TVI Pacific Inc (TSX:TVI -News, “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. Readers should refer to the cautionary statement that appears at the end of this News Release.
Sulphide Project On Plan
The Co reported that activities are onging and “on plan” in relation to the engineering, development and construction of a copper-zinc flotation plant to process ore from the lower, sulphide portion of the volcanogenic massive sulphide deposit located at Canatuan. TVI is currently seeking further financing for the 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 Co or TVIRD on terms acceptable to them. The sulphide portion of the ore body underlies the oxidised, gossan zone, which has now successfully been mined at the TVIRD Canatuan site.
The hiring of senior technical personnel to oversee the engineering, development and construction of the sulphide plant has been completed. As well, TVIRD has recruited personnel to fill various key senior administrative positions in the operation. The search process for additional operating personel has been initiated with a view to filling key positions at the time operations commence.
Recent construction activity highlights for the Sulphide Project include the following. Note that photographs of Canatuan construction activities may be viewed in the online version of this news release at www.tvipacific.com:
Sulphide Project Construction Progress Update:
-Crushing Plant –
– Completed the mounting of the primary crushing assembly including the vibrating griszly feeder.
– Completed installation and alignment of the apron feeder.
– Completed installation of rebars, forms, supports, and concrete pouring for floor slab (top portion) of feed conveyor tunnel.
– Fabrication of the truck dump and the installation of the secondary crusher and screen are ongoing.
-Grinding Circuit –
– Completed fabrication of wedge plates for primary ball mill sole plates alignment.
– Primary ball mill
–Concrete pouring of floor slab completed.
–Over sising of primary ball mill end flange bolt holes 50% completed. This is part of the critical work of converting the ball mill to a SAG mill.
–Preparation and cleaning of pinion and motor sole plates 65% completed.
–Fabrication of cyclone headers and cyclone launders 50% complete.
-Flotation Area –
– Completed the fabrication of conditioning tanks -ready for painting.
– Fabrication of rebars and form for concrete pad 60% completed.
– Excavation for reagent tanks area concrete pad 80% completed.
– Continued with the clearing of the filter press and concentrate house area.
– Fabrication of concentrate thickener shell using old thickener tank #1 45% completed.
-Assay Laboratory Extension –
– Completed preparation of ground for flooring and piling of hollow blocks for walling.
– Installation of roofing structure 45% completed.
– Finishing of inside walling 65% completed.
-Dam Construction –
– Except for the sand haul (for dam filter requirement), the project continued to be ahead of schedule. Management of the Co believes that there is a sufficient stockpile of sand to continue the pace of work.
–Total dam material placement totaled 45,700 cubic metres versus plan of 25,900 cubic metres.
–Sand haul during the week of July 21, 2008 was affected by rains and was 784 cubic metres compared to plan of 2,450 cubic metres.
-Environmental Rehabilitation –
– Developing remedial plans to rehab creeks silted by exceptional rains during the previous months (additional information available on TVIRD’s website at http://www.tviphilippines.com/article.php?id=176).
– Completed construction of lower dam concrete spillway.
– Planted 500 tree seedlings within the mine area and surrounding disturbed areas. TVIRD has planted over 100,000 trees in Canatuan since 2004.
– Rehabilitation of previous mine areas and overburden waste areas within the Lumot Creek watershed are underway. Reconstruction of the backroad access was completed.
-Social Development and Management Programme –
– Five-month intensive community consultation and education communication sessions completed.
– Comprehensive Social Development and Management Programme (“SDMP”) completed for the communities within the Sulphide Project area.
– The SDMP represents TVIRD’s continuing commitment to the sustainable development of the Subanon ancestral domain and its neighbouring communities.
– Additional information available on TVIRD’s website at: http://www.tviphilippines.com/article.php?id=179.
About TVI Pacific Inc. (TSX:TVI -News)
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
TVI Pacific Inc.
(403) 264-7028 (FAX)
July 28, 2008