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TVI Pacific Announces Completion Of Seventh Shipment Of Copper Concentrates Produced At Canatuan
TVI Pacific Announces Completion Of Seventh Shipment Of Copper Concentrates Produced At Canatuan
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nOct. 2, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 2 /CNW/ -- TVI Pacific Inc. (TSX: \"TVI\" or the \"Company\") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (\"TVIRD\"), has completed its seventh shipment of copper concentrates produced at the Canatuan Mine on September 30, 2009. The concentrates were shipped from the TVIRD warehouse facility, at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG (\"MRI\").TVIRD expects to receive gross revenues of US$6.8 million from MRI for roughly 5,217 dry metric tonnes (\"dmt\") of copper concentrates.This shipment occurred four weeks after the previous shipment, reflecting consistent operating throughput and concentrate production achieved by the mine in September. It is anticipated that future shipments of approximately 5,000 dmt each will occur every four weeks depending on specific shipping and marketing arrangements.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 36,600 dmt of copper concentrate. Of that production, 34,921 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan, exploration and development projects at Canatuan, Balabag and Tamarok and debt service.Operations at the Canatuan mine on Mindanao Island in the southern Philippines have, to date, been unaffected by the tropical storms in the region. Please visit www.tvipacific for regular storm updates.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.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 a...