TSX-V: TVI OTC Pink: TVIPF
CALGARY, AB, Dec. 4, 2020 /CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the
Company") is pleased to provide a construction update with
respect to the Balabag gold and silver project
("Balabag"). Balabag is owned 100% by TVI Resource
Development Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a
30.66% interest, and is located in Zamboanga del Sur,
Philippines.
TVIRD Project Update:
Balabag Gold-Silver Project:
Development works have continued through the COVID-19 pandemic
at Balabag since TVI announced on November
22, 2019 that TVIRD had determined to advance the project
towards commercial production. The project is situated
approximately 75 kilometers (47 miles) east-northeast of TVIRD's
Canatuan mine.
Significant achievements include:
- Ongoing construction of the Processing Plant including:
-
- Completion of the crushing area;
- Ongoing electrical and rotation testing of semi-autogenous and
ball mill motors and relining of ball mills. Preparation works for
hydrotesting of the primary and secondary cyclones;
- Completion of the flotation area, including hydrotesting and
rotor testing;
- Installation of underflow pumps and piping in the leached
concentrate dewatering area and ongoing reconditioning works
related to the thickener mechanism and the flocculant mixing
assembly;
- Ongoing installation of the Merrill Crowe circuit and related
piping and instrumentation works;
- Ongoing hydrotesting and piping works of the Carbon In Leach
("CIL") area. Testing of five (5) out of seven (7) tanks and
the tails thickener has already been completed.
- Completion of installation of spillage pumps and piping in the
detoxification area;
- Ongoing structural works in the acid wash and elution column
area including installation of the working platform for the elution
heater, carbon kiln and primary & secondary heat
exchangers.
- Completion of the power supply with testing and commissioning
proceeding throughout the Mill Plant;
- Continued stripping and removal of waste materials and the
placement, spreading and compaction of numerous layers for the
Tailings Storage Facility ("TSF"), affected in part by above
average rainfall;
- Continued mine development and pre-production stripping;
- Completion of permanent camp facilities, including the junior
staff house, ladies' dormitory, managers' quarters and canteen, and
ongoing construction works related to the administration building,
warehouse, met lab and assay laboratory. Works also include
construction of the reagent storage facility and the gold room
where reinforced concrete walls and roof installation is
continuing.
Current Balabag project development photos can be found on the
Company website at TVIPacific.com.
"Pre-commissioning of the facilities has commenced and is
ongoing and includes hydrotesting and motor testing of various
process areas. We are pleased to have reached this stage with
the continuing commitment of our team and remain focused also on
completion of the TSF where above average rainfall has partly
affected development works. We nonetheless remain confident
that Balabag will bring added value to both TVIRD and TVI
Pacific.", said Mr. Cliff James,
Chairman and CEO of TVI and Chairman of TVIRD.
Agata Projects Update:
TVIRD holds a 60% interest in and is operator of the Agata
direct shipping Nickel/Iron project, Agata Mining Ventures Inc.
("AMVI"), which commenced operations in October 2014 and includes also Mindoro Resources
Ltd. (15%) and Minimax Mineral Exploration Corporation
(25%). The Agata site is situated in a 4,995 hectare Mineral
Processing Sharing Agreement ("MPSA") area located in the
adjacent municipalities of Tubay, Jabonga and Santiago in Agusan del Norte province,
Philippines. The project mine site is located 3.5 km from
AMVI's private port, which is strategically located within
proximity to main markets in Asia
and bears the opportunity for shipping all year round.
Agata has continued to ship nickel laterite uninterrupted
through the COVID-19 pandemic. Within the current year, and
as at October 31, 2020, AMVI has
shipped a total of 2.6 million wet metric tonnes ("wmt") of
nickel laterite through 47 shipments for a total project-to-date of
15.96 million wmt through 293 shipments.
As reported earlier, the Agata limestone project is also held by
AMVI and is located in the same MPSA area as the Agata Nickel/Iron
project. As at the current date, AMVI is continuing to
evaluate the feasibility of commencing a limestone direct shipping
ore ("DSO") operation or producing hydrated lime and a
higher value ground calcium carbonate product marketable to the
paper and plastics industries in Asia and in February
2020 the application for the Environmental Compliance
Certificate ("ECC") commenced. Receipt of the ECC is
expected in the first quarter of 2021. Endorsements from the
required Local Government Units ("LGU") have been received
for the project and the balance of the permitting process is
continuing and is expected to be completed in 10 to 12 months from
the current date.
Qualified Persons
The Qualified Person responsible for the scientific and
technical content of this press release is Mr. Michael James Bue, Bsc. Eng, M.Eng, P.Eng.
