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TVI Pacific 2011 Year End Results and Operational Performance
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Alert
TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") today released audited, consolidated financial and operational results for the year ended December 31, 2011. This press release should be read in conjunction with the audited consolidated financial statements that have been prepared in accordance with International Financial Reporting Standards ("IFRS") and management's discussion and analysis for the years ended December 31, 2011 and 2010, and filed with certain securities regulators in Canada on March 20, 2012, and also available on our web site (www.tvipacific.com) and SEDAR (www.sedar.com).
2011 Year-End Highlights
-- $83.0 million in net revenue was realized from the sale of concentrates;
-- $4.6 million in net income (before tax);
-- Cash balance at year-end was $23.7 million;
-- Short term debt and lines of credit of $16.2million (average interest
rate of 1.96%); and
-- A working capital surplus of $17.1 million
During the year ended December 31, 2011, the Canatuan mine generated revenues of $83.0 million from the sale of concentrates, net of treatment, refining and penalties and consists of seven completed shipments of copper concentrate, as compared to the $76.5 million during 2010, representing nine completed shipments. However, the treatment, refining and other charges deducted from gross revenue increased to 11.6% of the gross revenue for the year, from 4.7% in the prior year, based on the revised treatment and refining rates and freight charges as negotiated and agreed with the metal off-take partner, taking into consideration the quality of the concentrates and the change in the destination of the copper concentrate shipments.
Mining, milling and other expenses for the year ended December 31, 2011, were $48.8 million. These expenses were higher compared to the $27.8 million incurred in 2010. This was mainly due to the consumption of additional and more expensive chemicals to process the complex ore body, to continue to produce saleable copper concentrate.
Cash Position
At December 31, 2011, the Company held $23.7 million in cash that it can reinvest into further growth in the Company compared to $8.9 million at the end of 2010. The Company also held $16.2 million in various short term debt, lines of credit and term loan, at an average interest rate of 1.96%.
Operational Snapshot Quarter-Over-Quarter and Year to Date 2011
Quarter ended Fiscal
-------------------------------------------- year
-------------------------------------------- ended
March 31, June 30, Sept. 30, Dec. 31, Dec. 31,
2011 2011 2011 2011 2011
-------------------------------------------------------
-------------------------------------------------------
Copper pound
equivalent ("Cu lb
eq") produced 4,448,021 6,270,759 7,521,596 8,196,181 26,436,557
Copper produced
(lbs) 3,330,593 4,397,136 4,497,398 4,454,607 16,679,734
Gold produced (oz) 1,035 1,378 1,886 2,949 7,248
Silver produced
(oz) 101,380 90,653 139,820 154,173 486,026
Zinc produced (lbs) - 1,552,986 2,486,913 4,807,455 8,847,354
Production cash cost
per Cu lb eq
(US$)(1) 2.01 1.65 1.33 1.30 1.51
Average copper price
received (US$/lb) 4.38 4.19 3.90 3.39 3.90
Average zinc price
received (US$/lb) - - 1.03 0.89 0.92
1. Excludes selling expenses and amortization expenses. See MD&A for
definition of this non-IFRS measure.
2011 Operations Summary
The average daily throughput for the year ended December 31, 2011, was 2,389 dry metric tonnes per day. TVI is currently targeting an average daily throughput of 2,600 dry metric tonnes per day, which results in a remaining life of mine of approximately 1.6 years.
During 2011, mill throughput averaged 2,389 dry metric tonnes per day totaling 872,146 tonnes. However, as can be seen from the reserves table above, only a portion of original ore reserves was consumed due to the additional material found and mined during the year. This material, primarily mineralized schist, was used as a blending material to optimize mill recoveries and was located both inside and outside the pit shell and not included in the original ore reserves. Detailed metallurgical and ore reserve studies are currently underway to determine future processing scenarios and their potential impacts on the ore reserves and mine life.
The following table details key operating statistics for the Canatuan Sulphide Mine for the year ended December 31, 2011.
Fiscal
Quarter ended year
------------------------------------ ended
March 31, June 30,Sept. 30, Dec. 31, Dec. 31,
2011 2011 2011 2011 2011
---------------------------------------------
Total tonnes processed 167,780 222,987 233,201 248,178 872,146
Average tonnes processed per
day 1,864 2,450 2,535 2,698 2,389
Ore copper grade (%) 1.15 1.24 1.21 1.14 1.18
Copper recovery (%) 78.18 72.28 72.31 71.71 73.23
Copper concentrate produced
(dry weight - t) 7,830 8,703 8,595 8,927 34,055
Average daily concentrates
produced (dry weight - t) 87 96 93 97 93
Concentrate copper grade (%) 19.29 22.92 23.74 22.63 22.22
Concentrate gold grade (g/t) 4.11 4.92 6.83 8.95 6.27
Concentrate silver grade (g/t) 402.71 323.99 466.85 463.92 414.83
Zinc recovery (%) - 23.83 39.51 52.28 40.20
Zinc concentrate produced (dry
weight - t) - 1,459 2,183 4,282 7,924
Concentrate zinc grade (%) - 48.28 51.68 50.93 50.65
Off-take:
-------------------------------
Copper concentrate shipped
(dry weight - t) 4,997 10,289 11,351 9,162 35,799
Zinc concentrates shipped
(dry weight - t) - - 1,395 5,344 6,739
2012 Outlook
Balabag
The plan is to deep drill at 3 sites within the planned starter pit area to investigate the deeper, underground resource potential of the area. This will also serve as 'in-fill' production drilling for the defined starter pit limit. Step-out drilling is also planned during the year.
Surface geology exploration at Balabag, west of the current Balabag Hill, will also commence during the year. This is part of the overall goal to explore the full potential of the entire MPSA area.
Pre-development activities remain ongoing and include:
-- ground preparation;
-- environmental impact assessment;
-- securing of resolutions of support from the host communities; and
-- in-house plant design has been submitted for peer review to an external
consultant.
Preparation of an independent NI 43-101 technical report and Feasibility study is underway. A date when the reports will be published is uncertain at this time.
Greater Canatuan Tenement Area (GCTA)
The airborne geophysical survey done in 2011 utilizing the modern VTEM (Versatile Time Domain Electro-Magnetics) has identified potential exploration targets within the GCTA. Ground survey verification and a more detailed geologic surface mapping are currently underway to define potential drilling targets specially at the neighboring tenement that is within trucking distance to the current Canatuan mine/processing plant. Any mineable ore located in this area could be economically transported to the existing Canatuan plant for processing.
Malusok and SE Malusok (APSA-0023-IX)
In January 2012, TVI completed the Free Prior Informed Consent process (FPIC) for a new Mineral Production Sharing Agreement (MPSA) covering the Malusok and SE Malusok prospects. Approval was granted by the National Commission on Indigenous Peoples and all documents were forwarded to the Mines and Geosciences Bureau for review and granting of the MPSA permit.
TVI previously identified potential mineralization on this property during an early-stage exploration program which included drilling. Once the approved MPSA permit has been issued, TVI will be authorized to carry out an advanced exploration program on the property area. The goal of the program will be to target additional resources, which, if confirmed, could serve as a new ore source to the Canatuan mine.
The approval process was halted by the moratorium on new permit applications imposed by the Secretary of the Department of the Environment and Natural Resources in 2011 and may be further slowed by the Department's backlog of applications once the President of the Philippines provides the authority to the Secretary to renew the permit granting process. Timing as to the issuance of the permit is therefore uncertain at this time.
Exploration Permit Application 61 (EXPA 61)
In January 2010, the Company established a partnership and strategic alliance with DMCI-CERI, a subsidiary of DACON Corporation. In February 2010, the partners signed a joint venture agreement to conduct exploration, development and production of mineral deposits in Exploration Permit Application (EXPA) 61 located within the GCTA.
The Exploration Permit application for EXPA 61 has been submitted to the government to authorize exploration and drilling on the anomalies and prospects identified to date. However, the application process was halted by the moratorium on new permit applications imposed by the Secretary of the Department of the Environment and Natural Resources in 2011 and may be further slowed by the Department's backlog of applications once the President of the Philippines provides the authority to the Secretary to renew the permit granting process.
Tamarok Copper and Gold Prospect
In December 2009, TVI commenced exploration activities at Tamarok that included geophysical surveys and geological investigations. On April 11, 2011, TVI initiated a drill program to test an outcropping zone of porphyry copper-gold mineralization. Results from the initial four holes revealed faulting and dismemberment of the mineralization and it was decided to temporarily suspend further drilling until additional surveys could be undertaken to better define the structural setting.
Since that time, two new zones of porphyry style mineralization have been discovered in an outcrop and have been subjected to systematic soil geochemical sampling, geological mapping and magnetic surveying studies. Additional exploration activities for 2012 are currently being evaluated in view of the Zamboanga del Norte Ordinance.
Other Non-Core Opportunities
TVI is constantly evaluating non-core opportunities for additional revenue. These include possible joint ventures, equipment and facility optimization options, and cost saving initiatives that can be monetized.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is pre-developing its Balabag gold and silver project, and is carrying out exploration programs on its other North Zamboanga tenements. TVI also has an interest in an offshore Philippine oil property.
Connect with us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Press Release constitute 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", "schedule" and similar expressions. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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. These factors include, but are not limited to, such things as general economic conditions in Canada, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration and development of oil and gas properties; ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of personnel and equipment (including mechanical problems). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this MD&A and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements regarding the completion date of construction on the sulphide tailings dam are based on construction activities completed to date and advice received from third parties. Forward-looking statements regarding forward production costs and shipping and refining costs are based on current and previous mineral reserve and resource estimates, current mining and processing activities, prior experiences of management with mining and processing activities, the current development and operating plan, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the remaining mine life and resources/reserves of the Canatuan deposit are based on current and previous mineral reserve and resource estimates, current mining and processing activities, prior experiences of management with mining and processing activities, the current development and operating plan, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements respecting the copper and zinc concentrate shipping volumes and the timing of future shipments are based on the Company's previous experience with concentrate shipments, current mining and processing activities, current and previous mineral reserve and resource estimates, discussions to date with the off-take partner, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the timing and nature of exploration and drilling activities in the Greater Canatuan Tenement Area (including EXPA 61, Malusok and SE Malusok), Tamarok and the Company's other tenements in the Philippines are based upon current and previous exploration activities, management's experience with other exploration programs undertaken in the Philippines and elsewhere, and the Company's overall plans, budget and strategy (which are all subject to change).
In certain cases, the timing of exploration activities in the Philippines is dependent upon the receipt of free prior informed consent from indigenous communities and regulatory approvals from the government of the Philippines. Forward-looking statements regarding expectations that the Company will be able to find additional ore in the Greater Canatuan Tenement Area (including EXPA 61, Malusok and SE Malusok) and that this ore can be economically transported to the existing Canatuan mill 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 Canatuan, and the Company's overall plans, budget and strategy (which are all subject to change). Forward-looking statements regarding the timing of an updated NI 43-101 report and feasibility study for Balabag are based upon current and previous exploration activities, discussions with third-parties, and the Company's overall plans, budget and strategy for Balabag (which are all subject to change). Forward-looking statements regarding the Company's expected metal production and capital expenditures for 2012, and its ability to continue to generate revenue from its operations are based on current mining and processing activities at Canatuan, current throughput of the sulphide plant, anticipated recoveries, efficiency and effectiveness of the sulphide plant, management's prior experiences with mining and processing at Canatuan, the estimated copper and zinc mineralization of the sulphide zone at Canatuan, current and previous exploration, and the Company's overall plans, budget and strategy (which are all subject to change).
The forward-looking statements of the Company contained in this MD&A are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI and its affiliates are exposed in the conduct of their business are described in detail in the Company's Annual Information Form for the year ended December 31, 2011, which was filed on SEDAR on March 20, 2012, and is available 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 MD&A to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Laureen Dukart
Investor Relations Coordinator
403.265.4356
laureen.dukart@tvipacific.com
Bought another 5,000 at 0.04, this thing is going to shoot up, you watch. as soon as they show profits from the mine that just got the ban lifted.
That's going to bring a lot of attention and possibly .06-.07 in the near future, better load up now.
This is great news, but doesn't mean that they are in the clear as of yet, but I'm stoked and going to build up some more stock.
almost a million shares this morning, but the price didn't really change :(
TVI Pacific Inc. Wins Injunction Against Ordinance That Would Ban New Open Pit Mining
Download this Press Release (PDF 46 KB)
CALGARY, ALBERTA--(Marketwire - Jan. 4, 2012) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), has been granted a preliminary injunction against an Ordinance that would ban open pit mining in Zamboanga del Norte.
The Court Order effectively stops the implementation of the Ordinance and allows TVIRD to continue its operations without legal impediment while the main case (the legality of the Ordinance) is being litigated in the Court. The Court said that "TVI is entitled to an injunction because it would suffer grave and irreparable damage and injury if the Ordinance would be implemented".
"This is excellent news for all TVI Stakeholders" stated Cliff James, President and CEO of TVI Pacific. "We strongly believe the powers to be assumed by the province under the Ordinance, and by the Provincial Governor of Zamboanga del Norte, are unconstitutional. While the Court order allows TVIRD to continue its operations in Canatuan unimpeded, we will continue to relentlessly pursue ultimate relief from what we view as an unconstitutional local legislation" concluded Mr. James.
