Construction Update at TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Project

2020-08-06 / @newswire

CALGARY, AB, Aug. 6, 2020 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the Company") is pleased to provide a construction update with respect to the Balabag gold and silver project ("Balabag"). Balabag is owned 100% by TVI Resource Development Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a 30.66% interest, and is located in Zamboanga del Sur, Philippines.

Balabag Gold-Silver Project:

Project development has continued to progress at Balabag and significant achievements include:

Ongoing construction of the Processing Plant including:

Completion of the crushing area;
Rehabilitation works related to the SAG mill and ball mills;
Fabrication and installation works related to the primary and secondary cyclones and related electrical works for the grinding area;
Piping and electrical works related to the flotation area and continuing installation of the concentrate pumps and tails pumps as well as the rehabilitation of flotation bank cells;
Fabrication and installation of discharge boxes and feed boxes in the concentrate leaching area and related electrical works;
Installation of underflow pumps and piping in the leached concentrate dewatering area as well the leached concentrate dewatering thickener and filter press structure, and commencement of reconditioning works related to the thickener mechanism and the flocculant mixing and dozing assembly;
Installation of the Merrill Crowe package;
Rehabilitation and installation of the intertank screen and related electrical works in the carbon in leach area;
Installation of spillage pumps and piping in the detoxification area;
Completion of repairs to the process water tank and ongoing pipe works from the head tank to grinding area as well as the reconditioning and installation of freshwater pumps to supply water to the Mill Plant; and,
Construction of the gold room.

Completion of testing of power supply gensets and ongoing works related to the switchgear room;
Continued clearing and construction of the Tailings Storage Facility ("TSF");
Continued mine development and pre-production stripping;
Ongoing construction of permanent accommodations as well as the administration building, warehouse, met lab and assay laboratory.

Current project development photos can be found on the Company website at TVIPacific.com.

"We are excited to continue to report ongoing construction progress at Balabag as we watch also positive developments in the global price of gold. We continue to be confident that Balabag will be a significant addition to TVIRD's portfolio of projects and reflect positively also upon TVI Pacific through our continuing direct interest in the project.", said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD.

The Qualified Person responsible for the scientific and technical content of this press release is Mr. Michael James Bue, Bsc. Eng, M.Eng, P.Eng,

About TVI Resource Development Phils., Inc.

TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. It operates under the highest standards of health and safety practices for its workers and its host community; and is uncompromising in its best-practices approach to environmental protection as well as community development. TVIRD has a pool of highly competent managers, technical personnel and skilled workers with previous experience in gold-silver operation and owns 100% of the Balabag gold/silver project in addition to 60% interest in AMVI, a nickel laterite DSO operation that commenced in October 2014 and in which TVIRD is operator. AMVI has shipped a total of 14.85 million wet metric tonnes through 273 shipments through to June 30, 2020.

About TVI Pacific Inc.

TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in the Asia Pacific region. TVI currently holds a 30.66% equity interest in TVIRD and a 2.95% equity interest in Integrated Green Energy Solutions Ltd., a publicly listed company incorporated in Australia with shares listed on the ASX. Integrated Green Energy Solutions Ltd. is engaged in the commercialization of technologies to convert waste plastics to fuel in Australia and internationally. TVI's other holdings include a 14.4% equity interest in Mindoro Resources Ltd. and a 100% investment in shares of TG World. As at the date of this announcement, TVI has 655,537,039 outstanding common shares and 696,887,039 fully diluted including the currently issued outstanding options of 41,350,000.

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

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", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, 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.

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 supplied by third parties. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from 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 that could cause actual events or 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 changes in general economic conditions in the Philippines and elsewhere; the volatility of prices for certain base and precious metals and other commodities; commodity supply and demand; fluctuations in currency and interest rates; an inability to procure third party approvals in a timely manner or on satisfactory terms; new laws and regulations (domestic and foreign); inherent risks associated with the exploration and development of mining properties; ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; TVIRD's overall plans, budget and strategy (which are all subject to change), and extreme weather conditions and forces of nature (i.e. typhoons, heavy rains, earthquakes, and the like) that may disrupt operations and exploration.

Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this material change report and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.

The Company does not have control over TVIRD nor does it have any involvement in the management or decisions of TVIRD or control over financial reporting and internal controls of TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and their failure to maintain effectiveness or comply with applicable standards may adversely affect TVI.

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, 2019, which was filed on SEDAR on July 2, 2020 and is available under the Company's profile at www.SEDAR.com.

The forward-looking statements contained in this News Release are made as of the date hereof and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE TVI Pacific Inc.

View original content: http://www.newswire.ca/en/releases/archive/August2020/06/c6627.html