Business
TVI Pacific provides first quarter operations and financial update
- Canatuan mine highlights: - Gross revenues of $8.2 million - Net income of $2.4 million, before...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n- Canatuan mine highlights:\n - Gross revenues of $8.2 million\n - Net income of $2.4 million, before amortization and accretion\n expense\n - Average cash cost of US$0.79/Cu lb eq.\n - Two copper concentrate shipments completed to date; 5,351 dmt on\n March 27, 2009 and 3,251 dmt on May 2, 2009; future shipments\n anticipated, each averaging 5,000 dmt, every four to six weeks\n\n\n(TSX: TVI)\n\n\nCALGARY, May 8 /CNW/ - TVI Pacific Inc. ("TVI" or the "Company") today\nreleased first quarter operating statistics for the Canatuan mine in the\nsouthern Philippines, which achieved commercial production on March 1, 2009\nwith gross revenues of $8.2 million. Canatuan is owned by its operating\naffiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"). For the three\nmonth period ended March 31, 2009, the Canatuan mine produced 6,460 dry metric\ntonnes of copper concentrate. On March 27, 2009, TVIRD completed its first\nconcentrate shipment of approximately 5,351 dry metric tonnes ("dmt"), and\nreceived proceeds of US$4.9 million on April 1, 2009, which represented a\nprovisional payment of 90% of the estimated value of the shipment. The\nagreement under which the copper concentrates were sold to a third party\nprovides that final payment for the remaining sale price of the concentrates\nis due once the final details relating to the weight, assays and prices are\ndetermined.\n\n\nIn addition, the Company has filed its unaudited first quarter financial\nstatements and associated management's discussion and analysis with certain\nsecurities regulators in Canada. Copies of these documents are available on\nthe TVI website at www.tvipacific.com and will be available under the\nCompany's profile on the SEDAR website at www.sedar.com.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting anticipated operational\nimprovements at the Canatuan mine in Q2 2009, anticipated exploration\nactivities in the vicinity of the Canatuan mine and at other TVIRD prospects\nin the Philippines, the sources of funds to support exploration activities and\nthe creation and finalization of development and exploration plans for various\nTVIRD prospects in the Philippines.\n\n\n"The three month period ended March 31, 2009 marks the first calendar\...