TVI Pacific Inc. Completes 25th Shipment of Copper Concentrate
November 23 2011 - 6:00AM
Marketwired
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 25th
shipment of copper concentrate produced at the Canatuan mine on
November 18, 2011.
- 4,699 dry metric tonnes (dmt) of concentrate was shipped
containing 23.2% copper;
- Gross revenue of US$12.0 million will be received for the
shipment; and
- Inventory of 1,762 dmt of copper concentrate is currently in
storage.
The Company's 25th shipment of 4,699 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 November 18, 2011. TVIRD expects to earn gross
revenue of approximately US$12.0 million from MRI for this shipment
(pending final assay and price adjustments). Approximately 1,762
dmt of copper concentrate remains in inventory.
Copper production remains steady at the Canatuan mine, achieving
copper concentrate grade levels between 23 and 25 percent. It is
anticipated that a shipment of zinc and copper concentrates will be
completed prior to year end.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company that is
focused on the production, development, exploration and acquisition
of resource projects in the Philippines. TVI produces copper and
zinc concentrates from its Canatuan mine, is pre-developing its
Balabag gold and silver project, and is carrying out exploration
programs on its other North Zamboanga tenements. TVI also has an
interest in an offshore Philippine oil property.
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IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute
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", "schedule"
and similar expressions. 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 the Company 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; inherent risks
associated with the exploration of oil and gas 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); 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.
Forward-looking statements respecting the copper concentrate
shipping schedule are based on the Company's previous experience
with concentrate shipments, current mining and processing
activities, current and previous mineral reserve and resource
estimates, discussions to date with the off-take partner,
efficiency and effectiveness of the sulphide plant, and the
Company's overall plans, budget and strategy for Canatuan (which
are all subject to change).
The forward-looking statements of the Company contained in this
news release are expressly qualified, in their entirety, by this
cautionary statement. Various risks to which TVI and its affiliates
are exposed in the conduct of their business are described in
detail in the Company's Annual Information Form for the year ended
December 31, 2010, which was filed on SEDAR on March 30, 2011, and
is available 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, except as required
by law.
The Toronto Stock Exchange has neither approved nor disapproved
of the information contained herein.
Contacts: TVI Pacific Inc. Rhonda Bennetto Vice President,
Investor & Corporate Relations
403.265.4356rhonda.bennetto@tvipacific.com TVI Pacific Inc. Ian
McColl Investor Relations Analyst
403.265.4356ian.mccoll@tvipacific.comwww.tvipacific.com
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