TSXV: TVI OTC Pink: TVIPF
CALGARY, June 11, 2018 /CNW/ - TVI Pacific Inc. (TSXV:
TVI) (OTC Pink: TVIPF) ("TVI" or "the Company")
is pleased to provide the following update with respect to the
status of projects at TVI Resource Development Phils., Inc.
("TVIRD"), the Philippine affiliate of TVI, in which TVI holds a
30.66% interest.
TVIRD Project Highlights
- 9.4 million wet metric tonnes of nickel laterite DSO shipped
through 173 shipments since commencement of nickel laterite DSO
operations by Agata Mining Ventures Inc. ("AMVI") in October 2014, including:
-
- 1.1 million wet metric tonnes of nickel laterite DSO shipped in
20 shipments during the first five months of 2018.
- Receipt in May 2018 of the
Special Tree- Cutting and Earth Balling Permit for the Balabag
project.
- 7 holes (approximately 675 meters) of a 11-hole (approximately
11,000 meters) drilling program have been completed in San Vicente,
one of four potential limestone project sites within the Agata
tenement.
- Aggregate deposit that will meet the requirements of the
construction industry confirmed at Agata through a 6-hole drilling
program in December 2017.
Potential PSE Listing
While TVIRD continues to monitor opportunity to list on the
Philippine Stock Exchange ("PSE") and a proposed initial public
offering ("IPO"), all related activities continue to be on hold due
to the uncertain environment in which the Philippine mining
industry continues to operate since a nationwide audit of metallic
mines was ordered by the Department of Environment and Natural
Resources ("DENR") in June 2016. It
is currently anticipated that such listing activities will resume
once the DENR's position on various mining policies is further
clarified.
TVIRD Areas of Growth
TVIRD nonetheless continues to be focused on maximizing its
valuation for a listing on the PSE, which would also maximize its
investment value for TVI, including the issuance of additional
regular dividends, by focusing on the following areas of
growth:
- Optimizing operations and thereby maximizing profits at the
Agata Nickel Laterite Direct Shipping Ore ("DSO") Project;
- Advancing the Balabag Gold-Silver Project towards
production;
- Advancing the Agata Limestone Projects towards production
and;
- Advancing the Agata Aggregate Projects towards production.
Agata DSO Project
Since commencement of nickel laterite DSO operations by AMVI in
October 2014, a total of 9.4 million
wet metric tonnes have been shipped through 173 shipments as of
May 31, 2018, of which 1.1 million
wet metric tonnes of nickel laterite DSO were shipped through 20
shipments during the first five months of 2018. AMVI is a joint
venture company between TVIRD (60%), Mindoro Resources Ltd.
("Mindoro") (15%) and Minimax (25%), in which TVIRD is
operator.
AMVI continues to be one of 11 successful mining companies
allowed to continue its activities while a further 20 mining
companies face closure and another 10 have been suspended as a
result of a nationwide audit of 41 metallic mines in September
2016.
AMVI has engaged the services of a third party Qualified Person
to review the remaining resource and reserve of the
project. The review may result in an increase or decrease of
the remaining mineable reserves and mine life of the
project. The review is expected to be completed through the
second half of 2018. However, the review would now include
additional resources found beyond the previous pit limits.
Balabag
The Balabag gold/silver project is owned 100% by TVIRD and has
received in October 2013 the
Environmental Compliance Certificate ("ECC") and in April 2016 the Declaration of Mining Project
Feasibility ("DMPF"). Further to learning in February 2017 that MPSA No.086-97-IX, in which
the Balabag project is located, is among 75 MPSAs that have been
recommended for cancellation, TVIRD continues to await a response
to its letter to the DENR of February
2017 in which it has emphasized its position that there
exists no grounds to validly cancel, terminate or suspend the MPSA
between the government and TVIRD as there is neither violation of
the terms of the MPSA nor of any law, rule or regulation that would
merit its cancellation, termination or suspension. Of note
also is that the Balabag project requires resolution of the
open-pit mining ban announced by the former DENR Secretary in
February 2017. TVIRD's position is
that mining at Balabag will not use an open pit approach but rather
a side cut approach, similar to what was done at Canatuan, which we
understand will be acceptable to the Philippine Government.
