TVI Pacific Announces Completion And Submittal Of The Declaration Of Mining Project Feasibility For The Balabag Gold-Silver Project, Philippines
TSX: TVI OTCQX: TVIPF
CALGARY, June 20, 2013 /CNW/ – TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (“TVI” or the “Company”) announced today that it has completed and
submitted the Declaration of Mining Project Feasibility (DMPF) for the
Balabag gold-silver project to the Department of Environmental and
Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB) for
review and approval. The Balabag gold-silver project is located
approximately 75 kilometres east-northeast of TVI’s Canatuan
copper-zinc mine on the Island of Mindanao, Philippines.
The filing of the DMPF represents an important milestone and follows on
the filing of the Environmental Compliance Certificate (ECC). The
Environmental Management Bureau (EMB) has previously reviewed and
endorsed the ECC which is now under final review by the MGB in
preparation for official signatures from the DENR. Both filings
represent the final documents needed to be approved to allow the
Company to commence construction of the mine, mill and related
“The Balabag Project is ‘ready to go’, as soon as these documents get
the final approval of the government,” said Mr. Cliff James, Chairman
and CEO of TVI Pacific Inc. “We have the funding in place, and we have
completed all the technical requirements needed for approval. Once the
documents are signed, we will be in a position to accelerate
development of the Balabag Project to the benefit of all stakeholders.”
The DMPF is a regulatory requirement including plans, documents and
other certifications required in order to obtain approval from the
Philippine Government for the development of Balabag.
An ECC is a certificate issued by the DENR/EMB which certifies that
based on the application the proposed project will not cause a
significant negative impact on the environment. The ECC contains
specific measures and conditions that must be met before and during the
operation of the project. The ECC also certifies that the Company has
complied with all the requirements of the Environmental Impact
Statement (EIS) System and has committed to implement its approved
Environmental Management Plan in the Philippines. The Company’s EIS
submission was given a positive recommendation by the EMB in Q1 2013.
The Company announced on March 12, 2013 that it has secured low interest
financing for the development of the project.
About the Balabag Project
The Balabag epithermal gold and silver project is located within an area
covering approximately 52 square kilometres (20 square miles) and is
situated approximately 75 kilometres (47 miles) east-northeast of TVI’s
The Balabag NI 43-101 technical report dated June 23, 2012, and entitled
“NI 43-101 Technical Report on the Balabag Gold Project, Zamboanga
Province, Philippines” is available on SEDAR at www.sedar.com and on TVI’s website at www.tvipacific.com. The technical report, which incorporates results of drilling
completed to the end of June 2011, provides estimates of an indicated
mineral resource of 1.78 million tonnes averaging 2.34 grams per tonne
of gold and 72.3 grams per tonne of silver containing 134,262 ounces of
gold and 4,148,196 ounces of silver. The Company continues to conduct
exploration work with the goal of expanding the resource.
Yulo Perez, Chief Operations Officer of TVI Resource Development
(Phils.), Inc. (TVIRD), Fellow AusIMM, is the qualified person under NI
43-101 who has approved the scientific and technical information in
this news release.
About TVI Pacific Inc.
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 is a partner/operator in
several joint venture projects in the Philippines and Papua New Guinea
and also has an interest in an offshore Philippine oil property.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
Forward-Looking Statements: This news release contains certain
forward-looking information (referred to herein as “forward-looking
statements”). Forward-looking statements are often, but not always,
identified by the use of words such as “anticipate”, “plan”, “intend”,
“estimate”, “scheduled”, “expect”, “may”, “will”, “should”, or similar
words suggesting future activities or outcomes. Forward-looking
statements are subject to certain risks and uncertainties that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. Those risks
and uncertainties include, but are not limited to, TVI’s plans to
implement the development of its Balabag gold-silver project; and
certain other risks identified elsewhere in TVI’s public filings,
including, without limitation, those risk factors set forth in TVI’s
Annual Information Form dated March 19, 2013. 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 contained in this news release are made
as of the date hereof and TVI does not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable Canadian securities law.
The forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE TVI Pacific Inc.