CALGARY, AB, June 23, 2020
/CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF)
("TVI" or "the Company") is pleased to provide a
construction update with respect to the Balabag gold and silver
project ("Balabag"). Balabag is owned 100% by TVI
Resource Development Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a
30.66% interest, and is located in Zamboanga del Sur,
Philippines.
Balabag Gold-Silver Project:
Project development has continued to progress at Balabag and
significant achievements include:
- Ongoing construction of the Processing Plant including:
-
- Ongoing rehabilitation works related to the SAG mill and ball
mills;
- Ongoing fabrication and installation works related to the
primary cyclone, the SAG mill feed spout and the feed chute;
- Ongoing fabrication of the conditioning tank together with
concentrate pumps and tail pumps at the flotation area while
rehabilitation of flotation bank cells is continuing;
- Continuing installation of the concentrate dewatering
thickener;
- Commencement of installation of leached concentrate dewatering
thickener and filter press structure at the Merril Crowe;
- Ongoing installation of the tails dewatering thickener;
- Ongoing installation of Carbon
in Leach (CIL) tanks;
- Continuing installation of the detoxification tanks;
- Continuing piping works to supply water to the Mill Plant;
and,
- Completion of foundation and commencement of walls for the gold
room.
- Ongoing works related to power supply include construction of
the switchgear room and troubleshooting/synchronization testing of
gensets. Two additional new 1MW gensets have now been received at
site and installed together with the 3 previously installed gensets
transferred from Canatuan.;
- Continued clearing and construction of the Tailings Storage
Facility ("TSF");
- Continued mine development and pre-production stripping;
- Ongoing construction of permanent accommodations.
Current project development photos can be found on the Company
website at TVIPacific.com.
"Balabag continues to take shape and we are pleased with the
progress amidst what continues to be logistical challenges for
staff, materials and supplies arising from the ongoing COVID-19
pandemic. Construction at site continues to be ongoing and is
progressing satisfactorily.", said Mr. Cliff James, Chairman and CEO of TVI and
Chairman of TVIRD.
The Qualified Person responsible for the scientific and
technical content of this press release is Mr. Michael James Bue, Bsc. Eng, M.Eng, P.Eng,
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66%
interest, is a diversified mining company that focuses on the
acquisition, exploration, development and production of resource
projects in the Philippines. It operates under the highest
standards of health and safety practices for its workers and its
host community; and is uncompromising in its best-practices
approach to environmental protection as well as community
development. TVIRD has a pool of highly competent managers,
technical personnel and skilled workers with previous experience in
gold-silver operation and owns 100% of the Balabag gold/silver
project in addition to 60% interest in AMVI, a nickel laterite DSO
operation that commenced in October
2014 and in which TVIRD is operator. AMVI has shipped
a total of 14.62 million wet metric tonnes through 269 shipments
through to May 31, 2020.
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 2.95% equity interest in
Integrated Green Energy Solutions Ltd., a publicly listed company
incorporated in Australia with
shares listed on the ASX. Integrated Green Energy Solutions
Ltd. is engaged in the commercialization of technologies to convert
waste plastics to fuel in Australia and internationally. TVI's
other holdings include a 14.4% equity interest in Mindoro Resources
Ltd. and a 100% investment in shares of TG World. As at the
date of this announcement, TVI has 655,537,039 outstanding common
shares and 696,887,039 fully diluted including the currently issued
outstanding options of 41,350,000.
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.
Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date
of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions and that information received from 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 that could cause actual events or outcomes to differ
materially from those anticipated or implied by such
forward-looking statements. These factors include, but
are not limited to, such things as changes in general economic
conditions in the Philippines and
elsewhere; the volatility of prices for certain base and precious
metals and other commodities; commodity supply and demand;
fluctuations in currency and interest rates; an inability to
procure third party approvals in a timely manner or on satisfactory
terms; new laws and regulations (domestic and foreign); 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; TVIRD's overall plans,
budget and strategy (which are all subject to change), and extreme
weather conditions and forces of nature (i.e. typhoons, heavy
rains, earthquakes, and the like) that may disrupt operations and
exploration.
Accordingly, readers should not place undue reliance upon
the forward-looking statements contained in this material change
report and such forward-looking statements should not be
interpreted or regarded as guarantees of future
outcomes.
The Company does not have control over TVIRD nor does it have
any involvement in the management or decisions of TVIRD or control
over financial reporting and internal controls of TVIRD. The
Company relies on the internal controls and financial reporting
controls of TVIRD and their failure to maintain effectiveness or
comply with applicable standards may adversely affect TVI.
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, 2018, which was filed on
SEDAR on April 29, 2019 and is
available under the Company's profile at
www.SEDAR.com.
The forward-looking statements contained in this News Release
are made as of the date hereof and the Company does not undertake
any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable
securities laws in force in Canada. The forward-looking
statements contained herein are expressly qualified by this
cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE TVI Pacific Inc.