Click here to close now.

SYS-CON MEDIA Authors: Rex Morrow, Datical, Liz McMillan, John Wetherill, Ruxit Blog, Hovhannes Avoyan

News Feed Item

TVI Pacific Inc. Announces Closure of Milling Operations at its Canatuan Mine

  • Various mine life extension and expansion opportunities are being assessed which could result in resumption of milling operations

TSX: TVI  OTCQX: TVIPF

CALGARY, Jan. 20, 2014 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announced today that TVI Resource Development Philippines, Inc. ("TVIRD"), TVI's Philippine operating affiliate, has stopped milling operations at its Canatuan mine after having exhausted its remaining stockpile, pending the results of assessing various mine life extension and expansion opportunities.  It is expected that at least one more shipment of copper concentrate will be scheduled.

The Company is proud to report that:

  • Since completing construction in November 2008 of a sulphide production plant at Canatuan to process the underlying sulphide orebody containing copper and zinc, the Company has completed 38 shipments of copper concentrate for a total volume of 195,660 dmt and 7 shipments of zinc concentrate for a total volume of 30,548 dmt, as compared to an initially anticipated 119,800 dmt of copper concentrate and 6,100 dmt of zinc concentrate.  Reserves mined significantly exceeded initial reserves as a result of additional material found and mined.  This material, consisting of banded sulphides with low-grade chlorite schists, was used in ore blending to optimize mill recoveries and was located both inside and outside the pit shell and not included in the original ore reserves.

  • The copper and zinc operations at the Canatuan mine have provided a 5.9 year mine life as compared to an initially anticipated 5 to 6 year mine life, but actual mill throughput has been much higher than planned.  Actual mill throughput in recent months was increased to approximately 3,500 tonnes per day.

The processing plant will be cleaned but equipment will not be dismantled while the Company continues to assess mine life extension and expansion opportunities, including the possible processing of mineralized waste dump material, possible new discoveries from exploration drill targets outside of the pit area, possible production of pyrite concentrates, re-processing of tails and exploitation of possible economic deposits from outside the current MPSA (Malusok and SE Malusok). TVIRD is continuing to seek regulatory approval for expansion of the current MPSA to include these deposits.

Continuing Projects

On April 10, 2013 TVI filed an updated National Instrument 43-101 (NI 43-101) technical report entitled "Independent Report on the Nickel Laterite Resource - Agata North, Philippines." The updated NI 43-101 reflects an updated and reclassified resource estimate for the Agata North nickel laterite resource. The new resource provides a robust foundation for moving forward, initially, with a direct shipping ore ("DSO") operation of high-iron limonite (upper laterite horizon), followed by atmospheric leach processing of the underlying saprolite horizon.

Highlights of the updated NI 43-101 include:

  • An increase in measured and indicated resources to 33.9 million dry metric tonnes at 1.1% nickel as compared to the previous 31.8 million dry metric tonnes at 1.05% nickel;
  • Inferred resources are 2.0 million dry metric tonnes at 1.04% nickel;
  • Estimated contained nickel is 391 thousand tonnes.

At a cut-off grade of 44% iron, there are an estimated 7.0 million dry metric tonnes or approximately 10 million wet metric tonnes at 48.5% iron and 0.94% nickel - a DSO product grade currently much in demand in China.  The joint venture is fast-tracking DSO development and is well into the permitting stage with the Environmental Protection and Enhancement Program and the Final Mine Rehabilitation and Decommissioning Plan under review by the Mine Rehabilitation Fund Committee.  TVIRD continues to wait final approval of the Declaration of Mining Project Feasibility ("DMPF"), which will allow the project to move into development. Timing of receipt of this permit, however, is uncertain. The Agata high iron DSO project already has an existing Environmental Compliance Certificate ("ECC").

TVIRD has an option to earn a 60% interest in the Agata Mining Joint Venture upon commencement of commercial production subject to (i) TVIRD having expended a minimum of $2 million within 12 months of the date of the Agata Mining Option and Joint Venture Agreement ("AMVI Agreement"), and (ii) commercial production at Agata having commenced within 3 years of the date of the AMVI Agreement. Under the AMVI Agreement, TVIRD is required to fund all expenditures associated with the establishment of the Mining Operation.

An independent NI 43-101 technical report relating to the Balabag Gold-Silver project has been completed and filed on SEDAR (www.sedar.com) on August 15, 2012. Based on drilling completed to the end of June 2011, the independent qualified person estimates 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. Readers are cautioned that such estimates remain conceptual in nature and mineral resources that are not mineral reserves do not have demonstrated economic viability.

In October 2013, the Company received the ECC for the Balabag Project, marking a critical milestone towards the start of development which may commence once approval is received of the DMPF by the Philippines Mines and Geosciences Bureau ("MGB") of the Department of the Environment and Natural Resources ("DENR"). All required documents have been submitted to the MGB. Timing as to the issuance of this required permit continues to be uncertain.

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.  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.

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information (referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws.  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.  In particular, this news release includes forward-looking statements respecting possible mine life extension and expansion opportunities at the Company's Canatuan operations, and estimated mineral resources and development plans for both the Agata North and Balabag Gold-silver projects.  Forward-looking statements relating specifically to Canatuan include, but are not limited to, the possible processing of mineralized waste dump material, possible new discoveries from exploration drill targets outside of the pit area, possible production of pyrite concentrates, re-processing of tails and exploitation of possible economic deposits from outside the current MPSA (Malusok and SE Malusok) and continuing to seek regulatory approval for expansion.  Forward-looking statements relating specifically to the Agata North project include, but are not limited to, commencing development of the infrastructure for the Agata North DSO Project plans to commence direct shipping of high iron limonite ore to China, and other statements that are not historical facts. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties.

Although TVI believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; availability of financial resources or third-party financing; new laws (domestic or foreign) and the provision of all required permits; changes in administrative practices; changes in exploration plans or budgets; and availability of personnel and equipment (including mechanical problems). 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 of TVI contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI, its subsidiaries and affiliates are exposed in the conduct of their business are described in detail in the TVI's Annual Information Form for the year ended December 31, 2012, which was filed on SEDAR on March 19, 2013, and is available at www.SEDAR.com.

SOURCE TVI Pacific Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and re...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in San...
Aria Systems, which helps enterprises grow recurring revenue, today announced that its co-founder and inventor of cloud billing Brendan O'Brien, will be a featured speaker at the Cloud Expo, June 9-11 at The Javits Center in New York. Aria also will be demonstrating its Active Monetization platform in Booth #424 on the Expo Floor. O'Brien will lead the following sessions: June 9 - 11:00 am - 11:35 am, Room 1A16 with participants from Constant Contact, MGI Research and ATG Enabling Complex ...
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today DevOps.com will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Launched in 2014, DevOps.com has quickly established itself as an indispensable resource for DevOps education and community building. DevOps.com make it their mission to cover all aspects of DevOps – philosophy, tools, business impact, best practices and more.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
IndependenceIT has been selected by nGenx to power Windows-based DaaS and application delivery on Google Compute Engine to support the delivery of GoldMine Cloud software. For independent software vendors (ISVs) like GoldMine, this expands the theater of operations to increase revenue opportunities while reducing software management and maintenance liabilities. IndependenceIT was selected by application and desktop pioneer, nGenx, to deliver its “Bring Your Own Cloud” strategy to GoldMine and o...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Ulunsoft is a start-up that focuses on how enterprises build cloud-based IT infrastructure for business," explained Haibo Zhu, President of Ulunsoft Corp, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.