TVI PACIFIC INC.
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[TSX: TVI] September 2, 2008 TVI PACIFIC INC. N E W S R E L E A S E SULPHIDE PROJECT UPDATE: TVI PACIFIC PROVIDES UPDATE ON CONSTRUCTION ACTIVITIES FOR CANATUAN SULPHIDE PROJECT TVI Pacific Inc (TSX: “TVI” or the “Company”) today provided an update for the Canatuan Mine, which is located in Southern Philippines and operated by the Company’s affiliate, TVI Resource Development (Phils.) Inc (“TVIRD”). Certain statements in this News Release constitute forward-looking statements, including statements respecting the anticipated timing of commencement of mining and processing activities at the Canatuan Sulphide Project and the anticipated timing of completion or commissioning of various components of the Sulphide Project. Readers should refer to the cautionary statement that appears at the end of this News Release. Plant Commissioning Scheduled The Company reported that activities are well advanced in relation to the construction of a copper-zinc flotation plant to process ore from the lower, sulphide portion of the volcanogenic massive sulphide deposit located at Canatuan. Various sections of the plant, including the crushing and grinding circuits, are scheduled for commissioning as early as the first week of September 2008. This news release should be read in conjunction with the Company’s prior update on the Sulphide Project construction activities, dated July 28, 2008, which is available at www.tvipacific.com . TVI is currently seeking further financing for the Sulphide Project, which is scheduled to commence operations in the fourth quarter of 2008. There can be no assurance that financing will be available to the Company or TVIRD on terms acceptable to them. The sulphide portion of the ore body underlies the oxidized, gossan zone, which has now successfully been mined at the Canatuan site. Recent construction activity highlights for the Sulphide Project include the following: Sulphide Project Construction Progress Update: o Crushing Plant – o o Completed the installation of the crushing assembly. Scheduled for commissioning first week of September. o Completed installation of the crushing circuit conveyors. Fabrication and installation of the ore reclaim tunnel conveying system is on-going, estimated to be completed in mid-September. o o 75% completion of the installation of electrical control panel and Motor Control Centre building. Completed construction of retaining wall at slope near secondary crusher area. o Continued painting works, 70% completed.
Transcript of TVI PACIFIC INC.
[TSX: TVI] September 2, 2008
TVI PACIFIC INC. N E W S R E L E A S E
SULPHIDE PROJECT UPDATE:
TVI PACIFIC PROVIDES UPDATE ON CONSTRUCTION
ACTIVITIES FOR CANATUAN SULPHIDE PROJECT
TVI Pacific Inc (TSX: “TVI” or the “Company”) today provided an update for the Canatuan Mine, which is located in Southern Philippines and operated by the Company’s affiliate, TVI Resource Development (Phils.) Inc (“TVIRD”). Certain statements in this News Release constitute forward-looking statements, including statements respecting the anticipated timing of commencement of mining and processing activities at the Canatuan Sulphide Project and the anticipated timing of completion or commissioning of various components of the Sulphide Project. Readers should refer to the cautionary statement that appears at the end of this News Release. Plant Commissioning Scheduled The Company reported that activities are well advanced in relation to the construction of a copper-zinc flotation plant to process ore from the lower, sulphide portion of the volcanogenic massive sulphide deposit located at Canatuan. Various sections of the plant, including the crushing and grinding circuits, are scheduled for commissioning as early as the first week of September 2008. This news release should be read in conjunction with the Company’s prior update on the Sulphide Project construction activities, dated July 28, 2008, which is available at www.tvipacific.com. TVI is currently seeking further financing for the Sulphide Project, which is scheduled to commence operations in the fourth quarter of 2008. There can be no assurance that financing will be available to the Company or TVIRD on terms acceptable to them. The sulphide portion of the ore body underlies the oxidized, gossan zone, which has now successfully been mined at the Canatuan site. Recent construction activity highlights for the Sulphide Project include the following: Sulphide Project Construction Progress Update: o Crushing Plant –
oo Completed the installation of the crushing assembly.
Scheduled for commissioning first week of September.
o Completed installation of the crushing circuit conveyors. Fabrication and installation of the ore reclaim tunnel conveying system is on-going, estimated to be completed in mid-September.
oo 75% completion of the installation of electrical control panel and Motor Control
Centre building.