The Court will now begin to conduct hearings on the legality of the Ordinance. It is anticipated that the hearings will involve a lengthy process. There is no assurance that any litigation commenced by TVIRD in the Philippines courts or negotiations with Zamboanga del Norte officials will result in nullification or retraction of the Ordinance or otherwise mitigate the effects of the Ordinance on the operations of TVIRD at Canatuan.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is developing its Balabag gold-silver property and is carrying out other exploration programs. TVI also has oil interests in various stages of discovery, drilling and exploration off-shore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233.6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
www.tvipacific.com
Source: TVI Pacific Inc.
Great News Shareholders:
TVI has been awarded a preliminary injunction against the Ordinance that would ban open pit mining.
We strongly believe the powers to be assumed by the province under the Ordinance, and by the Provincial Governor of Zamboanga del Norte, are unconstitutional. While the Court order allows TVIRD to continue its operations in Canatuan unimpeded, we will continue to relentlessly pursue ultimate relief from what we view as an unconstitutional local legislation.
Happy New Year
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
TVI Pacific Inc. Completes 26th Shipment of Copper Concentrate
TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (TVI or the Company) announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed its 26th shipment of copper concentrate produced at the Canatuan mine on December 27, 2011.
-- 4,463 dry metric tonnes (dmt) of concentrate was shipped containing 22.7% copper;
-- Gross revenue of US$11.1 million will be received for the shipment; and
-- Inventory of 678.8 dmt of copper concentrate is currently in storage.
The Company's 26th shipment of 4,463 dmt of copper concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG (MRI) on December 27, 2011. TVIRD expects to earn gross revenue of approximately US$11.1 million from MRI for this shipment (pending final assay and price adjustments). Inventory of 678.8 dmt of copper concentrate remains in storage.
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 22 and 25 percent and zinc concentrate grade levels between 50 and 55 percent. It is anticipated that future shipments of copper concentrate will continue every six to eight weeks.
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. TVI produces copper and zinc concentrates from its Canatuan mine, is pre-developing its Balabag gold and silver project, and is carrying out exploration programs on its other North Zamboanga tenements. TVI also has an interest in an offshore Philippine oil property.
Connect with us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
I'm sitting on 10,000 shares, but thinking about buying more but just not sure, the chart doesn't look that great.
The share count has remained about the same for a long time and they have a very large insider ownership, somewhere around 20% I think. Obviously the potential mining ban has an effect but they seem to be doing a good job fighting it and keeping shareholders up to date on their efforts. I bought 100K shares a few months back at .045-.05 so not all that concerned yet.
Such a good company, but I guess they are waiting on the open mining issues in the phillipines eh?
They are showing a revenue, they are looking for more opportunities and yet the stock is stalled.
Do you think that it's because there might be a couple too many stocks out there?
soon I hope. LOL
Nice 2nd quarter..the stock is slumping..deliveries are late..copper prices are soft..man ..am I ever optimistic about my investment in this company!
TVI Pacific Provides Second Quarter 2011 Financial And Operational Results
TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or the "Company") today announced unaudited, consolidated financial and operational results for the quarter ended June 30, 2011.
For a thorough explanation of the points discussed in this news release, shareholders are encouraged to read the interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards ("IFRS"), and the management's discussion and analysis for the quarter ended June 30, 2011. These documents were filed with certain securities regulators in Canada on August 15, 2011, and are available on our web site (www.tvipacific.com) or under our profile on SEDAR (www.sedar.com).
Financial Snapshot Quarter Quarter Year
ended ended to date
June 30, March 31, June 30,
2011 2011 2011
Cash balance ($ million) 15.3 20.4 15.3
Short term debt (Average Interest
2.00%) ($ million) 10.8 9.8 10.8
Long term debt (Average interest
ranging from 1.8% to 18%) ($
million) 15.7 17.0 15.7
Gross revenue ($ million) 24.1 11.3 35.4
Treatment, refining, other charges ($
million) (1) (2.9) (0.5) (3.4)
---------------------------------------
Net revenue ($ million) 21.2 10.8 32.0
Mining, milling and other expenses
(2) ($ million) (14.7) (3.8) (18.6)
Exploration costs ($ million) (2.1) (1.9) (4.0)
Admin and general cost ($ million) (2.4) (2.1) (4.5)
Amortization and accretion ($
million) (3.5) (2.7) (6.2)
Other income (expense) ($ million) (0.7) 0.1 (0.6)
---------------------------------------
Net income (loss) ($ million) (2.1) 0.3 (1.8)
Basic earnings (loss) per share ($) (0.003) 0.000 (0.003)
Total cost per Copper Pound
Equivalent ("Cu lb eq") (US$) (3) 3.13 2.91 3.03
Production cash costs per Cu lb eq
(US$) (4) 1.65 2.01 1.80
Total cash costs per Cu lb eq, net of
by-products (US$) 1.70 1.55 1.64
(1) Includes treatment and refining expenses due to a change in destination
of the copper concentrate shipments
(2) Includes an increase in freight and materials and supplies
(specifically chemicals required to produce concentrates that meet the
off-take agreement)
(3) Includes selling expenses and amortization expenses
(4) Excludes selling expenses and amortization expenses
"TVI continues to generate substantial cash flow from operations. EBITDA excluding exploration, and cash flow from operating activities for the quarter were $4.0 million and $1.9 million respectively" said Cliff James, President and CEO. "The benefit of our improvements in production cash cost per copper pound equivalent were not recognized in Q2 since we were unable to complete the 23rd shipment due to the late arrival of the vessel. This caused approximately $8.9 million in additional net revenue, and an approximate $2.5 million in additional net income that was to be realized in Q2 through the sale of all current inventories, to be shifted into Q3".
Financial Summary
In Q2, 2011, TVI completed two copper concentrate shipments (21st and 22nd) for a total of 10,289 dry metric tonnes ("dmt") that generated $24.1 million of revenue. TVI also received an additional US$5.8 million in June 2011 as an advance payment for the 23rd shipment that had been scheduled in June, but was delayed due to late arrival of the ship. As such, the advance payment is included in the Company's cash balance at June 30, 2011, but will be recognized as revenue only in Q3.
In Q2, 2011, TVI incurred a net loss of $2.1 million compared to a net income of $0.3 million in Q1, despite higher revenue from the two concentrate shipments completed during the quarter. The results were primarily generated by:
- Average copper price declined in Q2 to US$4.19 compared to the US$4.38 during Q1.
- Treatment, refining and other charges deducted from gross revenue increased in Q2 to 11.9% from 4.7% in Q1. The increased charges were due to revised treatment and refining rates and freight charges as negotiated and agreed with the Company's metal off-take partner, MRI Trading AG ("MRI"), taking into consideration the quality of the copper concentrates and the change in destination of the shipment.
- Mining, milling and other expenses were also higher in Q2 due to higher costs of inventories sold during the quarter that had been produced in Q1. Notably, unit production costs had been higher in Q1 due to an increase in the consumption of chemicals to produce saleable copper concentrates.
- These factors caused the total cost per unit to increase to US$3.13 in Q2 from US$2.91 in Q1.
Unit production costs improved quarter over quarter (to US$1.65 in Q2 from US$2.01 in Q1) as the process stabilized and fixed operational costs were allocated over the larger throughput volumes.
The Company holds short-term debt instruments totalling $10.8 million at an average interest rate of 2.00% and also holds long-term debt totalling $15.7 million at rates from 1.8% to 18% interest.
Operational Snapshot Quarter Over Quarter
Quarter Quarter Year
ended ended to date
June 30, March 31, June 30,
Selected operational highlights: 2011 2011 2011
Average tonnes processed per day 2,450 1,864 2,159
Ore copper grade (%) 1.24 1.15 1.20
Concentrate copper grade (%) 22.92 19.29 21.20
Concentrate gold grade (g/t) 4.92 4.11 4.54
Concentrate silver grade (g/t) 323.99 402.71 361.27
Cu lb eq produced 6,270,759 4,448,021 10,718,780
Copper produced (lbs) 4,397,136 3,330,593 7,727,729
Gold produced (oz) 1,378 1,035 2,413
Silver produced (oz) 90,653 101,380 192,033
Zinc produced (lbs) 1,552,986 - 1,552,986
Quarterly Operations Summary
Based on the remaining reserves and resources at June 30, 2011, and the current targeted average daily throughput for the remainder of 2011, the estimated remaining mine life is approximately 1.8 years.
During Q2, 2011, the commissioning of the Zinc Circuit was completed and TVI announced the start of zinc production. This resulted in increased plant availability during the period. Average throughput for the quarter increased to 2,450 dmt per day from 1,864 dmt that, combined with a higher ore grade and slightly higher recoveries, led to an increase in metals produced to 6.3 million Cu eq lb in Q2 from 4.5 million in Q1.
With its continuous improvement programs, and with the commencement of the production of the zinc concentrate, TVI will continue to optimize its throughput in an effort to offset the declining feed grades.
Zinc Production
On July 7, 2011, the Company completed the first zinc concentrate shipment of 1,381 dmt for approximately US$1.4 million that will be recognized in Q3, 2011.
Under a new off-take agreement signed in June 2011, 100% of the zinc produced from the Canatuan mine, for the life of the mine, will be sold to MRI. Any future expansion of the current Canatuan mine pit is included and will be a full part of this agreement.
Zinc concentrate volume production is lower than copper concentrates mainly due to the higher grade of the zinc concentrate. With the plan to maintain the 5,000 tonne cargo size, shipping frequency will be between 4-6 months. This frequency is expected to continue into 2012 depending on efficiency improvements to the Zinc Circuit. The second shipment is scheduled in December 2011.
For each shipment, an initial provisional payment for 90% of the estimated value will be made, while payment for the remaining 10% will be due once the final details relating to weight, assays and prices are determined.
Construction of an additional zinc flotation capacity has been initiated and is expected to be completed in Q3 2011. This is expected to improve the efficiency of the zinc recovery.
Outlook
Greater Canatuan Tenement Area ("GCTA")
The process for the approval of the Mineral Production Sharing Agreement application ("APSA") 23, authorizing exploration and drilling on the Malusok and SE Malusok prospects, near the Canatuan mill site, is at an advanced stage. The Certificate of Precondition marking Free Prior Informed Consent ("FPIC") has been approved by the National Commission on Indigenous People ("NCIP") subject to the completion of certain administrative requirements, and the documents are being finalized within the Mines and Geosciences Bureau for presentation to the Secretary of the Department of Environment and Natural Resources for review and subsequent signature. For the other near-mine tenement application relevant for the Malusok and SE Malusok prospects, APSA 39, the Memorandum of Agreement with the indigenous community has been signed and has been presented to the NCIP for processing, leading to a Certificate of Precondition.
The Exploration Permit application ("EXPA") for EXPA 61 (partner DMCI-CERI) is currently being processed by the government to authorize exploration and drilling on the anomalies and prospects identified to date.
TVI is also working on perfecting other near-mine tenement applications in order to follow-up on additional anomalies identified by the airborne data.
Balabag
To June 30, 2011, TVI has now completed a total 214 drill holes for 26,272 metres (86,194 feet). This expanded drilling program, which was focused on both in-fill and step-out drilling in the down dip mineralized zones, has been successful in its objective of better defining the Balabag mineralization.
Based on assay results from the drill program, TVI intends to release an updated, independent NI 43-101 report that will incorporate all drill results to June 30, 2011, and also will likely include assays from holes drilled after this date together with assays from tunnels that have penetrated the vein mineralization. The NI 43-101 will be released in conjunction with an optimized internal feasibility study.
North Zamboanga Tenement Area - Tamarok
On April 11, 2011, TVI started a drill program to test an outcropping zone of porphyry copper-gold mineralization. Results from the initial four holes completed revealed substantial faulting and dismemberment of the porphyry style mineralization and it was decided to temporarily suspend further drilling until additional detailed geochemical, geological mapping and ground magnetometry surveys were undertaken to better define the structural setting in this zone.
New zones of porphyry style mineralization have since been discovered in outcrop and are undergoing systematic study prior to recommencement of drill testing.
The Company continues to pursue and analyze opportunities to engage in joint venture relationships across the rest of its 1,240 square kilometre (479 square mile) North Zamboanga tenements.
Petroleum and Natural Gas Properties
In Alaska, the partners are assessing the results of its recently completed North Tarn drilling program where 6.1-7.6 metres (20-25 feet) of Kuparuk target sand thickness is estimated based on cutting samples. The partners are planning further activity during the 2011/12 winter drilling season.
In Niger, Chinese National Petroleum Company International Tenere Ltd. ("CNPCIT") is currently drilling the Facai-1 exploration well to an estimated 4,300 metres (14,100 feet) to test Cretaceous sandstones in an anticlinal trap. CNPCIT is the operator and funds 100% of TVI's 20% share of costs for the Minimum Work Program.
In the Philippines, the partners have been granted an extension period to fully integrate the results of the 3D reprocessing project being undertaken over the Service Contract 54A ("SC 54A") block. Integration of this work will provide the basis for developing and implementing the forward strategy for the block over the coming months.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing its Balabag gold-silver property for anticipated production in the second half of 2012 and is carrying out an exploration program at its Tamarok copper-gold property. TVI also has oil interests in various stages of discovery, drilling and exploration in Alaska, Niger and off-shore Philippines.
