TSX-V: TVI OTC Pink: TVIPF
CALGARY, AB, July 26, 2021 /CNW/ - TVI Pacific Inc.
(TSXV: 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.
Highlights:
- Stabilization of the mill operation and optimization of the
plant parameters to improve performance is currently
underway;
- Mineralized material continues to be fed from the low grade
run of mine mineralized stockpile on a test basis in preparation
for the commencement of continuous milling operations;
- Plant commissioning works have included the first discharge
of tails to Stage 1 of the tailings storage facility.
Balabag Gold-Silver Project:
Mineralized material continues to be fed from the low grade run
of mine ("ROM") mineralized stockpile on a test basis in
preparation for the commencement of continuous milling
operations. An approximate 92,800 tonnes of mineralized
material is now on the ROM mineralized stockpile, in-pit stockpile,
and crushed mineralized stockpile, much of which is low to marginal
grade and was mined to expose the higher-grade mineralized resource
during waste stripping and bench forming. The stockpiles have
an average grade of 1.37 g/t gold and 47.82 g/t silver for an
approximate 1.94 g/t gold equivalent at metal prices of
US$1,700/oz for gold and US
$20/oz for silver.
Plant commissioning works have included the first discharge of
tails to Stage 1 of the tailings storage facility ("TSF")
with tailings lines 1 and 2 now operational following a realignment
of pipes and hydrotesting. The Merrill-Crowe circuit has been
fully commissioned using the barren stripping solution as feed
while improvements in the gold room and elution system continue to
be completed together with adjustments in the reagents and tails
detoxification area and the carbon in leach ("CIL") area,
including servicing of the carbon transfer pump in preparation for
full operation. The loading of carbon in the CIL circuit is
ongoing. The installation and hydrotesting of the remaining
fuel tanks 3 and 4 in the tank farm is proceeding.
The current focus is to continue stabilization of the mill
operation to its planned daily throughput rate and optimization of
the plant parameters to improve performance in addition to final
completion of Stage 1 of the TSF. The earth-filled TSF
continues to be the critical path to bringing the Balabag Mine
online commercially with first doré production. The TSF is
being constructed in stages to accommodate tailings deposition from
mill plant processing.
Current Balabag project development photos can be found on
the Company website at TVIPacific.com.
"We are rapidly approaching our target for first doré production
at Balabag that will mark yet another key milestone for both TVIRD
and TVI Pacific. We are proud of our team who has continued
to perform through the additional challenges created by the
COVID-19 pandemic and heavy rains. The current focus to
further optimize the plant parameters is expected to allow us to
ramp-up quickly once continuous milling operations commence.", 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. 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 17.44 million wet
metric tonnes of nickel laterite ore through 320 shipments through
to June 30, 2021.
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 and subject to an order
for winding up). TVI's other holdings include a 14.4% equity
interest in Mindoro Resources Ltd. and a 100% investment in shares
of TG World Energy Corp. As at the date of this announcement, TVI
has 656,987,039 outstanding common shares and 696,887,039 fully
diluted including the currently issued outstanding options of
39,900,000.
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 information respecting ongoing development works
at Balabag and preparations for the commencement of continuous
milling operations, is based upon various factors and assumptions
including completion of Stage 1 of the tailings storage facility,
TVIRD's current business plan (which is subject to change), TVIRD's
2021 capital budget (which is subject to change), the availability
of human resources and equipment to undertake ongoing development
works and the absence of any unforeseen issues arising from such
public health crises as the COVID-19 pandemic that may require the
quarantine of workers and/or their inability to travel to or from
Balabag or result in the closure of transportation routes and
delays in delivery of required materials and supplies.
Forward-looking information respecting the TSF at Balabag, is
based upon various factors and assumptions including accuracy of
design and construction, the availability of skilled labour and
equipment to undertake required construction, the absence of
extreme weather conditions and forces of nature that may make work
areas inaccessible during the time of development, soil conditions
and slope stability.
Forward-looking information respecting commencement of tailings
deposition and commissioning and operation of the processing plant
at Balabag, is based upon various factors and assumptions including
completion of Stage 1 of the TSF, TVIRD's current business plan
(which is subject to change), TVIRD's 2021 capital budget (which is
subject to change), the availability of human resources and
equipment to undertake ongoing development works, the proper
functioning of all equipment and infrastructure that has been
installed and constructed, and the absence of any unforeseen issues
arising from such public health crises as the COVID-19 pandemic
that may require the quarantine of workers and/or their inability
to travel to or from Balabag or result in the closure of
transportation routes and delays in delivery of required materials
and supplies, and the like.
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, 2020, which was filed on
SEDAR on April 28, 2021 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.