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.
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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 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.