Connect With Us www.tvipacific.com
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IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute 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", "schedule" and similar expressions. 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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements regarding the remaining mine life of the Canatuan deposit are based on the current mineral reserve and resource estimates, previous mineral reserve and resource estimates, current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the expansion of Zinc Circuit capacity and the resulting impact on production are based on management's experience with past construction projects, advice received from third parties, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change). Forward-looking statements respecting the zinc concentrate shipping schedule are based on the Company's previous experience with concentrate shipments, current mining and processing activities, prior experiences of management with mining and processing activities, discussions held to date with MRI, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the nature and timing of exploration in the GCTA (including EXPA 61), Balabag, Tamarok and the Company's other tenements in the Philippines are based upon current and previous exploration activities, management's experiences with other exploration programs undertaken in the Philippines and elsewhere, and the Company's overall plans, budget and strategy (which are all subject to change). In certain cases, the timing of exploration activities in the Philippines is dependent upon the receipt of FPIC from indigenous communities and regulatory approvals from the government of the Philippines.
Forward-looking statements regarding the timing for approval of APSA 23 and APSA 39 are based on management's previous experience the permit application process in the Philippines, discussions held to date with third parties and the Company's and the Company's current budget and overall strategy (which are all subject to change). Forward-looking statements regarding the nature and timing of an updated NI 43-101 report and an optimized feasibility study for Balabag are based upon current and previous exploration activities, management's experiences with feasibility and construction programs undertaken in the Philippines and elsewhere, advice received from third-party advisors, and the Company's current budget and overall strategy for Balabag (which are all subject to change). Forward-looking statements respecting proposed operations during the 2011/12 winter exploration season in Alaska are based upon information obtained during the drilling of the North Tarn #1 well, initial tests from the North Tarn #1, management's experience with previous exploration wells in Alaska well and the exploration plan developed by the Alaska joint venture participants (which are all subject to change). Forward-looking statements regarding the Company's expected capital expenditures for 2011 and its ability to continue to generate revenue from its operations are based on current mining and processing activities at Canatuan, current throughput of the sulphide plant and planned expansions in throughput, anticipated recoveries, efficiency and effectiveness of the sulphide plant, management's prior experiences with mining and processing at Canatuan, the estimated copper and zinc mineralization of the sulphide zone at Canatuan, current and previous exploration, and the Company's overall plans, budget and strategy (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
TVI Pacific Inc. Completes 23rd Shipment of Copper Concentrate and 1st Shipment of Zinc Concentrate
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its 23rd shipment of copper concentrate on August 8, 2011, and completed its 1st shipment of zinc concentrate on July 7, 2011.
Copper concentrate shipment:
-- 5,982 dry metric tonnes ("dmt") of concentrate was shipped containing 23.2% copper;
-- Gross revenue of US$16.0 million will be received for the shipment; and
-- Inventory of 1,886 dmt of copper concentrate is currently in storage.
The Company's 23rd shipment of 5,982 dmt of copper concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG ("MRI) on August 8, 2011. TVIRD expects to earn gross revenues of approximately US$16.0 million from MRI for this shipment (pending final assay and price adjustments).
Copper production remains steady at Canatuan, achieving copper concentrate grade levels between 23 and 25 percent. It is anticipated that shipments of copper concentrate in Q3 and Q4 will continue every 6-8 weeks.
Zinc concentrate shipment:
The first shipment of 1,381 dmt of zinc concentrate took place on July 7, 2011. The shipment was completed in accordance with the zinc concentrate off-take agreement between TVIRD and MRI.
-- 1,381 dmt of concentrate was shipped containing 51.9% zinc;
-- Gross revenue of US$1.4 million was received for the shipment; and
-- Inventory of 897 dmt of zinc concentrate is currently in storage.
Currently TVI is producing more tonnes of copper concentrate than zinc concentrate on a daily basis. This is a result of:
-- Processing ore that has a higher copper grade than zinc grade;
-- Producing a zinc concentrate containing a higher percentage of zinc metal; and
-- Achieving higher copper recoveries than zinc recoveries due to the current mill process.
Increasing levels of zinc are expected to appear in the orebody as mining operations continue. To accommodate the higher zinc ore, construction has been initiated on additional zinc flotation capacity. This is expected to improve the overall efficiency of zinc recovery and, as a result, concentrate production. Construction is expected to be completed later this year.
Ideally, each future shipment should contain approximately 5,000 dmt of zinc concentrate. Current recoveries dictate it will take longer to produce the targeted amount of zinc concentrate compared to copper concentrate. For this reason, the second shipment is expected in December 2011. The Company anticipates shipments in 2012 to occur every 4-6 months depending on the Zinc Circuit efficiency improvements underway.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is developing its Balabag gold property for anticipated production in the second half of 2012 and is carrying out an exploration program at its Tamarok copper-gold property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
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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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the copper and zinc concentrate shipping schedules are based on the Company's previous experience with concentrate shipments, current mining and processing activities, prior experiences of management with mining and processing activities, discussions held to date with MRI, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change). Forward-looking statements respecting the copper and zinc content of future concentrate shipments are based upon current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233-6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
www.tvipacific.com
TVI Pacific Inc.
TSX : TVI
OTCQX : TVIPF
TVI Pacific Inc.
July 21, 2011 07:22 ET
TVI Pacific Provides Additional Drill Results From the Balabag Gold-Silver Project
CALGARY, ALBERTA--(Marketwire - July 21, 2011) - TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on the progress at its Balabag gold-silver project.
The Phase IV drill program, which was focused on both in-fill and step-out drilling in the down dip mineralized zones, has been successful in its objective of better defining the Balabag mineralization.
As of June 30, 2011:
- 39 holes have been completed and assayed since the last update on March 31, 2011;
- 19 of the 39 holes drilled show significant mineralization; and
- 7 of the 39 holes were drilled for sterilization purposes, over locations proposed for mine infrastructure, where mineralization was not anticipated.
Since June 30, 7 additional holes have been completed with assays pending and another 5 holes are currently underway.
Drilling will continue for a further 1,745 metres and will include additional infill drilling in the up-dip extension of the core area of the Tinago vein zone to reduce the drill hole spacing for the modeled mineral resource to be used for detailed production planning.
Based on assay results from the drill program completed to date, TVI intends to release an updated, independent NI 43-101 report as soon as possible that will incorporate all drill results to June 30, 2011 and possibly include assays from holes drilled after this date. The NI 43-101 will be released in conjunction with an internal feasibility study.
Click here to view an updated Balabag gold-silver project drill hole location map.
Assay results for the Balabag drill holes reported from March 31, 2011, up to July 13, 2011, are detailed in the table below using a cut-off of 0.50 grams/tonne ("g/t") gold:
Hole_ID From
(m) To
(m) Length
(m) True
Length
(m) g/t
Gold g/t
Silver
BLDH-10-141 9.90 12.90 3.00 2.88 0.56 14.85
BLDH-10-143 55.65 56.05 0.40 0.38 1.04 0.68
BLDH-10-144 48.60 49.10 0.50 0.48 0.91 4.70
BLDH-10-144 157.07 164.20 7.13 6.84 2.35 7.12
including 157.07 158.07 1.00 0.96 4.18 14.47
including 162.45 163.45 1.00 0.96 5.16 9.39
BLDH-11-159 31.70 33.20 1.50 1.44 8.21 33.30
including 31.70 32.75 1.05 1.01 11.02 42.27
BLDH-11-160 0.00 3.15 3.15 3.02 0.58 21.48
BLDH-11-160 40.50 53.20 12.70 12.18 2.75 125.46
including 41.80 42.40 0.60 0.58 5.96 169.48
including 46.60 49.70 3.10 2.97 4.88 272.35
including 52.20 53.20 1.00 0.96 3.79 75.74
BLDH-11-160 56.20 57.20 1.00 0.96 0.62 23.93
BLDH-11-161 0.00 3.00 3.00 2.88 0.58 17.34
BLDH-11-164 9.25 9.60 0.35 0.34 0.82 6.00
BLDH-11-166 45.25 48.25 3.00 2.88 0.91 5.09
BLDH-11-166 54.30 61.25 6.95 6.66 5.02 152.06
including 54.30 56.05 1.75 1.68 7.68 316.44
including 59.75 61.25 1.50 1.44 9.97 214.04
BLDH-11-167 31.15 36.85 5.70 5.47 1.42 37.84
including 33.15 34.85 1.70 1.63 3.45 84.17
BLDH-11-169 94.40 95.65 1.25 1.20 1.70 10.75
BLDH-11-169 105.25 105.60 0.35 0.34 0.86 2.42
BLDH-11-169 111.75 112.50 0.75 0.72 1.01 3.32
BLDH-11-170 45.30 46.30 1.00 0.96 1.01 3.64
BLDH-11-170 48.30 48.70 0.40 0.38 0.53 14.74
BLDH-11-170 52.00 53.25 1.25 1.20 0.54 23.59
BLDH-11-170 74.20 75.20 1.00 0.96 2.62 41.28
BLDH-11-170 90.70 91.70 1.00 0.96 0.74 34.70
BLDH-11-170 124.07 124.40 0.33 0.32 0.87 8.91
BLDH-11-171 55.17 56.55 1.38 1.32 4.95 14.18
including 55.45 56.55 1.10 1.05 5.87 13.59
BLDH-11-171 59.45 62.45 3.00 2.88 1.03 31.17
BLDH-11-173 139.90 147.07 7.17 6.88 4.72 48.83
including 142.90 146.07 3.17 3.04 9.05 100.46
including 142.90 143.90 1.00 0.96 20.79 208.02
BLDH-11-175 0.00 2.00 2.00 1.92 1.11 60.70
BLDH-11-175 21.50 24.35 2.85 2.73 2.66 25.27
including 23.50 24.35 0.85 0.82 4.70 50.38
BLDH-11-175 28.35 29.35 1.00 0.96 1.41 7.12
BLDH-11-177 7.80 11.80 4.00 3.84 1.69 15.09
including 9.80 10.80 1.00 0.96 3.70 27.36
BLDH-11-179 28.75 29.95 1.20 1.15 1.58 69.52
BLDH-11-180 58.40 60.85 2.45 2.35 2.18 38.10
including 60.40 60.85 0.45 0.43 6.74 86.86
BLDH-11-180 104.50 105.00 0.50 0.48 0.51 10.95
BLDH-11-182 57.85 58.55 0.70 0.67 1.04 3.17
BLDH-11-182 65.00 67.00 2.00 1.92 1.72 42.23
BLDH-11-182 70.40 73.70 3.30 3.16 1.07 25.58
BLDH-11-182 106.30 107.20 0.90 0.86 0.65 13.34
BLDH-11-184 13.80 17.10 3.30 3.16 3.51 14.51
including 15.45 16.45 1.00 0.96 4.11 20.28
BLDH-11-187 33.80 34.43 0.63 0.60 0.59 3.60
BLDH-11-190 24.00 25.00 1.00 0.96 0.52 0.25
BLDH-11-197 78.65 79.65 1.00 0.96 1.03 34.17
BLDH-11-200 22.30 23.30 1.00 0.96 7.38 6.96
BLDH-11-200 64.14 65.14 1.00 0.96 1.01 4.19
BLDH-11-200 67.95 68.70 0.75 0.72 0.94 3.37
BLDH-11-200 78.05 79.05 1.00 0.96 0.69 0.77
BLDH-11-201 6.00 8.00 2.00 1.92 0.50 0.50
BLDH-11-202 23.80 25.80 2.00 1.92 0.55 0.65
Note: Assay results for 7 additional drill holes are pending.
Click here for the previous drill hole results to March 31, 2011.
Cesar Medina, Exploration Manager of TVIRD and a Member of the Australasian Institute of Mining and Metallurgy has prepared and/or supervised the preparation of the scientific or technical information within this news release. Mr. Medina's work has been reviewed by Ciceron A. Angeles, Consulting Geologist, who is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of his membership as a Fellow and Chartered Professional for Geology of the Australasian Institute of Mining and Metallurgy and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina and have been reviewed by Mr. Angeles. ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
About TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing its Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
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Quality Assurance and Quality Control:
- Analyses of Balabag drill core samples were completed by TVI's Canatuan mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gram charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V, W, Zn: 0.5 gram Acid Digest ICP-OES analysis.
- Strict QA/QC procedures are implemented in core handling and sampling at Balabag. There are 3 types of QA/QC samples randomly included in a ratio of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold assay values,
-- Duplicates,
-- Blank samples.
- The QA/QC samples are strictly monitored and if the control parameters pertaining to each of the individual QA/QC sample types are not satisfied, the entire batch is re-assayed.
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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking information respecting the nature and timing of the exploration program at Balabag and the Company's ability to define additional resources and reserves is based upon the previous exploration activities at Balabag, management's experiences with other exploration work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to the various components of the exploration work program and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change. Forward-looking information respecting the timing and nature of planned feasibility reports and work at Balabag is based upon the exploration activities at Balabag, management's experiences with other feasibility work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to various components of the feasibility work program and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change. Forward-looking information concerning the nature and timing of development activities at Balabag (in the event a development decision is reached by the Company in respect of the project) are based upon management's experiences with other development projects in the Philippines and elsewhere, advice received from third-party advisors with respect to the timing of various components of the development project, and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change.
