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TVI Pacific Inc. announces the signing of definitive joint venture agreements with Mindoro Resources Ltd. (and an affiliate) and the acquisition of common shares and share purchase warrants of Mindoro
TSX:TVI  OTCQX:TVIPF CALGARY, Oct. 1, 2012 /CNW/ - TVI Pacific Inc. (" TVI " or th...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n\n\nTSX:TVI  OTCQX:TVIPF\n\n\nCALGARY, Oct. 1, 2012 /CNW/ - TVI Pacific Inc. (\"TVI\" or the \"Corporation\") (TSX: TVI) (OTCQX: TVIPF) announced today that it and TVI Resource\n Development Phils., Inc. (\"TVIRD\") have entered into various joint venture agreements with Mindoro\n Resources Ltd. (\"Mindoro\"), and an affiliate of Mindoro, relating to the Agata and Pan de Azucar\n mining projects in the Philippines.  As well, TVI has acquired voting\n shares (\"Shares\") and share purchase warrants of Mindoro (a TSX Venture Exchange (\"TSXV\") listed issuer (TSXV: MIO) that also has securities listed on the\n Australian Securities Exchange (ASX: MDO)).  The definitive joint\n venture agreements were entered into pursuant to a Heads of Agreement\n (the \"HOA\"), dated July 6, 2012 (as amended), which also contemplated the\n acquisition by TVI of Shares and share purchase warrants of Mindoro. \n Information concerning the various transactions provided for in the HOA\n was disseminated on July 6, 2012 by TVI, in its news release entitled: \n \"TVI Pacific Inc. Announces Joint Venture Opportunities And Equity\n Investment With Mindoro Resources Ltd.\"\n\n\nMr. Clifford M. James, the President and Chief Executive Officer of TVI,\n noted: \"We are very pleased to have entered into various joint venture\n agreements with Mindoro involving the Agata and Pan de Azucar\n projects.  As previously indicated, we believe that those projects lend\n themselves to the type of strategy we have successfully deployed\n elsewhere in the Philippines to undertake mine development at low cost\n and on time. The work we have done to date indicates that the Agata and\n Pan de Azucar projects fit with our acquisition strategy of seeking\n long-life mining projects that have the potential to generate short\n term cash flow.\"\n\n\nJoint Venture Arrangements\n\n\nThe following joint venture agreements between MRL Nickel Philippines,\n Inc. (\"MRL\") (a subsidiary of Mindoro), TVIRD, Minimax Mineral Exploration\n Corporation (\"Minimax\") and TVI were entered into as contemplated by the HOA (as amended):\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n(a)     \n\n\nthe Agata Mining Option and Joint Venture Agreement, under which TVIRD\n has an option to earn a 60% interest in the Agata ...