TVI Pacific Inc. Provides an Update of its Agata High-Iron DSO Project
CALGARY, Oct. 18, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") and its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD") are pleased to provide an update of its Agata high iron direct shipping ore ("DSO") project located in Agusan del Norte, Mindanao, the Philippines.
Port Loading Facility and Infrastructure
Further to development plans and initial pre-development activities announced as being underway February 11th, 2013, 100% of land required for the road network has now been acquired in coordination with the local government unit while 90% of land required under the current design of the Port facility has been acquired. The planning and design of port construction as well as for roads and other infrastructure is proceeding.
Most roads and ramps constructed currently are temporary and predominantly confined to within the pit, where further refinements have also been made in the pit design to consider non-contiguous mining areas, zones less than 1.5 meters thick, and areas on slopes considered too steep to mine.
The Port design, consisting of a causeway, will allow for two barges to be moored and loaded simultaneously. The causeway will also serve as a temporary ramp for the delivery of equipment, construction and heavy lift materials. The current design is under review to decrease capital cost.
The Agata DSO Project is well into the permitting stage with the Environmental Protection and Enhancement Program and the Final Mine Rehabilitation and Decommissioning Plan under review by the Mine Rehabilitation Fund Committee. Final approval of the Declaration of Mining Project Feasibility is then expected to follow, which will allow the project to move into development. The Agata high iron DSO project already has an existing Environmental Compliance Certificate.
The region in which the Agata DSO Project is situated, in north-eastern Mindanao, hosts approximately fifteen DSO operations at present that cumulatively exported 17.3 million wmt and 19.2 million wmt in 2011 and 2012, respectively. TVI is currently in discussion with off-takers who have expressed interest in the Agata DSO product.
TVI and Mindoro Joint Ventures
The Agata DSO project is one of four joint venture agreements signed with Mindoro Resources (TSXv:MIO) and previously announced on October 1, 2012. The joint ventures, relating to the Agata and Pan de Azucar mining projects located in the Philippines, present TVI with multiple growth opportunities for near-term and medium-term cash flow. Under the agreements the Company's Philippine affiliate, TVI Resource Developments (Phils.) Inc. ("TVIRD") has the ability to earn up to a 60% interest and is operator of the projects.
In addition to the DSO project, mining opportunities at Agata include:
- near-term limestone DSO;
- medium-term lime production facility;
- medium-term nickel-processing plant.
The National Instrument 43-101 Compliant Mineral Resource estimate for the Agata Nickel Project, released on April 10, 2013 and available on www.sedar.com and www.tvipacific.com, shows the Agata DSO project to have reported Proven and Probable Reserves of 9.70 million wmt grading of 48% Fe with 0.9% Ni.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company indirectly engaged in the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia. The Company's affiliate, TVI Resource Development (Phils.) Inc., produces copper and zinc concentrates from its Canatuan mine and is advancing its Balabag Gold-Silver project. 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.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although TVI believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties; ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of personnel and equipment (including mechanical problems). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The forward-looking statements of TVI contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI and their affiliates are exposed in the conduct of their business are described in detail in TVI's Annual Information Form for the year ended December 31, 2012, which was filed on SEDAR on March 19, 2013 and is available at www.SEDAR.com. Subject to applicable securities laws, TVI does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
SOURCE TVI Pacific Inc.