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contact Information
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
Good Morning
We have been advised by the Off-taker that a substitute vessel is required for Shipment #23 of copper concentrate. The schedule has been moved out to July 22-27. Please remember that these dates are given to us by the Off-taker and every effort is being made to accommodate us. The inventory is at the port awaiting the vessel and we are making arrangements to expedite loading when the vessel arrives. Shipping schedules in all of SE Asia are off a little bit due to weather (Typhoons) and other factors beyond anyone’s control. Our Off-taker has been excellent meeting our requirements and we are certain they are making every effort to get our vessel to Santa Maria as quickly as possible.
Please note on our website where you can check the shipment schedule any time – it is updated as required. http://www.tvipacific.com/Operations/MiningAssets/Producing/Canatuan-Mine/default.aspx
Have a good week,
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
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TVI Pacific JV Partner Nido Petroleum Provides Update Regarding Service Contract 54 in the Philippines
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or "the Company"), announces that project partner Nido Petroleum Ltd. (ASX: NDO) ("Nido") has released the following update.
Important - This update combines information on both Service Contract ("SC") 54A and SC 54B of which TVI is a joint venture partner in SC 54A only. TVI's 100% owned subsidiary, TG World Energy Corp., holds a 12.5% equity interest in SC 54A.
Nido Petroleum Announces: "The Philippine Department of Energy (DOE) has approved the SC 54A and SC 54B Joint Venture partners' application for a twelve (12) month extension to the current Sub-Phase 6 of SC 54. This Sub-Phase, which carries a one well commitment that was recently fulfilled by the Gindara-1 exploration well drilled in SC 54B, will now end on 4 August 2012.
- Sub-block SC 54A: The twelve (12) month extension will allow the SC 54A Joint Venture partners additional time to fully integrate the results of the 3D reprocessing project being undertaken over the greater Nido 1x1, Yakal, Tindalo and North Nido pinnacle reef trend into the subsurface understanding of the block. Integration of this work will provide the basis for developing and implementing the forward strategy for the block over the coming months including high-grading potential drilling targets to meet the well commitment in the succeeding sub-phase, Sub-Phase 7, should the SC 54A Joint Venture decide to enter into this sub-phase.
- Sub-Block SC 54B: The twelve (12) month extension provides the SC 54B Joint Venture with additional time to fully integrate the results of the recently drilled Gindara-1 exploration well into the subsurface understanding of the block and the implications of the 187 metre non-commercial hydrocarbon column found in Gindara-1 on the large Pawikan Lead, approximately 28 km south.
The table below sets out the revised Sub-Phase 6 and 7 anniversary dates:
----------------------------------------------------------------------------
SUB PHASE WORK COMMITMENT CURRENT SCHEDULE REVISED SCHEDULE
----------------------------------------------------------------------------
Sub Phase 6 Drill 1 exploration 05 August 2010 to 05 August 2010 to
well 04 August 2011 04 August 2012
----------------------------------------------------------------------------
Sub Phase 7 Drill 1 exploration 05 August 2011 to 05 August 2012 to
well 04 August 2012 04 August 2013
----------------------------------------------------------------------------
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting anticipated activities in SC 54A are based on discussions carried out to date with Nido, the results of prior exploration, development and production activities, technical information provided by Nido, and the current budget and plan of the Joint Venture partners for exploration and development activities (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
great..and when do we get to benefit?
TVI was highlighted in the Globe & Mail today as #17 out of 100 stocks by Return on Equity.
http://www.theglobeandmail.com/report-on-business/rob-magazine/top-1000/canadas-100-biggest-companies-by-return-on-equity/article2071670/
TVI Pacific Inc. Announces Commencement of Exploration Well in Niger, Africa
CALGARY, ALBERTA--(Marketwire - June 13, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company"), through its 100% owned subsidiary TG World Energy Corp., is pleased to announce that Niger project operator, Chinese National Petroleum Corporation International Ténéré Ltd. ("CNPCIT"), has commenced drilling the Facai-1 exploration well. TVI Pacific's 20% interest in the well is funded 100% by CNPCIT under the terms of the project agreements.
The Facai-1 well is located in the Ténéré Block in Niger, Africa. The 71,155 square kilometre (27,473 square mile) Ténéré Block is located in the northern half of the Termit Rift Basin. In the southern half of the basin CNPCIT has been actively appraising existing oil discoveries and drilling new exploration wells with the aim of reaching oil reserve volume threshold to justify an export pipeline.
Click Here for Interactive Map of the Area
Facai-1 is located 110 kilometres (63 miles) north of the West Fachi-1 exploration well that was drilled by CNPCIT/TG World Energy Corp. in 2007. Security issues prevented field operations from that time until mid-2010 when work began in preparation for Facai-1 drilling.
The well will be drilled to an estimated 3,700 metres (12,000 feet) to test Cretaceous sandstones in an anticlinal trap. Seismic data analysis indicates a hydrocarbon signature at the target reservoir zone. The Facai-1 well is expected to reach total depth in 60 to 90 days.
http://www.marketwire.com/press-release/tvi-pacific-inc-announces-commencement-of-exploration-well-in-niger-africa-tsx-tvi-1525616.htm
TVI Pacific Inc. Completes 22nd Shipment With Increased Copper Concentrate Grade and Provides Zinc Production Update
CALGARY, ALBERTA--(Marketwire - June 2, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its 22nd shipment of copper concentrates produced at the Canatuan mine on May 30, 2011.
-- 5,146 dry metric tonnes ("dmt") of concentrate was shipped containing
24% copper;
-- Gross revenue of US$13.7 million will be received for the shipment;
-- Inventory of 1,151 dmt of copper concentrate remains in storage;
-- Efforts are being made by the off-taker to accommodate a shipment of
copper concentrate in late June; and
-- Negotiations for the first shipment of 1,000 dmt of zinc are underway.
The Company's 22nd shipment of 5,146 dmt of copper concentrates left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG ("MRI") on May 30th 2010. TVIRD expects to earn gross revenues of approximately US$13.7 million from MRI for the current shipment (pending final assay and price adjustments). Approximately 1,151 dmt of copper concentrate remains in inventory.
Copper production remains steady at Canatuan, achieving concentrate grade levels between 23 and 25 percent (this compares to concentrate grades of 17 to 18 percent copper for previous shipments). Efforts are being made by MRI to accommodate a shipment of copper concentrate in late June. It is anticipated that shipments of copper concentrate in Q3 and Q4 will continue every 6-8 weeks.
TVI has now produced approximately 1,000 dmt of zinc concentrate. Negotiations are underway with MRI for a zinc concentrate off-take agreement.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the shipping schedule are based on the Company's previous experience with concentrate shipments and discussions carried out to date with MRI. Forward-looking statements respecting the copper content of future concentrate shipments and production from the Zinc Circuit are based upon current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233-6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
www.tvipacific.com
Source: TVI Pacific Inc.
TVI Insiders continue to show support by purchasing shares on the open market again today.
http://www.tvipacific.com/AboutUs/Management-Director-Share-Transactions/default.aspx
Have a good day
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
The AGM video is now live on the TV website at www.tvipacific.com in the Investor Section under "videos".
http://www.tvipacific.com/Investors/Videos/default.aspx
TVI Pacific Announces the Results of Its Annual & Special Meeting of Shareholders
CALGARY, ALBERTA -- (MARKET WIRE) -- 05/27/11 -- TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announces that shareholders approved all resolutions brought before them at the Annual & Special Meeting of Shareholders held on May 26, 2011. A total of 194,630,014 shares were represented in person or by proxy at the meeting, representing approximately 31.31% of the Company's outstanding shares.
PricewaterhouseCoopers LLP was re-appointed as the external auditor of TVI and will hold office until the next annual meeting at such remuneration as may be determined by the directors of the Company. Approximately 93.10% of the votes cast supported the appointment of the auditors, while 6.90% were withheld.
Shareholders also approved fixing the number of directors to be elected at the meeting to eight. Of the votes cast, 91.78% were in favour of the resolution, while 8.22% were against.
In addition, shareholders approved a special resolution respecting an amendment of the Company's articles. The resolution allows for the appointment of additional directors between annual meetings, providing that the number of additional directors shall not, at any time, exceed one-third of the number of directors who held office at the expiration of the last annual meeting of the Company. 88.98% of the votes cast supported the resolution, while 11.02% were against.
The following Board members stood for election and were duly re-elected: Clifford M. James, Robert C. Armstrong, C. Brian Cramm, Jan R. Horejsi, and Peter C.G. Richards. In addition, nominees David Moscovitz, Wayne G. Thomson and Aloysius B. Colayco were elected to Board. These Directors will hold office until the next TVI annual meeting. Of the votes cast, 89.88% were in favour of the election of the directors, while 10.12% were withheld.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP with over 30 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. Prior to this, he was a Lawyer and Partner at Goodman and Carr LLP.
Mr. Thomson currently serves as a Director for Cenovus Energy Inc. and Orion Oil and Gas Corp. and is the Chairman and President of EnviroValve Inc. Previously, Mr. Thomson was President of Hadrian Energy Corp. and Gardiner Oil and Gas Limited, both public companies listed on the Toronto Stock Exchange. Prior to these appointments, Mr. Thomson held the role of President of Petrocorp Exploration and spent the previous six years at the Alberta Energy Company. Mr. Thomson holds a BSc. in engineering.
Mr. Colayco is Managing Director of Argosy Partners, Inc., a private investment and advisory firm, and a Senior Partner of Argosy Advisors, Inc. He also serves as President for Level Up! Holdings, Country Chairman for Jardine Matheson, Philippines, Member of the JM Asia Pacific Regional Board, Chairman for Republic Cement (an affiliate of Lafarge), Chairman for Colliers Philippines, Member of the Advisory Board for JG Summit Holdings, Inc. and Senior Advisor for Asia Strategic Capital Fund and Asia Environmental Partners Fund.
For shareholders who were not able to attend the meeting, a video of the presentation will be available on TVI's website at TVI Pacific Inc. - Home in the coming days.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
We are pleased to let you know our website has a fresh, new look and we have added a valuable new section.
Welcome to the TVI Resource Learning Centre (“TVILC”). The Learning Centre is being built in stages, beginning with Module One, “Get To Know The Alaska North Slope”. These interactive modules will provide all sorts of helpful information, adding depth and clarity to our operations. This Learning Centre was created as a result of the feedback and input we have received from you, our stakeholders. We hope you find these modules helpful in understanding our business, our strategies and our growth potential.
Click Here to go to the new Learning Centre on our website and as always, please feel free to write in with any questions.
Sincerely
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
Note from Rhonda:
Below is a link to an updated valuation by our friends at Goldminerpulse based on TVI’s in situ gold and silver. This valuation does not include copper. Also a correction should be noted that the updated Balabag 43-101 is expected mid-late August, not October/November as noted. An update on the Balabag internal feasibility study and mine development decision will be out in the shorter term.
Fair Market Valuation Summary - 2011-May-24
Projected fair market stock price for TVI Pacific Inc. at the close of trading on 2011-May-24 was C$0.21. The actual closing stock price was C$0.07.
Note: An updated NI43-101 report for Balabag is expected in the October/November timeframe. Based on the September news Positive Results From Balabag Gold Project Drill Program, which detailed gold grades from 1.49 g/t to 14.01 g/t and silver grades of 49.18 g/t to 315.07 g/t, over excellent true widths ranging from 3.64m to 7.32m, the expected NI43-101 report (October/November) has a high probability of yielding a very significant increase in the company's total in situ gold and silver with a resultant significant increase in fair market valuations presented in this report.
Read Full Report Here...
Estimating TVI Pacific Fair Market Valuation
By Dennis Boyko
Created on: February 4, 2010
Current version 0.50: September 14, 2010 -- added a note for the expected Balabag NI43-101 update and anticipated impact.
Metrics have been updated with closing prices available on 2011-May-24.
Fair Market Valuation Summary - 2011-May-24
Projected fair market stock price for TVI Pacific Inc. at the close of trading on 2011-May-24 was C$0.21. The actual closing stock price was C$0.07.
Note: An updated NI43-101 report for Balabag is expected in the October/November timeframe. Based on the September news Positive Results From Balabag Gold Project Drill Program, which detailed gold grades from 1.49 g/t to 14.01 g/t and silver grades of 49.18 g/t to 315.07 g/t, over excellent true widths ranging from 3.64m to 7.32m, the expected NI43-101 report (October/November) has a high probability of yielding a very significant increase in the company's total in situ gold and silver with a resultant significant increase in fair market valuations presented in this report.
At the close of trading, the current and projected Market Capitalization per ounce of Gold Equivalent for TVI Pacific Inc., were:
*
current market valuation: US$55.57 per ounce of Au Eq.
*
projected fair market valuation as a gold producer: US$227.04 per ounce of Au Eq.
o
TVI Pacific Inc. in situ metal value is approximately 40.3% from gold and 28.5% from silver with the rest from copper and zinc.
o
The projected fair market capitalization per ounce of gold equivalent has been set at 70% of valuation on the Gold Producer Valuation line to discount copper and zinc metal values.
The expected valuation change is outlined in the chart below. The market capitaliztaion per ounce of gold equivalent for TVI Pacific is expected to increase from the February 3, 2010 valuation to the projected valuation (projected valuation is 70% of what the valuation would have been on the Gold Producer Valuation Line. That is, the Gold Producer Valuation line is defined by the market fundamentals of Agnico-Eagle (86.5% gold and 9.6% silver) and Kinross (92% gold and 2.9% silver) both of which have around 90% of the in situ metal value from gold and silver.
