TVI Pacific Announces Twelve month Extension of Service Contract 54A - Sub-Phase 6 Secured

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[{"type":"text","content":"\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, July 8, 2013 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) (TVI or the Company) announced today that Nido Petroleum Philippines\n Pty Ltd, a subsidiary of Nido Petroleum Limited (ASX: NDO), as Operator\n of Service Contract 54A, on behalf of the SC 54A Joint Venture\n Partners, advised that it has secured a twelve (12) month extension of\n Sub-Phase 6 of Service Contract 54A from the Philippines Department of\n Energy. The extension will allow the SC 54A Joint Venture further time\n to complete engineering and field development studies in relation to\n the Nido 1x1 oil project prior to making a decision to enter Sub-Phase\n 7.  TVI owns a 12.5% interest in SC 54A through its wholly-owned\n subsidiary, TG World (BVI) Corporation.\n\n\nThe revised duration of Sub-Phase 6 and Sub-Phase 7 following this 12\n month extension are as follows:\n\n\nSub-Phase\n\n\nMinimum Work and Financial Obligations\n\n\nSub-Phase 6August 5, 2010 - August 4, 2014\n\n\nDrill 1 Exploration Well\nUS $6M (Work Already Completed)\n\n\nSub-Phase 7August 5, 2014 - August 4, 2015\n\n\nDrill 1 Exploration Well\nUS $6M\n\n\n\n\n\nSC 54A Working Interests\n\n\n\n\n\n\nCompany\n\n\nPresent Working Interest\n\n\nNido Petroleum Philippines Pty Ltd\n(Nido, ASX: NDO)\n\n\n42.40%\n(Operator)\n\n\nYilgarn Petroleum Philippines Pty Ltd (Kairiki, ASX: KIK)\n\n\n30.10%\n\n\nTrafigura Ventures III B.V. (Trafigura)\n\n\n15.00%\n\n\nTG World (BVI) Corporation (TG World)\n\n\n12.50%\n\n\nTotal Interest\n\n\n100.00%\n\n\n\n\n\nAbout TVI Pacific Inc. \n\n\nTVI Pacific Inc. is a Canadian resource company focused on the\n production, development, exploration and acquisition of resource\n projects in the Philippines and Southeast Asia. The Company produces\n copper and zinc concentrates from its Canatuan mine and is advancing\n its Balabag Gold-Silver project.  TVI is a participant/operator in\n several joint venture projects in the Philippines and Papua New Guinea\n and also has an interest in an offshore Philippine oil property.\n\n\nThe Toronto Stock Exchange has neither approved nor disapproved of the\n information contained herein. \n\n\n \n\n\n \n\nSOURCE: TVI Pacific Inc.\n\n\n Steven Feldman Vice President, Investor & Corporate Relations TVI Pacific Inc. [email protected] C...

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