TVI Pacific Announces Completion And Submittal Of The Declaration
Of Mining Project Feasibility For The Balabag Gold-Silver Project,
Philippines
TSX: TVI OTCQX: TVIPF
CALGARY, June 20, 2013 /CNW/ - TVI Pacific Inc.
(TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced
today that it has completed and
submitted the Declaration of Mining Project Feasibility (DMPF) for
the
Balabag gold-silver project to the Department of Environmental
and
Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB)
for
review and approval. The Balabag gold-silver project is located
approximately 75 kilometres east-northeast of TVI's Canatuan
copper-zinc mine on the Island of Mindanao, Philippines.
The filing of the DMPF represents an important milestone and
follows on
the filing of the Environmental Compliance Certificate (ECC).
The
Environmental Management Bureau (EMB) has previously reviewed
and
endorsed the ECC which is now under final review by the MGB in
preparation for official signatures from the DENR. Both
filings
represent the final documents needed to be approved to allow
the
Company to commence construction of the mine, mill and related
facilities.
"The Balabag Project is 'ready to go', as soon as these documents
get
the final approval of the government," said Mr. Cliff James, Chairman
and CEO of TVI Pacific Inc. "We have the funding in place,
and we have
completed all the technical requirements needed for approval.
Once the
documents are signed, we will be in a position to accelerate
development of the Balabag Project to the benefit of all
stakeholders."
The DMPF is a regulatory requirement including plans, documents
and
other certifications required in order to obtain approval from
the
Philippine Government for the development of Balabag.
An ECC is a certificate issued by the DENR/EMB which certifies
that
based on the application the proposed project will not cause a
significant negative impact on the environment. The ECC
contains
specific measures and conditions that must be met before and during
the
operation of the project. The ECC also certifies that the Company
has
complied with all the requirements of the Environmental Impact
Statement (EIS) System and has committed to implement its
approved
Environmental Management Plan in the
Philippines. The Company's EIS
submission was given a positive recommendation by the EMB in Q1
2013.
The Company announced on March 12,
2013 that it has secured low interest
financing for the development of the project.
About the Balabag Project
The Balabag epithermal gold and silver project is located within an
area
covering approximately 52 square kilometres (20 square miles) and
is
situated approximately 75 kilometres (47 miles) east-northeast of
TVI's
Canatuan mine.
The Balabag NI 43-101 technical report dated June 23, 2012,
and entitled
"NI 43-101 Technical Report on the Balabag Gold
Project, Zamboanga
Province, Philippines" is
available on SEDAR at www.sedar.com and on TVI's website
at www.tvipacific.com. The technical report, which
incorporates results of drilling
completed to the end of June 2011, provides estimates of 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. The Company continues to
conduct
exploration work with the goal of expanding the resource.
Qualified Person
Yulo Perez, Chief Operations Officer
of TVI Resource Development
(Phils.), Inc. (TVIRD), Fellow AusIMM, is the qualified person
under NI
43-101 who has approved the scientific and technical information
in
this news release.
About TVI Pacific Inc.
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 and
Southeast Asia. TVI produces
copper and
zinc concentrates from its Canatuan mine. TVI is a
partner/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.
Forward-Looking Statements: This news release contains certain
forward-looking information (referred to herein as
"forward-looking
statements"). 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. 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.
Those risks
and uncertainties include, but are not limited to, TVI's plans
to
implement the development of its Balabag gold-silver project;
and
certain other risks identified elsewhere in TVI's public
filings,
including, without limitation, those risk factors set forth in
TVI's
Annual Information Form dated March 19,
2013. 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 contained herein are expressly
qualified
by this cautionary statement.
SOURCE TVI Pacific Inc.