CALGARY, Sept. 28, 2016 /CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the
Company") announces that TVI Resource Development (Phils.),
Inc. ("TVIRD"), a company in which TVI has a 30.66% equity
interest, has learned through a news conference held on
September 27 by the Philippine
Department of Environment and Natural Resources ("DENR") that Agata
Mining Ventures Incorporated ("AMVI") – a company in which TVIRD
holds a 60% interest and is the operator of the Agata nickel
laterite mine in Northern Mindanao, Philippines – is among 20 mining companies
that have been recommended for suspension following an audit of all
41 metallic mining operations in the country.
Outside of learning of the Agata audit result through the DENR
press conference, AMVI has not yet received a formal letter from
the DENR providing a copy of the full audit results or any order
for suspension. AMVI has been advised that once it receives
the formal letter, it will then have seven days to provide a
response to address any alleged violations found by the audit
team. The DENR Secretary would then render a decision on
whether the operation is suspended or allowed to proceed following
the receipt of the response – the timing of which is uncertain.
Based on a preliminary review of the three alleged violations
that have been cited by the DENR against AMVI as possible cause for
suspension, AMVI is confident that it can successfully demonstrate
full proof of compliance within the seven-day period allowed for a
response. Until it receives a final decision from the DENR
Secretary, AMVI will continue its operations at the Agata mine,
where over 1,660 people are currently employed.
"TVIRD supports the DENR's efforts to ensure that all mining in
the Philippines is carried out to
the highest environmental and social standards as this is something
that we work hard to achieve every day and have been consistently
recognized for by industry regulatory bodies, including the DENR,"
stated Cliff James, Chairman and CEO
of TVI and Chairman of TVIRD. "We are certainly taken aback
by the audit findings and will work closely with the DENR through
AMVI to demonstrate that TVIRD has indeed implemented all necessary
environmental protection measures at Agata to ensure that
operations continue uninterrupted."
AMVI's Agata operation was the first Philippine mining operation
to be awarded the Titanium Award at the Presidential Mineral
Industry and Environmental Awards Ceremony in November 2015 after just one year in operation.
The Titanium Award recognized AMVI for exceptional implementation
of its approved Environment Protection and Enhancement Program,
Social Development and Management Program and its ongoing
Occupational Health and Safety Program.
Postponement of PSE Listing
Due to the uncertain environment in which the Philippine mining
industry has operated since the nationwide audit of metallic mines
was ordered by the DENR Secretary under the new Duterte
Administration that came into power in June, TVIRD has placed all
activities relating to its previously proposed listing on the
Philippine Stock Exchange and Initial Public Offering on
hold. Such activities will resume once the DENR's position on
various mining policies is further clarified.
About TVIRD
TVIRD was incorporated under the laws of the Philippines on January 18, 1994 and was an indirect subsidiary
of TVI until July 2014 when Prime
Resource Holdings Inc., a private Philippine investment entity,
became the controlling shareholder. Following the enactment
of the Philippine Mining Act of 1995, TVIRD was the first
foreign-affiliated resource company to reach the production stage
with the Canatuan project located in the municipality of Siocon,
Zamboanga del Norte, Philippines. At the Canatuan mine, TVIRD
established gold and silver operations from 2004 to 2008 and
transitioned to copper and zinc operations from 2009 until 2014,
during which time TVIRD ranked among the country's top copper and
zinc producers.
TVIRD's track record of exceptional environmental performance at
its Canatuan operations was recognized by numerous environmental
and safety awards at the annual Presidential Mineral Industry
Environmental Awards. Top accolades received between 2010 and 2013
include the Presidential Mineral Industry Environmental Award –
Platinum Award (2012); Titanium Award for Excellence in
Environmental Management (2011); Platinum Achievement Award -
Surface Mining Category (2010); and Titanium Award – Surface Mining
Category (2013).
Since 2014, TVIRD has evolved into a diversified mining company
that focuses on the acquisition, exploration, development and
production of resource projects in the Philippines. Key
projects include the 100% owned Balabag gold-silver project located
in the municipality of Bayog, province of Zamboanga del Sur; and
nickel laterite direct shipping ore operations at the Agata project
located in northern Mindanao.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the
acquisition of resource projects in the Asia Pacific region. TVI currently holds
a 30.66% equity interest in TVIRD and a 27.24% equity interest in
FOY Group Limited, an Australian company in the process of
acquiring and funding the commercialization of plastics to diesel
technology in Australia and
relisting on the Australian Stock Exchange in H2/2016. TVI's
other holdings include a 14.4% equity interest in Mindoro Resources
Ltd.; a 10% interest in the Amazon Bay Iron Sands project in
Papua New Guinea; and a 100%
investment in shares of TG World.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements are
often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "intend", "could", "might", "should", "believe",
"scheduled", "to be", "will be" and similar expressions.
Forward-looking statements in this News Release are based upon the
opinions and expectations of management of the Company as at the
effective date of such statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, 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 by
such forward-looking statements.
Various risks to which the Company is exposed in the conduct
of its business (including mining activities) are described in
detail in the Company's Annual Information Form for the year ended
December 31, 2015, which was filed on
SEDAR on March 24, 2016 and is
available under the Company's profile at
www.SEDAR.com. Subject to applicable securities
laws, the Company does not undertake any obligation to publicly
revise the forward-looking statements included in this News Release
to reflect subsequent events or circumstances.
SOURCE TVI Pacific Inc.