TVI Pacific Inc. announces that Foyson Resources Limited released results of the first diamond drilling program at Atui Porphyry project, New Britain Island, PNG

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[{"type":"text","content":"\n\n\n\n\n\nTSX:TVI  OTCQX:TVIPF\n\n\nCALGARY, Nov. 27, 2012 /CNW/ - TVI Pacific Inc. (\"TVI\" or the \"Corporation\") (TSX:TVI) (OTCQX:TVIPF) announced today that on November 21, 2012,\n Foyson Resources Limited (\"Foyson\"), in which TVI currently holds a 9.96% equity stake as a result of its\n recently announced investment transaction, released encouraging results\n of the first diamond drilling program and an induced polarisation\n survey at the Atui Porphyry project, within Foyson's EL1642 on New\n Britain Island, PNG. Foyson conducted the underlying work that it\n reported on. The Atui Porphyry project is part of the New Britain Joint\n Venture (\"NB Joint Venture\"), one of two joint ventures between Foyson\n and TVI. The NB Joint Venture was negotiated as part of an investment\n package signed and announced on August 28, 2012, finalization of which\n is subject to certain conditions to be fulfilled and subject to final\n due diligence by TVI. All dollar amounts in this news release are in\n Australian Dollars unless otherwise indicated.\n\n\nFoyson's announcement can be accessed on Foyson's website at http://www.milresources.com/files/FOY_news_1211211.pdf or on the Australian Securities Exchange at http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=foy#headlines\n\n\nMr. Clifford M. James, President and Chief Executive Officer for TVI\n stated: \"As a joint venture partner we are pleased to see these\n encouraging results announced by Foyson.\"\n\n\nThe NB Joint Venture agreement provides that: (i) TVI will commit to a\n minimum expenditure on NB Joint Venture of A$1.25 million in the twelve\n months following the date on which all applicable joint venture\n conditions are satisfied (the \"Stage 1 Farm-in Obligation\"); (ii) TVI\n will refund to Foyson any expenditures incurred by Foyson on the New\n Britain Island tenements since July 1, 2012, provided such expenditure\n has previously been approved by TVI (with such reimbursed amounts being\n creditable against TVI's spending commitments under the applicable\n joint venture agreement); (iii) TVI will earn a 12.5% interest in NB\n Joint Venture as a result of wholly satisfying the Stage 1 Farm-in\n Obligation; and (iv) TVI will have the right to earn a further 42.5%\n interest in NB Joint Venture by spending an additional A$5.25 million\n with...

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