TVI Pacific Inc.'s Philippine Affiliate Provides Update on Net Smelter Return Proceeds from Rapu Rapu Group
TSX: TVI OTCQX: TVIPF
CALGARY, Feb. 8, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) TVI Pacific Inc. (TVI or the Company) and TVI Resource Development (Phils.), Inc. (TVIRD) are pleased to provide an update on net smelter return ("NSR") proceeds from Korea Malaysia Philippines (KMP) Resources, Inc., [formerly "Lafayette (Philippines), Inc."], Rapu Rapu Minerals, Inc. and Rapu Rapu Processing, Inc. ("Rapu Rapu Group").
TVIRD has received net US$858,592 representing the second installment of
the settlement agreement for the period 2005 through to Q3 2012 on
January 31, 2013
Rapu Rapu Group has agreed to remit net US$770,172 representing payment
for Q4 2012 in April 2013
Total proceeds paid and future payments expected will total gross
US$4,807,435 for the periods 2005 through to Q4 2012
- Settlement agreement provides for an undertaking for both parties to negotiate a lump sum settlement for all future NSR proceeds, which would be over and above the total gross proceeds of US$4,807,435
TVIRD received net US$858,592 from Rapu Rapu Group representing the second installment of four to be received as part of the settlement agreement between TVIRD and Rapu Rapu Group on January 31, 2013. Rapu Rapu Group has also agreed to pay net US$770,172 for NSR covering Q4, 2012. Payments received to date and expected in the future are, as follows:
|Rapu Rapu Payment ($US)|
|Dec.31.2012||2005 through Q3 2012||$ 625,000||$ 500,000|
|Jan.31.2013||2005 through Q3 2012||1,073,240||858,592|
|Feb.28.2013||2005 through Q3 2012||1,073,240||858,592|
|Mar.31.2013||2005 through Q3 2012||1,073,240||858,592|
|to be negotiated||Future Lump Sum NSR||to be further negotiated||to be further negotiated|
Total NSR Proceeds Agreed to Date
The settlement agreed to with the Rapu Rapu Group provides opportunity to negotiate a lump sum settlement for all future NSR proceeds that will result from future operations which, if agreed to by TVI, would be in addition to the total US$4,807,435 gross NSR proceeds recognized as due to TVI by Rapu Rapu for the period ending December 31, 2012.
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 and Southeast Asia. TVI produces copper and zinc concentrates from its Canatuan mine. TVI also is a partner in several joint venture projects in the Philippines and Papua New Guinea and 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.