TSX: TVI OTCQX: TVIPF
CALGARY, Dec. 17, 2013 /CNW/ - TVI Pacific Inc. (News - Market indicators) (OTCQX:TVIPF) ("TVI" or "the Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its 38th shipment of copper concentrate produced at the Canatuan mine, on December 6, 2013.
Highlights:
- 5,567 dry metric tonnes (dmt) of concentrate were shipped containing 17.02% copper;
- Gross revenue of approximately US $9.9 million expected to be received by TVIRD for the shipment; and
- Inventory of 2,469 dmt of copper concentrate in storage as at the current date.
The 38th shipment of 5,567 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 December 6, 2013. TVIRD expects to earn gross revenue of approximately US $9.9 million from MRI for this shipment (pending final assay and price adjustments). Remaining in inventory as at the current date is approximately 2,469 dmt of copper concentrate.
Based on current average daily mill throughput of approximately 3,200 tonnes per day, and further also to the statement in Management's Discussion and Analysis for the nine months ended September 30, 2013, and as filed on SEDAR on November 12, 2013, that preparations for closure of the Canatuan operations have begun, open pit mining is expected to end by December 30, 2013 while mill processing and concentrate shipments are expected to continue into the first quarter of 2014 (subject to change to meet shipping commitments).
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, produces 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.
On December 13, 2013, TVI announced it has completed the initial closing with Prime Resources Holdings, Inc. ("PRHI"), a wholly owned subsidiary of Prime Asset Ventures Inc. ("PAVI"), as contemplated by definitive agreements executed December 11, 2013 and described in a news release of the same date. The transactions outlined in TVI's December 11, 2013 news release, and the definitive agreements described in that news release, contemplates aggregate investments by PRHI of US $22.5 million and will result in PRHI acquiring an approximate 5% direct equity interest in TVI and a 68.42% direct equity interest in TVIRD.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
SOURCE TVI Pacific Inc.
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