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TVI Pacific completes first shipment of copper concentrate from Canatuan Mine
(TSX: TVI) CALGARY, March 30 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company") today announce...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\nCALGARY, March 30 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\ntoday announced that its Philippine affiliate, TVI Resource Development\n(Phils.) Inc. ("TVIRD"), completed the first shipment of copper concentrates\nfrom the Canatuan Mine on March 27, 2009, following the completion of Sulphide\nProject construction on November 15, 2008. This milestone event brings the\ncommissioning phase of operations to a close, with commercial operations\nhaving been declared in early March 2009, when inventory levels reached the\n5,000 tonne threshold.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting cash flows anticipated from future\nproduction of copper at Canatuan and the anticipated timing of future\nshipments of copper concentrates from Canatuan.\n\n\nIn accordance with an offtake arrangement with MRI Trading AG, the first\nshipment of approximately 5,350 dry metric tonnes ("dmt") of copper\nconcentrates left Sta. Maria Port in Siocon, Zamboanga del Norte, destined for\na major Chinese smelter. Under the copper offtake agreement with MRI Trading\nAG an initial payment of approximately US$4.8 million for the cargo is\nexpected to be made to TVIRD within the week. The funds will be allocated to\nworking capital and operating costs in continuing mine operations.\n\n\n"This is a major milestone event for TVI and its stakeholders," stated\nClifford M. James, President and CEO. "TVIRD has successfully overcome many\nobstacles over the last two years, when the Canatuan Sulphide Project was\ninitiated. While challenges in the marketplace still exist, we are confident\nthat the cash flows to be generated by TVIRD's copper concentrate production\nwill enable us to further progress the overall development of the Company."\n\n\nThe shipment logistics were executed with contributions from the TVIRD\nOperations team and the local communities. Two landing craft transport barges\nwere mobilized to the Santa Maria Port facility from another mining operation\nelsewhere on the island of Mindanao. The concentrate was transferred from\nTVIRD's warehouse facility at the port onto the barges, using the "Ro-Ro"\n(roll on-roll off) access built into the pier, which had previously been\nconstru...