August 10, 2009
[TSX: TVI]
TVI PACIFIC COMPLETES FIFTH SHIPMENT OF COPPER CONCENTRATES FROM
CANATUAN MINE
- 5th
shipment brings total expected gross revenues to US$27 million
- Shipment
expected to generate initial payment of US$5.1 million
- 24,441
dmt of copper concentrates shipped from Sulphide operation
TVI Pacific Inc (TSX: TVI or the Company) announced today that its
Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD),
completed its fifth shipment of copper concentrates from the Canatuan Mine on
August 6th, 2009.
Certain statements in this News Release constitute forward-looking
statements, including statements respecting expected revenues, the intended use
of funds generated from the sale of copper concentrates produced at Canatuan
and the anticipated timing and quantities of future shipments of copper
concentrates from Canatuan.
In accordance with the offtake arrangement between TVIRD and MRI
Trading AG (MRI), a shipment of approximately 5,317 dry metric tonnes (dmt) of
copper concentrates was shipped from the TVIRD warehouse facility at Santa
Maria Port in
Siocon, Zamboanga del Norte. TVIRD is to receive a partial payment from
MRI, value dated August 11th, amounting to approximately US$5.1 million or 90%
of the initial estimated value of the cargo less applicable deductions, for the
copper concentrates shipped. Under the offtake agreement, the final
payment for the remaining sale price of the concentrates is due once the final
details relating to the weight, assays and prices are determined. Funds
generated from the concentrate shipments are intended to be allocated by TVIRD
towards working capital and debt service.
The offtake agreement provides that MRI will purchase all of the
copper concentrates produced at Canatuan over the anticipated life of the
sulphide operation. To date, the Canatuan Mine has produced approximately
26,200 dmt of copper concentrate. Of this production, 24,441 dmt have
been shipped through the offtake agreement with MRI, generating estimated gross
revenues of approximately US$27 million pending final assay tests and
prices.
It is anticipated that future shipments of approximately 5,000 dmt
to MRI will occur every four to six weeks depending on specific shipping and
marketing arrangements.
TVIRD received payments of US$325,934 and US$441,097 (net of bank
charges) on July 9, 2009, respectively representing the 10% amounts outstanding
from the second and third shipments of copper concentrates, adjusted for final
assays and prices.
About TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company
focused on exploring for, developing and producing precious and base metals
within district-scale systems in the Philippines.
The Company’s interest in the Canatuan Mine and its other Philippine
assets are held through its affiliate, TVI Resource Development (Phils.)
Inc.
Further Information:
Investor Relations
403-265-4356 or tvi-info@tvipacific.com
2000, 736 6 Avenue S.W. Calgary,
Alberta T2P 3T7 Tel: (403)
265-4356 Fax: (403) 264-7028
Website: http://www.tvipacific.com
E-mail: tvi-info@tvipacific.com