Business
TVI Pacific Arranges Loan to Joint Venture Partner and Amends Earn-In Terms
TSX: TVI  OTCQX: TVIPF CALGARY , June 24, 2013 /CNW/ - TVI Pacific Inc. (T...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, June 24, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (\"TVI\" or the \"Company\") announced today it has agreed to loan,\n pursuant to a secured promissory note, up to CAD $1.3 million to joint\n venture partner Mindoro Resources Ltd. (TSXv: MIO; ASX: MDO)\n (\"Mindoro\").  The loan will be used by Mindoro to help fund its\n operations for the next twelve months and to finance an initial\n acquisition payment to Minimax Mineral Exploration Corporation\n (\"Minimax\") for Mindoro to acquire the remaining 25% interest in the\n Agata project.  Mindoro currently holds a 75% interest in the Agata\n project and is negotiating an option to acquire the additional 25% from\n its partner Minimax.  Minimax is a private Philippine company based in\n Makati City, Philippines that provides mineral and precious metal\n exploration and mining services.\n\n\nTVI and Mindoro Resources have signed four joint venture agreements,\n previously announced on October 1, 2012, relating to the Agata and Pan\n de Azucar mining projects located in the Philippines on the Islands of\n Mindanao and Panay, respectively.  The joint ventures present TVI with\n multiple growth opportunities for near-term and medium-term cash flow\n generating potential. Under the agreements TVIRD, TVI's Philippine\n affiliate, has the opportunity to earn up to a 60% interest and will\n act as operator of the projects.  The balance of the interest is held\n by Mindoro and Minimax, from whom Mindoro is negotiating to acquire the\n additional interest that would increase Mindoro's share to 40% in the\n Agata high iron laterite direct shipping operation (DSO), limestone DSO\n operation, and Agata processing operation.\n\n\nAs previously disclosed in February 2013, the Agata Nickel Project is\n being advanced under the following two stage development objective:\n\n\nStage 1: Undertake a feasibility study and permitting for a DSO project,\n leading, subject to economic viability, to commencing a DSO operation\n in late 2013.\n\nStage 2: Advance preferred processing technology to pilot testing,\n followed by a definitive feasibility study by the end of 2013. As\n previously disclosed on June 6, 2013, TVI has commenced pilot-plant\n testing which will further define the technological parameters to be\n used...