TVI Pacific Valuation Change Estimate
Projected fair market stock price for TVI Pacific Inc. is derived using the projected fair market valuation at start of production of US$227.04 per ounce of Au Eq (as derived above) and the following assumptions:
*
Risk Premium: 20% applied to the capital expenditure to bring the Balabag property into production. This blog assumes Base Case 1, as detailed on p. 6 of 212 in SCOPING STUDY OF THE BALABAG PROJECT
*
Discount Factor: 5% -- set to cover account for the time gap of Balabag coming on line. This figure is set at just 5% since the Canatuan mine, which is larger, is already in production.
The discounting of the future gold metal prices after the start of production are already fully accounted for in the Gold Producer Valuation Line which is derived from current day market prices and company fundamentals.
Discussion
The supporting model and the calculations used to produce the projected fair market stock price are detailed in Fair Market Price Calculations.
The discounting applied to TVI Pacific Inc. is consistent with the discounting the current market applies to Yamana Gold (YRI on the valuation chart). Yamana's in situ metal value is approximately 33% from gold and the rest from copper and other base metals. As a result, Yamana (YRI) falls well to the left of the Gold Producer Valuation Line in the current market.
http://www.goldminerpulse.com/blogs/tvi-pacific-valuation.php
Email their Investor Relations with your question, I am sure you will have a response within 24 hours.
Really? cannot find any of these credentials.....where should I look for verification? In Santa Barbara? T/T
http://www.tvipacific.com/Investors/news/News-Release-Details/2011/TVI-Pacific-Provides-First-Quarter-2011-Financial-and-Operational-Results1125291/default.aspx
Good Morning
Attached is our Q1 results release and the corresponding MD&A. As most of you are aware, the second shipment did not depart until after March 31 due to timing of the vessel. We did however, receive more than 90% of the cash for that cargo but unfortunately we cannot recognize it as “revenue” as the concentrate did not load so the total cash received in Q1 is not reflected in gross revenue, net revenue or net earnings for Q1. Please also note the amount of inventory remaining. The next shipment remains on schedule for end of May and we are doing our best to secure another vessel prior to June 30th (if possible). Also worth noting, now that the zinc circuit is up and running, we expect copper concentrate grades produced and shipped will be 24-25% going forward (and in inventory now).
Feel free to write in or call with any questions.
Regards,
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
TVI Pacific Mining in the Philippines
2000, 736-6 Ave SW | Calgary, Alberta, Canada T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
TVI Provides Siennalynn and Near-Mine Tenement Update and Welcomes New Head of Exploration
Last Update: 5/10/2011 8:04:42 AM
CALGARY, ALBERTA, May 10, 2011 (Marketwire via COMTEX) -- TVI Pacific Inc. (TVI)(otcqx:TVIPF) ("TVI" or the "Company") today provides an update on its Siennalynn exploration project; progress at other Near-Mine tenements; and welcomes a new Head of Exploration to its senior management team.
- TVI's Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has concluded its Siennalynn prospect exploration program and, based on the results of the program as described below, has decided to terminate its involvement in the project;
- Progress has been made within the Greater Canatuan Tenement Area ("GCTA") including EXPA 61; and
- TVI welcomes a new Head of Exploration as part of the senior management team.
Siennalynn
On October 7, 2010, TVI announced that TVIRD had acquired the rights to explore, and possibly acquire, a highly prospective copper-zinc-gold (Cu-Zn-Au) property on the Zamboanga Peninsula, Mindanao Island, Philippines. Two agreements covered a total of 2,000 hectares (4,900 acres) both areas being located within MPSA No. 076-97-IX granted to Siennalynn Gold Mining Corp. ("SGMC").
A reinterpretation of previous exploration data on the property from programs conducted by major international mining companies, together with field work conducted by TVIRD, had identified two types of exploration targets: near-surface showings that could potentially provide material for immediate trucking to the Canatuan mill site; and deeper, potential hydrothermal deposits.
Unfortunately, the copper-gold zones did not produce consistent mineralization that was judged to warrant a resource drill out. The mapped and drill-intercepted zones are narrow, steeply dipping and have erratic metal grades, which cannot be consistently related from drill section to drill section.
Since the results of the exploration program have not identified any close-to-surface or significant copper (or precious metals) ore bodies, the venture agreements with Siennalynn Gold Mining Corporation and YZ Summit Mining Corporation have been terminated and the projects returned to the parties.
Greater Canatuan Tenement Area ("GCTA")
The airborne data acquisition has now been completed and the results are being analyzed. Dacon, TVI's partner on the EXPA 61 near-mine tenement, has recently submitted a Certificate of Non-Overlap with nearby ancestral domains to the Mines and Geosciences Bureau in support of the application currently being processed by the government for the Exploration Permit required to begin drilling identified anomalies and prospects.
The Company is also working on perfecting other near-mine tenement applications in order to follow-up additional anomalies identified by the airborne data.
New Head of Exploration
TVI is pleased to welcome Joseph Paul McKibben to its Senior Leadership Team. Paul has over 40 years professional experience in mineral exploration in Eastern Australia (Tasmania, Queensland, New South Wales), South East Asia (Philippines, Indonesia, Malaysia, Thailand, Vietnam) and the Pacific (Fiji, Vanuatu, New Zealand, Papua New Guinea) including more than 36 of those years actively involved in the Philippine exploration industry. He has resided in the Philippines for over 27 years and has field experience in many parts of the Philippine archipelago. Mr. McKibben will head up TVI's exploration team from the Company's Manila office.
His experience largely relates to the search for porphyry copper-gold and epithermal gold in island - arc settings. During the period 1980 - 1992, Paul served as Exploration Manager (Asia-West Pacific) for RGC Exploration Pty. Limited, the exploration subsidiary of the major Australian mining company Renison Goldfields Consolidated Limited ("RGC"). He represented the RGC Group on the Porgera Joint Venture Ore Reserves Committee, which was responsible for ore reserve definition for the successful Porgera Gold Mine development in Papua New Guinea. Since leaving the RGC Group, Paul has practiced as a Consulting Economic Geologist, served as President of a Manila-based contract core drilling company, spent some time working on a nickel laterite development project on Palawan Island, Philippines and 3 years working towards exploration of a copper-gold deposit located on the island of Luzon, Philippines.
He is experienced in the realities of operating in remote, tropical environments in South East Asia and understands the need for cultural sensitivity and close co-ordination with communities and local officials. His exposure to local society and his continuing interest in mining investment facilitation have provided deep familiarity with the legal, social and political issues essential to successful mineral exploration and mine development in the Philippine setting.
Paul was a Trustee of the Philippine Mineral Exploration Association, Inc. ("PMEA") for 10 years and currently serves as PMEA's Executive Director in an honorary capacity. He is a 35-year Member of the Geological Society of the Philippines, up to the present time.
All:
It would be preferable to us if you would take the time to attend the upcoming Annual & Special Meeting however, we realize geographically this isn’t always possible so......TVI is going out to stakeholders for questions that they would like answered at the upcoming Annual & Special Meeting of Shareholders.
As we note on our Website, we encourage dialogue with investors on Facebook and post regularly to Twitter. This is another example of trying to address issues/concerns in an open and transparent way. We welcome your questions. We’ll do our best to reply either during the presentation at the AGM or at the Q&A session at the end. We won’t acknowledge personal attacks or foul language (#fail) whereas, adding to the discussion = #win.
Click here to submit your questions http://bit.ly/iS0jZV
Regards,
Rhonda
Rhonda Bennetto | Exec. Director IR
desk 403.233.6506
mobile 403.389-4633
TVI Pacific Mining in the Philippines
2000, 736-6 Ave SW | Calgary, Alberta, Canada T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
TVI Pacific Inc. Announces Shipment Schedule Update and Zinc Production Startup
04/25/2011
Download this Press Release
CALGARY, ALBERTA--(Marketwire - April 25, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") announced today that copper concentrate shipment 21 is complete and that zinc production has been initiated.
-- The 21st shipment containing 5,143 dry metric tonnes ("dmt") of copper concentrate is complete;
-- Total gross revenue received for the shipment is approximately US$11.4 million;
-- Inventory of 2,900 dmt of copper concentrate remains in storage;
-- Next shipment (#22) is currently scheduled for mid to late May, 2011; and
-- Zinc production has been achieved with the first shipment expected by year-end.
The Company's 21st cargo of copper concentrates was shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement between TVIRD and MRI Trading AG ("MRI"). TVIRD expects to earn gross revenues of US$11.4 million from MRI for the current shipment of 5,143 dmt of copper concentrates.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. Inventory of about 2,900 dmt remains in storage at TVI's Santa Maria Port warehouse and on-site at Canatuan. It is anticipated that shipments of copper concentrate will continue every 6-8 weeks.
The Canatuan mill has also now commenced the production of zinc concentrate, as a result of the zinc commissioning processes carried out over previous months. Initial volumes are modest, but it is anticipated that with effective copper-zinc separation being achieved, zinc concentrate volumes will ramp up so that a first shipment can be made prior to year-end.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the shipping schedule are based on the Company's previous experience with concentrate shipments and discussions carried out to date with MRI. Forward-looking statements respecting the copper content of future concentrate shipments and production from the Zinc Circuit are based upon current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Exec. Dir. Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
Source: TVI Pacific Inc.
TVI Pacific Inc. Provides Operational Update on Alaskan Well
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or "the Company") is pleased to provide an update on the Alaskan North Slope winter 2010/2011 exploration program at North Tarn. Project operator Brooks Range Petroleum Corporation ("BRPC") has advised TVI that operations are winding down on the North Slope as the drilling season comes to a close due to spring break-up.
- North Tarn #1 successfully penetrated the Kuparak oil sandstones
- 20-25 feet of sand thickness is estimated based on cutting samples
- Drilling operations complete for the 2010/11 drilling season
The North Tarn #1 exploration well began drilling on March 13, 2011 to test Brookian and Kuparuk reservoir targets. Minor gas kicks and oil shows occurred in the shallower Brookian target sandstones but were much lower-permeability than expected. Drilling continued to the deeper Kuparuk sandstone target to 6,223 feet measured depth ("MD") having penetrated the Kuparuk sandstones. On penetration of the Kuparuk zone, there were strong mud gas shows with high oil-cut mud and gas flow to surface tanks. A period of well control operations from March 22 until April 2 was required before mud losses and hydrocarbon flows to surface tanks stopped. The open hole was cement plugged on April 8.
The Kuparuk sandstones were not logged because of the well control challenges. Based on sandstone cuttings samples and gas readings, the Kuparuk is estimated to be 20-25 feet thick in North Tarn #1. This is comparable to the thicknesses of the Kuparuk C1 sandstone unit in the nearest Kuparuk River Unit well located 2.4 miles to the east and the #2L-03 exploration well drilled 1.1 miles to the south in 2002. Net pay in the North Tarn #1 well is unknown because of the lack of well logs and test data.
Working interest owners commenced drilling a Tarn #1 replacement well on Monday, April 11 using the existing well surface hole. The well reached objective measured depth of 6,086 feet at the base of the Kalubik formation (the zone above the Kuparuk C sand) on Thursday, April 14 and intermediate 7" casing was set. The rig is presently being demobilized from site. Because of the 2010/2011 winter drilling season closure, the North Tarn well will drill through the Kuparuk formation and be fully tested during the 2011/2012 winter drilling season.
TVI Pacific holds a 20% interest in the well. Cliff James, President and CEO of TVI, commented "We are extremely pleased with the fact that we flowed oil at North Tarn and have identified a potential pay zone in the Kuparuk. The JV partners will further assess the results in the coming months for preparation on further activity in the 2011/12 drilling season at North Tarn".
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
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", "schedule" and similar expressions.
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 received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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 by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting anticipated operations at North Tarn during the 2011/12 winter exploration season in Alaska (including the testing of the North Tarn well) are based upon information obtained during the drilling of the North Tarn #1 well, initial tests from the North Tarn #1 well and the exploration plan developed by the Alaska joint venture participants (which are subject to change). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Exec. Dir. Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
TVI Begins Exploratory Drilling on Its Tamarok Copper-Gold Porphyry Prospect
Date : 04/11/2011 @ 12:07PM
Source : MarketWire
TVI Begins Exploratory Drilling on Its Tamarok Copper-Gold Porphyry Prospect
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), is pleased to announce drilling is underway at its Tamarok copper-gold porphyry prospect.
- The initial drill program consists of 6 to 12 holes, up to 4,000 metres (13,100 feet) total depth, depending on accessibility and initial results.
- The scout drilling program is designed to test subsurface continuity of outcropping porphyry copper-gold mineralization identified by initial exploration work at the Malachite Hill prospect.
- Previous channel sampling at Malachite Hill has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40 grams/tonne ("g/t") gold.
Tamarok is located 60 kilometres (37 miles) north-northeast of TVIRD's Balabag project and 115 kilometers (71 miles) northeast of TVIRD's operating Canatuan mine. It is within the Company's extensive North Zamboanga tenement package.
The Tamarok project is being explored under a 507 hectare (1,253 acre) Mineral Production Sharing Agreement ("MPSA") formally approved by the Secretary of the Department of Energy and Natural Resources of the Philippines. TVIRD has also received Free Prior Informed Consent from the area's indigenous community.
