TVI Pacific Inc. Completes 38th Shipment of Copper Concentrate
TSX: TVI OTCQX: TVIPF
CALGARY, Dec. 17, 2013 /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 38(th) shipment of copper concentrate produced at the Canatuan mine, on
December 6, 2013.
-- 5,567 dry metric tonnes (dmt) of concentrate were shipped containing 17.02% copper; -- Gross revenue of approximately US $9.9 million expected to be received by TVIRD for the shipment; and -- Inventory of 2,469 dmt of copper concentrate in storage as at the current date.
The 38(th) shipment of 5,567 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 6, 2013.
TVIRD expects to earn gross revenue of approximately US $9.9 million
from MRI for this shipment (pending final assay and price adjustments).
Remaining in inventory as at the current date is approximately 2,469
dmt of copper concentrate.
Based on current average daily mill throughput of approximately 3,200
tonnes per day, and further also to the statement in Management’s
Discussion and Analysis for the nine months ended September 30, 2013,
and as filed on SEDAR on November 12, 2013, that preparations for
closure of the Canatuan operations have begun, open pit mining is
expected to end by December 30, 2013 while mill processing and
concentrate shipments are expected to continue into the first quarter
of 2014 (subject to change to meet shipping commitments).
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the
production, development, exploration and acquisition of resource
projects in the Philippines and Southeast Asia. TVI’s affiliate, TVIRD,
produces copper and zinc concentrates from its Canatuan mine and is
advancing its Balabag Gold-Silver project. TVI is a direct or indirect
participant/operator in several joint venture projects in the
Philippines and Papua New Guinea and also has an interest in an
offshore Philippine oil property.
On December 13, 2013, TVI announced it has completed the initial closing
with Prime Resources Holdings, Inc. (“PRHI”), a wholly owned subsidiary
of Prime Asset Ventures Inc. (“PAVI”), as contemplated by definitive
agreements executed December 11, 2013 and described in a news release
of the same date. The transactions outlined in TVI’s December 11, 2013
news release, and the definitive agreements described in that news
release, contemplates aggregate investments by PRHI of US $22.5 million
and will result in PRHI acquiring an approximate 5% direct equity
interest in TVI and a 68.42% direct equity interest in TVIRD.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
SOURCE TVI Pacific Inc.