Mr. Bue has acted as the Qualified Person in compliance with
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") reporting requirements by virtue of
his membership in the Professional Engineers of Ontario and Canadian Institute of Mining and
Metallurgy and has confirmed compliance of this press release with
NI 43-101 requirements.
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66%
interest, is a diversified mining company that focuses on the
acquisition, exploration, development and production of resource
projects in the Philippines. It operates under the highest
standards of health and safety practices for its workers and its
host community; and is uncompromising in its best-practices
approach to environmental protection as well as community
development. TVIRD has a pool of highly competent managers,
technical personnel and skilled workers with previous experience in
gold-silver operation and owns 100% of the Balabag gold/silver
project in addition to 60% interest in AMVI, a nickel laterite DSO
operation that commenced in October
2014 and in which TVIRD is operator. AMVI has shipped
a total of 15.96 million wet metric tonnes of nickel laterite ore
through 293 shipments through to October 31,
2020.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the
acquisition of resource projects in the Asia Pacific region. TVI currently holds
a 30.66% equity interest in TVIRD and a 2.95% equity interest in
Integrated Green Energy Solutions Ltd., a publicly listed company
incorporated in Australia with
shares listed on the ASX. Integrated Green Energy Solutions
Ltd. is engaged in the commercialization of technologies to convert
waste plastics to fuel in Australia and internationally. TVI's
other holdings include a 14.4% equity interest in Mindoro Resources
Ltd. and a 100% investment in shares of TG World. As at the
date of this announcement, TVI has 656,537,039 outstanding common
shares and 696,887,039 fully diluted including the currently issued
outstanding options of 40,350,000.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
Certain information set out in this News Release constitutes
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",
"scheduled", "to be", "will be" and similar expressions.
Forward-looking statements in this News Release are based upon the
opinions and expectations of management of the Company as at the
effective date of such statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, 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 by
such forward-looking statements.
Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date
of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions and that information received from 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 and
should not be read as guarantees of future performance or
results. These factors include, but are not
limited to, such things as: (i) general economic conditions in
Canada, the Philippines and elsewhere; (ii) volatility
of prices for precious metals, base metals, and other commodities;
(iii) commodity supply and demand; (iv) fluctuations in currency
and interest rates; (v) inherent risks associated with the
exploration and development of mining properties, including but not
limited to geological characteristics, metallurgical
characteristics of the mineralization, the availability of
equipment and facilities necessary to complete development and the
ability to develop adequate processing capacity; (vi) the cost of
consumables and mining and processing equipment; (vii) unforeseen
technological and engineering problems; (viii) ultimate
recoverability of reserves; (ix) production, timing, results and
costs of exploration and development activities; * political
factors, political stability or civil unrest, including but not
limited to acts of sabotage or terrorism; (xi) availability of
financial resources or third-party financing; (xii) changes in laws
or regulations (domestic or foreign); (xiii) changes in
administrative practices; (xiv) changes in exploration plans or
budgets; (xv) the availability of skilled labour; (xvi) the failure
of parties to contracts with the Company to perform as agreed,
including its joint venture partners; (xvii) the impact of
the COVID-19 pandemic; and (xviii) extreme weather conditions and
forces of nature (i.e. typhoons, heavy rains, earthquakes, and the
like) that may disrupt operations and explorations.
Forward-looking statements regarding TVIRD's development
works at Balabag are based upon, but are not limited to, TVIRD's
past construction and project development experience in the region
and in such terrain, current and previous exploration activities,
discussions with third parties, the availability of financing and
TVIRD's overall plans, budget and strategy for Balabag (which are
all subject to change). The forward-looking statements
include information relating to opportunities for further
exploration and development of the Agata Nickel/Iron project and
Agata Limestone project.
The Company does not have control over TVIRD nor does it have
any involvement in the management or decisions of TVIRD or control
over financial reporting and internal controls of TVIRD. The
Company relies on the internal controls and financial reporting
controls of TVIRD and their failure to maintain effectiveness or
comply with applicable standards may adversely affect
TVI.
Accordingly, readers should not place undue reliance upon
the forward-looking statements contained in this material change
report and such forward-looking statements should not be
interpreted or regarded as guarantees of future
outcomes.
Various risks to which the Company is exposed in the conduct
of its business (including mining activities) are described in
detail in the Company's Annual Information Form for the year ended
December 31, 2019, which was filed on
SEDAR on July 2, 2020 and is
available under the Company's profile at
www.SEDAR.com.
The forward-looking statements contained in this News Release
are made as of the date hereof and the Company does not undertake
any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable
securities laws in force in Canada. The forward-looking
statements contained herein are expressly qualified by this
cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE TVI Pacific Inc.