TVIRD is well into a two-phase exploration program for the
Balabag gold/silver project. The first phase includes the
re-mapping of tunnels that were abandoned by the illegal
small-scale miners and were previously inaccessible to
TVIRD. With the new information coming from these tunnels, it
is expected that an improved interpretation of the vein systems of
Lalab and Miswi veins will be established. The first phase is
expected to be completed by the end of June 2018. The second
phase, drilling of the Lalab and Miswi veins, will then commence by
July 2018 and is expected to be
completed within the second half of 2018. It is TVIRD's expectation
that resources at Balabag will be increased as a result of this
program.
TVIRD has received in May 2018 the
Special Tree-Cutting and Earth Balling Permit from the Forest
Management Bureau ("FMB") of the DENR, for which it is coordinating
with the FMB the mechanics related to implementation. This is the
last of the major permits required before development can commence
at Balabag, subject to resolution of DENR issues noted above.
Agata Limestone Projects
The Agata Limestone projects are held by AMVI (in which TVIRD
has a 60% interest) and are located within the same 4,995-hectare
MPSA as the Agata Nickel Laterite project. The limestone projects
include the most advanced – Payong Payong and 3 others – one
located to the south of the Agata N DSO project and two others to
the north – San Vicente and San Jose.
A drill program completed in April
2015 confirmed the presence of a high-purity recrystallized
limestone deposit at Payong Payong covering an approximate area of
600 meters by 650 meters. A report was subsequently prepared
by a third party Qualified Person, as well as a positive internal
feasibility study. AMVI continues to further evaluate the
feasibility of commencing a limestone DSO operation producing
products for the steel, power and agricultural industries,
producing hydrated lime and possibly a higher value ground calcium
carbonate ("GCC") product marketable to the paper and plastics
industries in Asia.
Further evaluation of the three other potential limestone sites
is currently underway. An exploration permit (EP 27) covering both
San Vicente and San Jose has been renewed thereby allowing drilling
in San Vicente to proceed with 11 holes (approximately 11,000
meters) that are expected to be completed by the end of June
2018. As of the date of this information update, 7 holes
(approximately 675 meters) have been drilled.
Agata Aggregate Projects
The Agata Aggregate project, also held by AMVI (in which TVIRD
has a 60% interest) and located in the same 4,995-hectare MPSA area
as the Agata Nickel Laterite project and limestone projects,
reflects a potential aggregate deposit suitable for many
construction applications, as confirmed by an initial 6-hole drill
program in December 2017 and
independent lab studies.
AMVI is currently studying the need to implement another
drilling program with the objective of establishing independently
confirmed resources/reserves for this deposit. This program is
expected to start by the second half of 2018, upon completion of
which an in-house feasibility study is then expected to
commence.
About TVI Resource Development Phils., Inc.
TVIRD, the Philippine affiliate of TVI Pacific Inc., 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 holds a 60% interest in AMVI, in which
TVIRD is operator, a nickel laterite DSO operation that commenced
in October 2014 and has to date
shipped a total of 9.4 million wet metric tonnes through 173
shipments. TVIRD also owns 100% of the Balabag gold/silver
project.
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 4.94% equity interest in
Integrated Green Energy Solutions Ltd, a publicly listed company
incorporated in Australia with
shares listed on the ASX, that is engaged in the commercialization
of technologies related to converting waste plastics to fuel in
Australia and
internationally. TVI's other holdings include a 14.4% equity
interest in Mindoro Resources Ltd.; a 10% interest in the Amazon
Bay Iron Sands project in Papua New
Guinea; and a 100% investment in shares of TG World. As
at the date of this information update, TVI has 655,537,049
outstanding common shares and 698,987,039 fully diluted including
the currently issued outstanding options of 43,450,000.
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 regarding expectations that TVIRD
will be able to find additional resources and reserves at either
Balabag or Agata are based upon current and previous exploration
activities, management's experience with other exploration programs
undertaken in the Philippines and
elsewhere, management's current and previous experience with mining
and processing activities at Balabag and Agata, and TVIRD's overall
plans, budget and strategy (which are all subject to change).
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.
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, 2017, which was filed on
SEDAR on April 19, 2018 and is
available under the Company's profile at
www.SEDAR.com.
Subject to applicable securities laws, the Company does not
undertake any obligation to publicly revise the forward-looking
statements included in this News Release to reflect subsequent
events or circumstances.
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.