TVI Pacific Announces Completion of Seventeenth Shipment of Copper Concentrates Produced at Canatuan
Sep. 28, 2010 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 09/28/10 -- 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 seventeenth shipment of copper concentrates produced at the Canatuan Mine on September 24, 2010.
-- Gross revenue expected from seventeenth shipment US$8.2 million
-- Gross revenue year to date US$59.0 million
-- Copper concentrates shipped year to date 36,575 dmt
Copper production remains steady at Canatuan and concentrate grade levels have been kept around 20 percent. Current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately six weeks.
The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI"). TVIRD expects to earn gross revenues of US$8.2 million from MRI for 5,290 dry metric tonnes ("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. After the seventeenth shipment, inventory of about 16.3 dmt remained in the Port Sta. Maria warehouse.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publically traded copper producer focused on the production, development, exploration and acquisition of precious and base metal mining deposits in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
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 the volatility of prices for precious metals and base metals; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; ultimate recoverability of mineral reserves; timing, results and costs of exploration and development activities; 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.
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. 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
Executive Director Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
TVI Pacific Inc.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
Source: Marketwire (September 28, 2010 - 7:51 AM EDT)
News by QuoteMedia
www.quotemedia.com