The MPSA at Tamarok allows TVIRD to advance exploration activities including geophysical surveys, systematic detailed geological investigations and drilling. To help identify areas of potential mineralization, and ultimately locate drill targets, the Company has recently conducted an airborne geophysical program over the tenement area.
Click here for property location map
Review of previous exploration work
Significant surface exploration, including geological mapping and rock/channel sampling, has been carried out over the Tamarok area, where a diorite intrusive measuring approximately 9 kilometres (5.6 miles) long and 1.5 to 2.5 kilometres (0.9 to 1.6 miles) wide trending northwest, has been identified that hosts porphyry copper-gold style mineralization. Assay results from channel samples from the mineralized diorite are consistent with, and have extended, the historical results of previous operators. Recent exploration work, including the airborne geophysical program, has also identified a number of new occurrences of interest. The results of the initial exploration work indicate the potential for a sizeable porphyry copper-gold system at Malachite Hill. The current drill program will focus on testing the subsurface continuity of the cupriferous diorite body at Malachite Hill, where channel sampling has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40g/t gold.
Tamarok mineralization description
Mineralization at Tamarok is hosted in an approximately 50 metre (164 foot) exposure of magnetite-biotite-potassic feldspar-silica altered hornblende diorite with a chlorite-clay-sericite overprint. Chalcopyrite and bornite mineralization occurs as minor disseminations and in sheeted quartz veins and stockworks. Strong malachite-azurite-limonite staining is noted. The host diorite might represent a single phase in an apparently multiphase diorite intrusive. Beyond the porphyry copper outcrop at Malachite Hill, alteration in the diorite is predominantly propylitic (chlorite-pyrite-epidote). There are indications of later epithermal overprint, occurring as drussy quartz veinlets and chalcedonic quartz veins along some silicified zones. The diorite body intrudes into the ophiolitic, volcanic and clastic country rocks including possible coeval volcanics. This diorite is unconformably overlain by younger sandstones-siltstones at its SW margin, while a Lower to Middle Miocene limestone (based on paleontological study) overlies this intrusive at its south-eastern end. Younger andesite dikes trending north northwest transect this intrusive body. Northwest trending faults and fractures occur in the area, commonly having left lateral movement.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to the company's exploration projects (Siennalynn, Balabag, Tamarok, etc.). He has prepared and/or supervised the preparation of the scientific or technical information and confirms compliance with NI 43-101 requirements.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
TVI Releases Additional Balabag Gold Project Drill Results and Continues to Proceed Toward a Mine Development Decision
04/05/2011
Download this Press Release (PDF 187 KB)
CALGARY, ALBERTA -- (MARKET WIRE) -- 04/05/11 -- TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on the progress to date at its Balabag gold project.
- The Phase 2 drill program has been successful in its objective of confirming and extending the Balabag mineral resource, with 32 out of 39 holes showing mineralization;
- A decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau as soon as possible; and
- The Internal Feasibility Study(1) remains on track.
"The results of the additional drilling, and the progress we have made on the internal feasibility study, continue to support our belief that a progressive "bootstrap" mine development will be robustly economic on a stand-alone basis" said Cliff James, President & CEO. "The exploration results demonstrate a clear pattern of gold distribution across the property. Drilling will continue as development proceeds."
As of March 31, 2011, 39 holes have been completed in Phase 2 with 32 out of 39 showing mineralization. The exploration portion of the Phase 2 drill program, which was focused on step-out drilling in the down dip mineralized zones, has been successful in its objective of confirming and extending the Balabag mineralization. This component of the program is expected to be completed around mid-year 2011. It is anticipated that the program will also include further infill drilling in the core area of the Tinago vein zone to tighten up the modeled orebody used for production planning as well as resource expansion in all lateral directions.
Based on assay results from the Phase 2 dill program to date (results in the table below), a decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau of the Philippines as soon as possible. This report involves an evaluation of the economics of mining a minimum identified "core" resource and includes capital costs such as infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs.
The starter pit design, plant general layout and a preliminary production and cash flow schedule are near completion for the internal feasibility study(1) using the core ore resource from recent geological interpretation. The mineralogical and metallurgical analyses for process determination and design are on-going at a laboratory in Peterborough, Canada. Environmental and social preparation work continues.
TVI intends to produce an updated NI 43-101 report in the second half of 2011 which will incorporate all drill results to the end of Q2.
(1) The intent of the internal scoping study referred to in this press release is to evaluate the feasibility of a "Bootstrap" or phased operation at Balabag and to make a development decision. An earlier study was completed ("Scoping Study of the Balabag Project" filed August 20, 2008, prepared by Genivar Limited Partnership) which evaluated a full-scale operation. Click here to view.
Phase 2 Drill Program Details
Tinago: 26 completed holes in the Phase 2 program confirmed an extension of the mineralized zone. Six of the holes were not mineralized; however, three of those holes tested the boundaries outside the limits of the system.
Miswi: 5 completed holes (all mineralized)
Lalab: 8 completed holes (1 unmineralized)
Click here to view the Balabag Gold-Silver Project Drill Hole Location Map
Assay results for the Phase 2 drill holes reported up to March 31, 2011, are detailed in the table below using a cut-off of 0.50g/t Au:
----------------------------------------------------------------------------
True
Hole_ID From To Length length g/t Au g/t Ag
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BLDH-10-130 28.40 28.80 0.40 0.39 2.19 43.08
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BLDH-10-130 37.20 41.80 4.60 4.53 2.80 227.97
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BLDH-10-130 42.80 46.70 3.90 3.84 1.44 31.74
----------------------------------------------------------------------------
BLDH-10-130 57.25 57.55 0.30 0.30 4.58 9.46
----------------------------------------------------------------------------
BLDH-10-130 97.90 99.30 1.40 1.38 2.56 5.31
----------------------------------------------------------------------------
BLDH-10-130 107.45 108.15 0.70 0.69 0.93 3.47
----------------------------------------------------------------------------
BLDH-10-130 126.30 128.30 2.00 1.97 0.90 2.15
----------------------------------------------------------------------------
BLDH-10-130 135.00 137.00 2.00 1.97 1.21 10.77
----------------------------------------------------------------------------
BLDH-10-130 149.55 150.00 0.45 0.44 1.06 3.06
----------------------------------------------------------------------------
BLDH-10-131 47.35 53.05 5.70 5.61 2.39 120.23
----------------------------------------------------------------------------
including 52.35 53.05 0.70 0.69 6.41 297.02
----------------------------------------------------------------------------
BLDH-10-131 78.75 96.15 17.40 17.14 2.07 51.52
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including 79.75 81.75 2.00 1.97 5.04 67.09
----------------------------------------------------------------------------
BLDH-10-131 96.45 97.05 0.60 0.59 2.10 108.83
----------------------------------------------------------------------------
BLDH-10-131 98.80 100.80 2.00 1.97 0.51 11.62
----------------------------------------------------------------------------
BLDH-10-131 102.80 104.80 2.00 1.97 0.51 13.06
----------------------------------------------------------------------------
BLDH-10-132 45.60 47.76 2.16 2.13 0.66 14.07
----------------------------------------------------------------------------
BLDH-10-132 54.90 55.70 0.80 0.79 0.68 11.69
----------------------------------------------------------------------------
BLDH-10-133 NSMI
----------------------------------------------------------------------------
BLDH-10-134 2.00 4.00 2.00 1.97 1.19 1.13
----------------------------------------------------------------------------
BLDH-10-134 8.00 10.00 2.00 1.97 1.53 0.25
----------------------------------------------------------------------------
BLDH-10-134 28.00 29.30 1.30 1.28 0.90 13.17
----------------------------------------------------------------------------
BLDH-10-135 41.60 45.30 3.70 3.64 5.21 64.98
----------------------------------------------------------------------------
BLDH-10-135 75.80 76.70 0.90 0.89 2.98 5.37
----------------------------------------------------------------------------
BLDH-10-135 127.15 131.40 4.25 4.19 9.84 70.62
----------------------------------------------------------------------------
including 129.45 131.40 1.95 1.92 19.66 149.37
----------------------------------------------------------------------------
BLDH-10-135 145.75 146.70 0.95 0.94 1.13 2.64
----------------------------------------------------------------------------
BLDH-10-136 95.15 97.15 2.00 1.97 1.20 0.25
----------------------------------------------------------------------------
BLDH-10-136 145.85 151.60 5.75 5.66 1.82 49.48
----------------------------------------------------------------------------
BLDH-10-136 157.60 160.90 3.30 3.25 2.74 18.46
----------------------------------------------------------------------------
including 159.30 160.90 1.60 1.58 4.91 34.98
----------------------------------------------------------------------------
BLDH-10-137 NSMI
----------------------------------------------------------------------------
BLDH-10-138 37.90 39.00 1.10 1.08 1.68 27.69
----------------------------------------------------------------------------
BLDH-10-138 145.20 148.20 3.00 2.96 16.92 1046.66
----------------------------------------------------------------------------
including 146.20 147.20 1.00 0.99 46.80 2846.89
----------------------------------------------------------------------------
BLDH-10-139 0.00 3.00 3.00 2.96 0.53 0.25
----------------------------------------------------------------------------
BLDH-10-139 165.00 170.47 5.47 5.39 7.37 391.31
----------------------------------------------------------------------------
including 166.00 167.00 1.00 0.99 13.84 751.91
----------------------------------------------------------------------------
BLDH-10-139 174.05 174.56 0.51 0.50 8.79 421.28
----------------------------------------------------------------------------
BLDH-10-140 65.40 68.40 3.00 2.96 0.64 12.12
----------------------------------------------------------------------------
BLDH-10-141 48.30 49.15 0.85 0.84 1.95 51.98
----------------------------------------------------------------------------
BLDH-10-142 129.80 132.85 3.05 3.00 3.85 136.65
----------------------------------------------------------------------------
including 129.80 130.85 1.05 1.03 8.00 279.48
----------------------------------------------------------------------------
BLDH-10-142 138.93 140.93 2.00 1.97 0.64 5.75
----------------------------------------------------------------------------
BLDH-10-142 171.75 173.40 1.65 1.63 0.66 134.22
----------------------------------------------------------------------------
BLDH-10-143 NSMI
----------------------------------------------------------------------------
BLDH-10-144 45.85 47.20 1.35 1.33 3.88 37.07
----------------------------------------------------------------------------
BLDH-10-144 60.35 61.10 0.75 0.74 0.56 21.27
----------------------------------------------------------------------------
BLDH-10-145 147.77 148.77 1.00 0.99 1.04 3.98
----------------------------------------------------------------------------
BLDH-10-146 69.05 71.66 2.61 2.57 6.25 129.44
----------------------------------------------------------------------------
BLDH-10-147 92.80 98.12 5.32 5.24 3.26 68.41
----------------------------------------------------------------------------
including 96.12 97.12 1.00 0.99 7.27 88.61
----------------------------------------------------------------------------
BLDH-10-147 127.00 128.00 1.00 0.99 11.06 41.99
----------------------------------------------------------------------------
BLDH-10-147 131.00 134.00 3.00 2.96 3.38 8.49
----------------------------------------------------------------------------
BLDH-10-147 139.60 141.05 1.45 1.43 3.65 83.65
----------------------------------------------------------------------------
BLDH-10-147 145.05 145.41 0.36 0.35 0.57 8.37
----------------------------------------------------------------------------
BLDH-10-147 147.14 150.68 3.54 3.49 1.98 55.32
----------------------------------------------------------------------------
BLDH-10-148 110.85 112.50 1.65 1.62 0.60 10.40
----------------------------------------------------------------------------
BLDH-10-148 116.20 117.00 0.80 0.79 0.58 3.30
----------------------------------------------------------------------------
BLDH-10-149 150.34 154.40 4.06 4.00 7.00 75.81
----------------------------------------------------------------------------
BLDH-10-150 108.05 109.25 1.20 1.18 0.88 2.35
----------------------------------------------------------------------------
BLDH-10-150 115.90 121.45 5.55 5.46 4.67 17.69
----------------------------------------------------------------------------
including 119.95 121.45 1.50 1.48 12.93 54.43
----------------------------------------------------------------------------
BLDH-10-150 149.58 150.55 0.97 0.96 0.78 6.65
----------------------------------------------------------------------------
BLDH-10-150 153.65 155.60 1.95 1.93 0.75 30.81
----------------------------------------------------------------------------
BLDH-10-151 76.65 80.85 4.20 4.16 3.25 138.74
----------------------------------------------------------------------------
BLDH-10-151 112.25 114.15 1.90 1.87 3.55 236.92
----------------------------------------------------------------------------
BLDH-10-151 122.37 126.35 3.98 3.87 4.35 191.89
----------------------------------------------------------------------------
including 124.20 126.35 2.15 2.12 6.99 299.43
----------------------------------------------------------------------------
BLDH-10-152 NSMI
----------------------------------------------------------------------------
BLDH-10-153 56.45 63.80 7.35 7.23 8.83 217.06
----------------------------------------------------------------------------
including 56.45 57.55 1.10 1.08 42.81 900.42
----------------------------------------------------------------------------
including 59.90 61.90 2.00 1.97 7.45 259.06
----------------------------------------------------------------------------
BLDH-11-154 107.00 107.28 0.28 0.28 1.18 3.79
----------------------------------------------------------------------------
BLDH-11-154 108.28 108.80 0.52 0.51 0.51 3.49
----------------------------------------------------------------------------
BLDH-11-155 38.20 39.00 0.80 0.79 2.43 26.48
----------------------------------------------------------------------------
BLDH-11-156 NSMI
----------------------------------------------------------------------------
BLDH-11-157 NSMI
----------------------------------------------------------------------------
BLDH-11-158 NSMI
----------------------------------------------------------------------------
BLDH-11-159 0.00 6.00 6.00 5.91 0.53 23.42
----------------------------------------------------------------------------
BLDH-11-159 41.45 42.15 0.70 0.69 4.75 46.42
----------------------------------------------------------------------------
BLDH-11-161 38.90 47.10 8.20 8.08 10.17 137.12
----------------------------------------------------------------------------
BLDH-11-162 11.85 14.85 3.00 2.96 0.98 3.17
----------------------------------------------------------------------------
BLDH-11-163 10.75 25.70 14.95 14.73 1.91 12.30
----------------------------------------------------------------------------
BLDH-11-163 36.70 39.00 2.30 2.27 0.89 4.50
----------------------------------------------------------------------------
BLDH-11-163 51.00 53.00 2.00 1.97 2.99 16.50
----------------------------------------------------------------------------
Note: Assay results for 6 more drill holes are awaited.
