TSX: TVI OTCQX: TVIPF
CALGARY,
Oct. 2, 2012 /CNW/ - 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 31st shipment of
copper concentrate produced at the Canatuan mine, on September 29, 2012.
- 5,026 dry metric tonnes (dmt) of concentrate was shipped
containing 18.25% copper;
- Gross revenue of approximately US$10.5 million is expected to be received for
the shipment; and
- Inventory of 1,168 dmt of copper concentrate is currently in
storage.
The 31st shipment of 5,026 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 September 29,
2012. TVIRD expects to earn gross revenue of approximately
US$10.5 million from MRI for this
shipment (pending final assay and price adjustments). Remaining in
inventory is approximately 1,168 dmt of copper concentrate.
Production remains steady at the Canatuan mine, achieving copper
concentrate grade levels between 18 and 25 percent. TVIRD
anticipates that future shipments of copper concentrate will
continue approximately every six to eight weeks.
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.
The Toronto Stock Exchange has neither approved nor
disapproved of the information contained herein.
SOURCE TVI Pacific Inc.