TVI Pacific Inc. Completes 33rd Shipment of Copper Concentrate
TSX: TVI OTCQX: TVIPF
CALGARY, Dec. 17, 2012 /CNW/ – 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 33(rd) shipment of copper concentrate produced at the Canatuan mine, on
December 13, 2012.
-- 4,419 dry metric tonnes (dmt) of concentrate was shipped containing 18.01% copper; -- Gross revenue of approximately US$10.0 million is expected to be received for the shipment; and -- Inventory of 389 dmt of copper concentrate is currently in storage.
The 33(rd) shipment of 4,419 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 14,
2012. TVIRD expects to earn gross revenue of approximately US$10.0
million from MRI for this shipment (pending final assay and price
adjustments). Remaining in inventory is approximately 389 dmt of copper
Production remains steady at the Canatuan mine, achieving copper
concentrate grade levels between 17 and 20 percent. TVIRD anticipates
that future shipments of copper concentrate will continue approximately
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 and Southeast Asia. TVI produces copper and
zinc concentrates from its Canatuan mine. TVI also has an interest in
an offshore Philippine oil property and is a partner in several joint
venture projects in the Philippines and Papua New Guinea.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
SOURCE TVI Pacific Inc.