Click here for Phase 1 drill hole results
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information within this press release. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
Quality Assurance and Quality Control:
- Analyses of Balabag drill core samples were completed by TVI's Canatuan mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gram charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V, W, Zn: 0.5 gram Acid Digest ICP-OES analysis.
- Strict QA/QC procedures are implemented in core handling and sampling at Balabag. There are 3 types of QA/QC samples randomly included in a ratio of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold assay values,
-- Duplicates,
-- Blank samples.
- The QA/QC samples are strictly monitored and if the control parameters pertaining to each of the individual QA/QC sample types are not satisfied, the entire batch is re-assayed.
TVI invites you to view the corporate presentation, as presented by Cliff James, at our Investor Day at the OTCQX on March 10, 2011. Please click here to view http://www.tvipacific.com/Investors/Videos/default.aspx
Reminder our 2010 Year-end financial results will be out prior to market Friday.
Some older news
TVI Pacific Inc. Announces Spud of Alaskan Well 03/14/2011
Download this Press Release
CALGARY, ALBERTA--(Marketwire - March 14, 2011) - TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF) ("TVI Pacific"), through its wholly owned subsidiary TG World Energy Corp. ("TG World"), announces that it has spud the North Tarn #1 exploration well located on the North Slope in Alaska, USA. Project operator Brooks Range Petroleum Corporation ("BRPC"), has advised TG World that contracted rig, Nabors' 9ES, spud the North Tarn #1 exploration well on March 13, 2011.
The North Tarn #1 exploration well is located on-shore, approximately two miles west of the Kuparuk River Unit, east of the Miluveach River, on state lease ADL390680. BRPC's contractor, Peak Oilfield Services, has completed construction of a winter ice road and pad system on state-owned lands. The ice road is approximately 4 miles long, beginning at a point west of the Kuparuk River Unit drillsite 2M and traversing west across the tundra to the North Tarn ice pad.
BRPC has indicated that the potential hydrocarbon bearing North Tarn Brookian sands may be reached at approximately 5,000 feet within 20 days and total depth (6,440 feet) of the well will be reached by mid-April. The project joint-venture participants may also drill a sidetrack to the North Tarn #1 well delineating one or both of the targeted Brookian and Kuparuk C sands at an approximate depth of 6,200 feet. A decision to drill a sidetrack will be dependent on the results of the initial North Tarn #1 well.
TVI Pacific holds a 20% interest in the well. Joint venture participants include Alaska Venture Capital Group LLC, Brooks Range Development Corporation, Eni Petroleum US LLC and Ramshorn Investments Inc.
http://www.tvipacific.com/Investors/news/News-Release-Details/2011/TVI-Pacific-Inc-Announces-Spud-of-Alaskan-Well1124492/default.aspx
From the TVI Facebook page
Dear Shareholders:
There have been several questions as to why we did not publish assayed drill results and the reason is that we have numerous drill locations all sending core samples to the lab at the same time. On top of that, the zinc circuit commissioning process and regular mill production are also utilizing the lab to assess the concentrate. Sometimes not all core samples from one particular hole are done at the same time. To that end, we do have assay results but they do not draw a complete enough picture from one particular location to make a public statement as to the grades, percentages or size of the mineralization at this time. As we assay more results (the lab and the drills are working 24/7) we will publish them as they draw a more complete and accurate picture of the prospects.
Wishing everyone a very festive holiday season and a happy new year.
Rhonda
http://www.facebook.com/topic.php?topic=18369&uid=209051015800
Got this email from Rhonda this morning. If this doesn't excite you on what's to come next year, then I'm not sure this is the stock for you because this is all GREAT stuff!! Thank you Rhonda!!
Good Morning
Attached is TVI’s year end operations update. We are very pleased with the progress on several fronts; namely the Zinc Circuit is separating as planned and both Siennalynn and Balabag drill programs are on schedule.
There was an update by Gold Miner Pulse Estimating TVI’s Fair Market Valuation based on Balabag only. Please keep in mind we do not solicit his information but we have confirmed the resource numbers he has used for his calculations. Typically I wouldn’t redistribute it but for those interested in Balabag ‘stand-alone’, it’s an interesting piece.
www.goldminerpulse.com/blogs/tvi-pacific-valuation.php
I wish you all a very merry Christmas, Happy Holidays and a safe, happy and prosperous New Year.
Sincerely,
Rhonda
And here is the PR attachment...
TVI Pacific Provides Operations and Exploration Update[tag]insert-text-here[/tag][tag]insert-text-here[/tag]
12/20/2010
Download this Press Release
CALGARY, ALBERTA--(Marketwire - Dec. 20, 2010) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") through its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on operations and exploration as follows;
-- Canatuan - good progress with the Zinc Circuit commissioning -- Siennalynn - exploration drill program proceeding -- Balabag - scoping study on track, resource definition drilling continues
Zinc Circuit Commissioning
During November and December, good progress has been made on the Zinc Circuit commissioning at Canatuan. Copper-zinc separation has been achieved using the revised reagent regime and the reconfigured process flow sheet discussed in previous press releases. During commissioning, the continuous production of copper concentrates has been achieved to meet shipping requirements. As of the date of this release, loading of the last copper concentrate shipment for the year is underway.
Given the progress in the copper-zinc separation to date, and the ongoing process refinements, it is anticipated that zinc concentrate production could begin in January 2011.
Click here for a schematic of the plant modifications
Siennalynn property
Since October 19, 2010, TVI has had four diamond drills operating on the property completing 1,765 metres to date. Initial results have confirmed the presence of a stockwork zone at the Pinili prospect containing two mineralized breccias bodies: one with significant base metal mineralization.
Pinili prospect: To date, seven diamond drill holes have been completed with an eighth hole in progress. Drilling in one section has identified a large stockwork zone containing appreciable zinc, copper and silver in at least two mineralized breccia bodies, which join together at depth. The strike length of the zone appears to be at least 250 metres and is open both along strike and at depth. Additional drilling on this prospect will test the continuity and intensity of the mineralization in this multi-element breccia system. The mineralized zone, hosted in andesitic volcanics, strikes easterly and dips approximately 75 degrees to the south.
Bailos prospect: Surface mapping and sampling have identified a one-kilometre strike length quartz vein breccia zone at Bailos, some 700 metres south of Pinili. To test for subsurface continuity of the mineralization, TVI has drilled two holes and the breccia zones were intersected in both. The breccia zones intersected to date show copper, gold and silver mineralization
Tatfu and Nanao West prospects: Drilling also continues on the Tatfu and Nanao West prospects.
Assay results for all the prospects are being compiled and analyzed and will be reported at a future date.
Click here to view Siennalynn prospect location map
Balabag gold project
The previously announced internal scoping study is on track and TVI expects to come to a decision regarding a "bootstrap" mine development plan in Q1, 2011 as previously stated. The study involves an evaluation of the economics of mining a minimum identified "core" resource. The study involves scoping capital costs including infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs. Metallurgical testing and social and environmental baseline studies are ongoing.
The Phase 2 drilling program, consisting of 55 new holes, is on schedule with 20 holes drilled to date and two presently drilling. The exploration portion of the program is currently focusing on step-out drilling in the downdip mineralized zones with a view to confirming and extending the Balabag mineral resource. This component of the program is expected to be completed by the end of Q1, 2011. It is intended that the program will also include further infill drilling in the core area of the Tinago vein zone for mine development planning, to be initiated in 2011.
Eight holes have been drilled in the zones downdip of the Tinago vein system. Five of these holes confirmed an extension of the mineralized zone and three tested the boundaries outside the limits of the system.
Phase 2 exploration drilling to date has included six holes at Miswi and seven holes at Lalab, adding to the resource database for these vein sections.
Assay results for all the new Balabag drill holes are being compiled and analyzed and will be reported at a future date.
Airborne Geophysical Survey
A helicopter-supported geophysical survey covering all of TVI's northern tenements in the Zamboanga peninsula is largely complete. As of December 1, 2010, over 6,546 line-kilometres (4,067 line-miles) have been flown acquiring magnetic/radiometric data covering 119,017 hectares (294,096 acres). Processing and interpretation of the data is expected to be completed by early 2011. This high quality data will assist the Company in identifying specific exploration targets for future program planning.
A second helicopter survey over the greater Canatuan area involves the acquisition of a combination of Versatile Time-Domain Electromagnetics (VTEM) and magnetics data. This survey had been delayed because of the unavailability of an appropriate helicopter but is now expected to be flown in early 2011 with processing and interpretation to follow. This data will assist in the location of mineralization in the vicinity of the Canatuan operations with the goal of providing additional mill feed and mine life.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information in this document and confirms compliance with NI 43-101 requirements. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
Link for PR: http://www.tvipacific.com/Investors/news/News-Release-Details/2010/TVI-Pacific-Provides-Operations-and-Exploration-Update1123672/default.aspx
Thank you for the post Chuck, it's great to see they filled this position with someone who is much more qualified than (I believe her name was Queenie), and bringing more knowledge and experience to the table. They are slowly growing a very profound senior leadership team that will guide this ship to success!
CALGARY, ALBERTA, Dec. 17, 2010 (Marketwire) -- TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or "the Company") today announced the appointment of Patrick B. Hanna as Chief Financial Officer of the Company.
Mr. Hanna is a Certified Management Accountant with more than 28 years professional experience in both the mining and oil and gas sectors. Most recently, Mr. Hanna was Director of Financial Excellence for Kazakhmys Copper Corporation, the 10th largest copper producer worldwide. Prior to that, Mr. Hanna represented Glencore International as Vice-President for Project Finance for its lead and zinc facility, Kazzinc, in Kazakhstan, and High River Gold in its gold mining operation in Russia. Mr. Hanna's experience includes 18 years living and working internationally with various other companies including Gulf Canada Resources, Neste Oil and Ernst & Young. Mr. Hanna will be based in the Calgary office.
"I am very pleased that Patrick has joined the TVI team" said Cliff James, President and CEO. "Patrick brings extensive corporate finance and accounting experience to the TVI management team and his wide range of skills will add great value to us during this time of accelerated growth."
There was a $400K order that went through today, the larger investors have certainly taken notice! This is setting up nicely for a slow run to commence in the first quarter next year with so many great things expected.
FYI to anyone...I post here occasionally, however I own the TVIPF version of this stock, so the TVIPF board is where I (and a few others, which will hopefully grow in good time) spend more time at.
Respectfully,
Joseph-
To add to what I said earlier as well, next quarter they begin to travel back to the Asian countries where further 'local' interest will surely come from. It isn't entirely out of question to think that we could be dropped with the surprise that they'll be listed on an exchange out there. And a buyout offer is certainly possible, though I firmly believe that's not the route Cliff envisions the company to go...but if a large enough offer were to ever sit on the table...who knows!
Anyhow, here is their upcoming schedule that I was referring to:
PDAC 2011: International Convention, Trade Show & Investors Exchange
Mining Investment Show
March 6-9, 2011, Toronto, Canada
Metro Toronto Convention Centre - South Building
Connect with us at booth #3050
http://pdac.ca/pdac/conv/index.aspx
View the live Webcast.
View the Press Release ().
View the Related Document ().
March 22, 2011 March 22, 2011
Mines & Money Hong Kong
March 22-25, 2011
Hong Kong Convention & Exhibition Centre, Hong Kong
Connect with us at booth #27
http://www.minesandmoney.com/hongkong/
View the live Webcast.
View the Press Release ().
View the Related Document ().
April 4, 2011 April 4, 2011
Asia Mining Congress
April 4-11, 2011
Marina Bay Sands, Singapore
Connect with us at booth #A23
http://www.terrapinn.com/conference/asia-mining-congress/
Chuck and Cork, I'm right there with ya in line for those .10 cent shares! I'm absolutely baffled at the lack of interest when they're clearly selling at a low ball figure that could double (or even triple!!) any given day over the next few months. Let's not forget what we having coming up in the near future...
Next shipment around 19-25 December (as Chuck pointed out)
An update any day to the Zinc Circuit, which would add millions of extra dollars to each shipment...
