: TVIPF
CALGARY, Feb. 5, 2014 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") announced today that its Philippine operating affiliate, TVI Resource Development Philippines, Inc. ("TVIRD"), completed its 39th shipment of copper concentrate produced at the Canatuan mine, on January 26, 2014.
- 4,118 dry metric tonnes (dmt) of concentrate were shipped containing 17.16% copper;
- Gross revenue of approximately US $7.6 million expected to be received by TVIRD for the shipment.
The 39th shipment of 4,118 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 January 26, 2014. TVIRD expects to receive gross revenue of approximately US $7.6 million from MRI for this shipment (pending final assay and price adjustments). This is the last copper concentrate shipment from the current mining operations as ore reserves from the open pit have been exhausted.
Condemnation drilling and exploration work in areas within the tenement has commenced and is continuing, and may potentially extend mine life. The implementation of the mine decommissioning plan as stated in Management's Discussion and Analysis for the nine months ended September 30, 2013, and as filed on SEDAR on November 12, 2013 will proceed only upon completion of these works.
About TVI Pacific Inc.
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. TVI's affiliate, TVIRD, has to date produced copper and zinc concentrates from its Canatuan mine and is advancing its Balabag Gold-Silver project and its Agata Nickel direct shipping ore ("DSO") operation. TVI is a direct or indirect participant/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.