TSX-V: TVI OTC Pink: TVIPF
CALGARY, AB, Dec. 29, 2020 /CNW/ - TVI Pacific Inc. (TSX-V:
TVI) (OTC Pink: TVIPF) ("TVI" or "the Company")
is pleased to provide an update with respect to operational testing
at 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.
- Plant commissioning along with construction of mine
facilities is well underway;
- Delivery of the elution heater/heat exchanger, requisite
equipment for the gold room, and the completion of Stage 1 of the
Tailings Storage Facility remain as the critical paths to bringing
the Balabag Mine online with first doré production.
Balabag Gold-Silver Project:
Commissioning of the front-end circuits of the process plant is
continuing and has included low grade ore being fed through the
crushing area for the purpose of debugging the Mill. Testing
of the crushing area, the grinding and flotation circuits, the
power plant and water supply are complete. Finishing details
of construction and commissioning of the concentrate leach circuit,
the Carbon In Leach ("CIL") area and the detox plant
facility are ongoing.
Further recently completed works include construction of the
administration building and warehouse, while works are continuing
on the reagents storage facility and laboratory. Electrical
and piping works are continuing in the gold room where equipment is
also now being installed, including the furnace and electrowinning
equipment.
Other ongoing works include piping works in the Merrill Crowe
circuit and completion of the last permanent camp facilities;
namely, the superintendent building.
Critical remaining works include installation of the elution
heater/heat exchanger in the gold room upon arrival to site and
completion of the Tailings Storage Facility ("TSF") where
stripping and removal of waste materials and the placement,
spreading and compaction of numerous layers is continuing. As
reported previously, progress at the TSF has been affected in part
by above average rainfall.
Current Balabag project development photos can be found on
the Company website at TVIPacific.com.
"We commend the team in having reached the commissioning stage
of the plant and facilities. The success that has been realized
thus far through that process represents a major achievement in the
development of Balabag when considering also the additional
challenges placed upon the site team including the supply chain
logistics of equipment and supplies as a result of the COVID-19
pandemic. Our focus is now turning fully to completion of the
TSF as a critical path item.", said Mr. Cliff James, Chairman and CEO of TVI and
Chairman of TVIRD.
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 direct shipping
Nickel/Iron operation that commenced in October 2014 and in which TVIRD is
operator. AMVI has shipped a total of 16.24 million wet
metric tonnes of nickel laterite ore through 298 shipments through
to December 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 (but currently suspended since January
2020). 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.