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.
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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
