TVI Pacific Inc. Completes 39th Shipment of Copper Concentrate
TSX: TVI OTCQX: TVIPF
CALGARY, Feb. 5, 2014 /CNW/ – TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (“TVI” or “the Company“) announced today that its Philippine operating affiliate, TVI Resource
Development Philippines, Inc. (“TVIRD“), completed its 39(th) shipment of copper concentrate produced at the Canatuan mine, on
January 26, 2014.
-- 4,118 dry metric tonnes (dmt) of concentrate were shipped containing 17.16% copper; -- Gross revenue of approximately US $7.6 million expected to be received by TVIRD for the shipment.
The 39(th) shipment of 4,118 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 January 26, 2014.
TVIRD expects to receive gross revenue of approximately US $7.6 million
from MRI for this shipment (pending final assay and price adjustments).
This is the last copper concentrate shipment from the current mining
operations as ore reserves from the open pit have been exhausted.
Condemnation drilling and exploration work in areas within the tenement
has commenced and is continuing, and may potentially extend mine life.
The implementation of the mine decommissioning plan as stated in
Management’s Discussion and Analysis for the nine months ended
September 30, 2013, and as filed on SEDAR on November 12, 2013 will
proceed only upon completion of these works.
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, has to date produced copper and zinc concentrates from its
Canatuan mine and is advancing its Balabag Gold-Silver project and its
Agata Nickel direct shipping ore (“DSO“) operation. 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.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
SOURCE TVI Pacific Inc.