TSX: TVI OTCQX: TVIPF
CALGARY, Jan. 21, 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 seventh shipment of zinc concentrate produced at the Canatuan mine on January 7, 2014.
- 5,069 dry metric tonnes (dmt) of zinc concentrate was shipped containing 42.25% zinc;
- Gross revenue of US$3.3 million is expected to be received for the shipment.
The Company's seventh shipment of 5,069 dmt of zinc 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 7, 2014. TVIRD expects to receive gross revenue of approximately US$3.3 million from MRI for this shipment (pending final assay and price adjustments). This is the last zinc concentrate shipment from the current mining operations as ore reserves from the open pit have been exhausted. It is expected that at least one more shipment of copper concentrate will be scheduled.
Before 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, TVIRD will do further condemnation drilling and exploration work in areas within the tenement that can potentially extend mine life.
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.