Completed construction of retaining wall at slope near secondary crusher area.
o Continued painting works, 70% completed.
Figure 1 - Primary crusher circuit scheduled for commissioning
Figure 2 - Front elevation view of primary crusher and conveyor system.
Figure 3 - Ore reclaim tunnel – installation of ore reclaim chutes and conveyer.
o Grin n
of flooring and working platform at screen and transfer
nstallation of working platform and catwalks at secondary cyclone 25% completed.
Figure 4 –Primary mill - completed mounting of primary mill trunnion bearing assembly.
di g Circuit – o Scheduled for commissioning first week of November. o Completed mounting of the primary mill trunnion bearing assembly. o Construction of primary Mill Motor Control Centre building 40% completed. o Fabrication and installation
box area 80% completed. o Fabrication and i
Flo nks, and
construction of the concrete pad for the froth pumps and conditioner tanks.
o tation Area –
o Completed fabrication and installation of the steel base for the flotation ta
o Fabrication and installation of steel columns for the flotation tanks 60% completed. Shipping arrangements have been finalized for the rougher floatation cells enroute from Vancouver, Canada.
o Fabrication of the cleaner cells in progress. Estimated completion by the first week of September.
Figure 5 - Processing plant overview
Concentrate thickener fabrication in progress using recycled steel from old gold plant.
Foundation and steel support for the flotation cells.
Reagent tanks fabrication in progress using recycled steel.
Completed mounting of the primary mill trunnion bearing assembly.
Concrete top of reclaim tunnel.
o Assay Laboratory Extension –
o Scheduled for commissioning first week of September
Figures 6 and 7 - Furnace Exhaust system – ready for commissioning September 1, 2008
Figure 8 - Fume Scrubber Parts arrived at site, ready for installation
Figure 9 - Newly concreted acid fume hoods
o Dam Construction –
o Total dam material haulage for the most recent week totaled 20,762 cubic metres to stockpile. The activity continued to be focused on the clean-up of the dam abutment and the establishment of the temporary spillway on the opposite abutment.
o Overall, the project continues to be ahead of plan by approximately one month.
Figure 10 – Sulphide dam progress – concreting the temporary spillway on the left side, looking downstream, so backfilling the right side can start.
o Environmental Rehabilitation –
o Planted 2,300 slips of Vetiver grass, 600 slips of this planted on the western side of overburden dump area and 1,700 slips planted near the upper treatment pond.
o Transplanted 1,800 mangium seedlings and followed by germination of mangium seeds. o Rehabilitation work on the Ambaan Road landslide area is continuing. o Soil conditioning using lime was performed at the southwest overburden stockpile to
increase pH levels. o Rehabilitation of the sediment pond located near the tree nursery.
o Social Development and Management Program –
o The Mines and Geo-Sciences Bureau (“MGB”) Regional Office has approved TVI’s Social Development Management Program (“SDMP”) for the next five years.
o The SDMP represents TVIRD’s continuing commitment to the sustainable development of the Subanon ancestral domain and its neighboring communities.
o Additional information available on TVIRD’s website at: http://www.tviphilippines.com/article.php?id=186.
About TVI Pacific Inc. (TSX: TVI) TVI Pacific Inc. is a publicly traded Canadian mining company focused on exploring for 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.) Ltd. Further Information: Investor Relations – 403-265-4356 or [email protected]
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” and similar expressions. 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 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 by such forward-looking statements. These factors include, but are not limited to, such things as the volatility of prices for precious metals and base metals, commodity supply and demand, fluctuations in currency and interest rates, inherent risks associated with the exploration and development of mining properties, ultimate recoverability of mineral reserves, timing, results and costs of exploration and development activities, 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 equipment and availability of personnel. 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 information respecting the timing of commencement of mining and processing activities at the Canatuan Sulphide Project and the anticipated timing of completion or commissioning of various components of the Sulphide Project, is based upon progress made to date on the construction of the Infrastructure required to support mining and processing activities from the Sulphide zone at Canatuan, advice received from third-party contractors with respect to the timing of various components of the construction project, prior experiences of management with construction activities at Canatuan, the current development plan for Canatuan and the Company's current budget and overall strategy for Canatuan, which plans, budget and strategy 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 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, 2007, which was filed on SEDAR on March 27, 2008 and is available under the Company's profile 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.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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: [email protected]