An update on the scope study of Balabag gold project, shortly followed by the full 43-101 proving even further gold reserves at Balabag. (And it is my firm belief that the major investors will promptly jump aboard upon the scope study, it's the banks who will demand the full 43-101, and a loan is not the way they're attacking this play...they're going with a bootstrap mine which will begin production much sooner)
An update to Siennalynn project as they're working diligently on the scope study and 43-101 to be released ASAP, which is expected to at least double the current mine life at Canatuan.
An update on the addition of seven of the Company's rigs that will be returned from Kyrgyzstan during Q1, 2011. These rigs will be used on the Siennalynn, Balabag and Tamarok exploration projects. (This will double the number of rigs they have from 7 to 14, and just in time with so many future projects coming to fruition!)
An update that drilling has commenced at Tamarok, which holds the potential to be a HUGE project!
And these are all just the updates we're "expecting" to happen over the next quarter...I believe the company will keep a few tricks up their sleeve as their complete transparency is now somehow hurting them. We shareholders demand transparency, and here we have it, yet now there are shareholders who wish for the 'surprise' factor...give me a break! But some surprises we just might have any given day could include an acquisition of further land to expand reserves...or possibly a JV! And as if all this isn't enough, just remember that TVI Pacific has a strong team of professionals whom are working overtime to not only promote the stock, but meet the goals set forth as they've diligently done so many times in the past!!
Nineteenth Shipment Expected 19-25Dec 2010.
Nice to see that we should be on track to get that one last shipment in before the EOY...and then it's off to the races in 2011!
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TVI Pacific Website Google Chart
Description:
TVI Pacific Inc. is a copper producer focused on the development, exploration and acquisition of precious and base metal mining projects in the Philippines. TVI plans to fast-track extension/expansion opportunities in proximity to the Canatuan Mine, accelerate development at the Balabag gold property and expedite exploration at the Tamarok copper-gold prospect. TVI also plans to continue exploration activities on its 1,240 km2 tenement package on the Zamboanga Peninsula that has the potential to host significant porphyry copper-gold, massive sulphide and epithermal gold deposits. In addition, the Company is evaluating value-enhancing joint venture or acquisition opportunities that will provide additional revenue streams. They are currently listed on the OTCQX exchange.
Our four-part growth strategy is to:
The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD").
* Current production
o 140 tpd Cu concentrates
o 2,230 tpd throughput
* Off-take agreement with MRI Trading AG for the duration of the mine life
* Mine life extension potential on surrounding tenements
Earnings:
TVI Pacific Year End Results Reinforce Solid Financial and Operational Performance Link for EOY report
Key Financial Achievements for the Years Ended December 31, 2009 and 2008
- Increase in net revenue to $67,103,108 from $5,972,764
- Increase in operating cash flow to $21,661,992 from a deficit of $13,506,114
- Increase in net income to $18,322,345 from a net loss of $12,714,279
- 2009 production cash cost of $0.61 per copper equivalent pound
2010 Q-1 Report Highlights: Link to report Gross Revenue (in US$)
Shipment Number Shipment Completion Date Shipped (dry metric tonnes) Copper Gold Silver Total
11 January 27, 2010 5,076 6,899,834 637,991 742,416 8,280,241
12 March 4, 2010 5,224 6,932,265 787,759 1,237,238 8,957,262
13 March 20, 2010 5,214 6,931,765 882,179 1,161,632 8,975,576
T O T A L 15,514 20,763,864 2,307,929 3,141,286 26,213,079
Subsequent to the period and up to the date of this document, the Company completed the following additional shipments:
14 May 5, 2010 5,285 7,524,266 831,493 754,471 9,110,230
2010 Q-2 Report Highlights: Link to report Gross Revenue (in US$)
Shipment Number Shipment Completion Date Shipped (dry metric tonnes) Copper Gold Silver Total
11 January 27, 2010 5,076 6,899,834 637,991 742,416 8,280,241
12 March 4, 2010 5,224 7,015,147 778,392 1,444,089 9,237,628
13 March 20, 2010 5,214 6,941,327 911,393 1,274,188 9,126,908
14 May 5, 2010 5,285 7,433,147 922,340 783,279 9,138,766
15 June 22, 2010 5,248 6,048,503 651,715 511,842 7,212,060
T O T A L 26,047 34,337,958 3,901,831 4,755,814 42,995,603
Subsequent to the period and up to the date of this document, the Company completed the following additional shipments:
16 August 7, 2010 5,238 6,509,333 658,125 587,016 7,754,474
2010 Q-3 Report Highlights: Link to report
Shipment Number Shipment Completion Date Shipped (dry metric tonnes) Copper Gold Silver Total
11 January 27, 2010 5,076 6,899,834 637,991 742,416 8,280,241
12 March 4, 2010 5,224 7,015,147 778,392 1,444,089 9,237,628
13 March 20, 2010 5,214 6,941,327 911,393 1,274,188 9,126,908
14 May 5, 2010 5,285 7,433,147 922,340 783,279 9,138,766
15 June 22, 2010 5,248 6,048,503 651,715 511,842 7,212,060
16 August 7, 2010 5,238 6,509,333 658,125 587,016 7,754,474
17 September 24, 2010 5,290 6,727,478 659,519 805,169 8,192,166
T O T A L 36,575 47,578,771 5,182,051 6,276,885 59,037,707
Subsequent to the period and up to the date of this document, the Company completed the following additional shipment:
18 November 6, 2010 5,375 7,163,709 832,780 921,408 8,917,897
Quick Facts:
- Outstanding shares: 487,950,000 (TSE:TVI / OTCQX:TVIPF)
- Market cap: $63,427,000 <-- Revenue from 2009 alone was $67 million!! And nearly $70 million in revenue expected for 2010. How does that sound for being undervalued!?
- 52 week range: 0.06 – 0.14
* TVI has an extremely informative website and a very responsive IR department, including a Facebook page in which Rhonda Bennetto quickly responds to investors’ questions.
The Current Presentations being shown to the funds....you MUST check these slides out!!!
LINK FOR NOVEMBER 2010 PRESENTATION.
Shipping Schedule:
September 24, 2010 Seventeenth Shipment Completed
November 6, 2010 Eighteenth Shipment Completed
December 19-25, 2010 Nineteenth Shipment Expected
It is anticipated that future concentrate shipments of approximately 5,000 dmt each will occur every six weeks depending on ship availability and marketing arrangements.
The current mine that is producing the shipments every six weeks, and bringing in approximately $8MM each shipment, is the Canatuan Mine...
Canatuan Mine:
The Canatuan Mine is a polymetallic mine located in the province of Zamboanga del Norte on the island of Mindanao in the Philippines. The Canatuan Mine initially produced gold and silver doré from gossan ore, the oxidized cap of a volcanogenic massive sulphide deposit. The gossan ore was mined using open-pit methods and processed through conventional carbon-in-leach and Merrill Crowe circuits. The underlying primary sulphide portion of the deposit, hosting copper and zinc, was largely exposed during the mining of the gossan deposit.
TVI commenced the construction and development of the Canatuan Sulphide Project in early 2007. The Sulphide Project included the construction of a new plant to produce copper concentrates from the sulphide portion of the deposit, as well as the staged construction of a separate tailings dam. The plant construction was completed on time and under budget and the project began commissioning in mid-November 2008. Commercial production was declared on March 1, 2009, when copper concentrate inventory levels surpassed the 5,000-tonne shipping threshold.
The copper concentrates produced at the Canatuan Mine are shipped to a coastal warehouse facility at Santa Maria Port approximately 30kms away. From the port around 5,000 tonne loads of concentrate are shipped according to a 5-year offtake agreement with MRI Trading AG.
According to 43-101 Technical Report for the Sulphide Resources at the Canatuan Project of TVI Pacific Inc. prepared by P.J. Lafleur Geo-Conseil Inc. and filed on SEDAR on April 7, 2008, the Canatuan Mine’s initial mineral reserves are estimated to be 3.0 million tonnes @ 1.35% copper, 1.05% zinc, 0.75 grams/tonne gold and 36 grams/tonne silver.
They've been having a bit of a rough time getting their zinc circuit into full production, but in production it will be! Here is the latest guidance on that...
Zinc Circuit Timeline:
This was a key acquisition the company was able to pull off, and is now simply known as the Siennalynn Project…
The Siennalynn Project is a Copper-Zinc-Gold property that covers a total of 2,000 hectares (4,900 acres) on the Zamboanga Peninsula of Mindanao Island, Philippines. Highlights of the property include:
TVIRD has reinterpreted previous exploration data on the property (conducted by major international mining companies) and conducted recent field work. These efforts have identified two types of exploration targets: near- surface showings that could provide material for immediate trucking to the Canatuan mill site and deeper, potentially major hydrothermal deposits. These targets could add additional ore sources and extend and expand our mining operations at Canatuan.
Siennalynn is underlain by volcanic intrusive rocks that contain epithermal and mesothermal auriferous quartz-sulphide veins. These veins have been the target of small-scale gold operators over the past few years. Samples from the small scale mine workings at the Pinili Prospect show grades of up to 3.62% copper, 15.59% zinc and 2.40g/t gold.
Exploration data, including airborne and ground geophysical data that was acquired along with the property, have been re-interpreted by our geologists as well as geophysical consultants. Several immediately drillable prospects; namely, Pinili, Nanao West and Nanao East, lie within a short trucking distance of about 25 kilometres (15.5 miles) of our operating mine at Canatuan. The primary target, the Pinili Prospect, where the small-scale, high-grade copper mining has taken place, is currently being drilled to assess the near-surface mineralization.
So with this, the company has already began to drill and is diligently working towards producing a full 43-101 to ‘prove’ their reserves and essentially extend the mine life.
The second thing to help boost even further mine life extension that the company is doing, is as such…
TVI controls an extensive 352 km2 land package surrounding the Canatuan Mine that the Company refers to as the Greater Canatuan Tenement area. The Canatuan orebody is a volcanogenic massive sulphide orebody and deposits of this type rarely occur in isolation. As such, TVI believes the potential exists for continuing extension developments, or creating “mining camps”, within the Canatuan Tenements. Initial exploration on the properties suggests that the land package includes a 40+ kilometre strike length of the type of mineralization that hosts the Canatuan orebody. Management of TVI believes that it is likely that similar Canatuan-style deposits exist within the area of the Canatuan Tenements. Any mineable ore located in the area could be economically transported to the existing Canatuan plant for processing, which would extend the life-of-mine beyond the current estimate.
In January 2010, the Company established a partnership and strategic alliance with DMCI-CERI (“DMCI”), a subsidiary of DACON Corporation. DMCI already has long standing forestry and agribusiness operations in the area. They currently maintain the roads and provide security services through their established camps. By partnering with DMCI, the costs on the exploration project going forward are expected to be significantly reduced.
In June 2010, the Company and DMCI finalized the initial work program leading to the exploration, development and production of mineral deposits in the Greater Canatuan Tenement Area. The Partners have initiated three main activities under the work program: (a) obtaining Free Prior Informed Consent from the affected indigenous communities in the area; (b) completing an airborne geophysical survey; and (c) completing the application for the Exploration Permit Application. TVI has successfully secured the endorsement of the local council and municipal authorities for the program. Once the Free Prior Informed Consent process is completed, all requirements will have been fulfilled for the issuance of the Exploration Permit. Helicopter-supported geophysical surveys are planned for September 2010.
The Helicopter-supported survey was completed in October and further drilling will soon commence.
So how about other major events for 2011…Well rather then drill their way to prove reserves without making cash, they have already produced a full 43-101 that shows outstanding prospects. They furthermore just completed another round of drilling to ‘prove' minimum 50K oz’s of gold to move forward with a bootstrap mine. This means they will get to making money on Balabag to fund the project themselves rather then having to take out a high cost loan to pay for the project. As they make money they can further develop the mine and continue to drill to prove even further reserves.
The Balabag Gold Project is a near-term development project straddling the provinces of Zamboanga Del Sur and Zamboanga Sibugay on the island of Mindanao in the Philippines. The Balabag property covers an area of approximately 52 km2 and is situated approximately 75 kilometres east-northeast of the Canatuan Mine.
In 2008, TVI commissioned Genivar Limited Partnership, an independent mining engineering consulting company, to conduct a scoping study on the Balabag property. The purpose of the scoping study was to assess the mining potential of a stand-alone commercial scale mining operation centred on the currently delineated Balabag deposit and to provide an order of magnitude of its economic potential.
TVI has initiated an internal scoping study for "Bootstrap" mine development and is expanding the drilling program at the Balabag epithermal gold project:
The Company intends to accelerate the environmental and social baseline studies required to provide program and cost data for the scoping study and is preparing for subsequent regulatory approval applications. A substantial amount of work has already been done in this regard.
Taking a look at the map above, you will see the pre-2010 drill results, which has documentation to support…
And then you see the 2010 results. The Scoping study report is due out around Q-1 next year with the full 43-101 to come mid 2011.
It is our assumption the further drilling to commence, is to also assist with the placement of the bootstrap mine they’re going to put up.
If all this isn't enough, then take a look at what they have in store 2-3 years down the road called Tamarok....this project is going to be HUGE!!!
TVI Pacific is severely undervalued and deserves a look. Do your D/D and you will learn the story this company has to share that will soon become revealed by many others at a much higher price.
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