Business
TVI Pacific completes fourth shipment of copper concentrates from Canatuan Mine
(TSX: TVI) - 4th shipment brings total expected gross revenues to US$21 million - Shipment expect...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n- 4th shipment brings total expected gross revenues to US$21 million\n- Shipment expected to generate initial payment of US$4.48 million\n- 19,124 dmt of copper concentrates shipped from Sulphide operation\n\n\nCALGARY, July 6 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\nannounced today that its Philippine operating affiliate, TVI Resource\nDevelopment (Phils.), Inc. ("TVIRD"), completed its fourth shipment of copper\nconcentrates from the Canatuan Mine on July 2, 2009.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting expected revenues, the intended\nuse of funds generated from the sale of copper concentrates produced at\nCanatuan and the anticipated timing and quantities of future shipments of\ncopper concentrates from Canatuan.\n\n\nIn accordance with the offtake arrangement between TVIRD and MRI Trading\nAG ("MRI"), a shipment of approximately 5,282 dry metric tonnes ("dmt") of\ncopper concentrates was shipped from the TVIRD warehouse facility at Santa\nMaria Port in Siocon, Zamboanga del Norte. TVIRD is owed a partial payment,\namounting to approximately US$4.48 million or 90% of the initial estimated\nvalue of the cargo less applicable deductions, for the copper concentrates\nshipped. Under the offtake agreement, the final payment for the remaining sale\nprice of the concentrates is due once the final details relating to the\nweight, assays and prices are determined. Funds generated from the concentrate\nshipments are intended to be allocated by TVIRD towards working capital and\ndebt service.\n\n\nThe offtake agreement provides that MRI will purchase all of the copper\nconcentrates produced at Canatuan over the anticipated life of the sulphide\noperation. To date, the Canatuan Mine has produced approximately 20,200 dmt of\ncopper concentrate. Of this production, 19,124 dmt have been shipped through\nthe offtake agreement with MRI, generating estimated gross revenues of\napproximately $21 million pending final assay tests and prices.\n\n\nIt is anticipated that future shipments of approximately 5,000 dmt to MRI\nwill occur every four to six weeks depending on specific shipping and\nmarketing arrangements.\n\n\nAbout TVI Pacific Inc. (TSX: TVI)\n--------------------------------...