Business
TVI Pacific second quarter: strong cash flow from low-cost production
(TSX: TVI) - Canatuan mine highlights for the three months ended June 30, 2009: - Segmented gross...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\n- Canatuan mine highlights for the three months ended June 30, 2009:\n - Segmented gross revenues of $12.6 million\n - Segmented net income of $4.1 million\n - Average cash cost for production from the Canatuan mine of US\n $0.58/Cu lb eq.\n- Five copper concentrate shipments completed to date brings total\n expected gross revenues to US$27 million\n\n\nCALGARY, Aug. 14 /CNW/ - TVI Pacific Inc. ("TVI" or the "Company") today\nreleased second quarter operating statistics for the Canatuan Mine in the\nsouthern Philippines, which has generated gross revenues of $20.7 million\nsince the initiation of commercial operations (targeting the sulphide zone) on\nMarch 1, 2009. Canatuan is operated by TVI's Philippine affiliate, TVI\nResource Development (Phils.), Inc. ("TVIRD"). All numbers in this News\nRelease are expressed in Canadian dollars unless otherwise indicated. For the\nthree month period ended June 30, 2009, the Canatuan Mine produced 12,229 dry\nmetric tonnes of copper concentrates.\n\n\nThe Company has filed its unaudited second quarter financial statements\nand associated management's discussion and analysis with certain securities\nregulators in Canada. Copies of these documents are available on the TVI\nwebsite at www.tvipacific.com and will be available under the Company's\nprofile on the SEDAR website at www.sedar.com. Financial information relating\nspecifically to the Canatuan Mine is set out in Note 14 ("Segmented\ninformation") of the Company's consolidated interim financial statements. The\nCanatuan Mine is currently the Company's main operating segment and principal\nsource of cash flow.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting anticipated operational\nimprovements at the Canatuan Mine in Q3 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"A number of factors have contributed to the improvements in performance\nthat were achieved at the Canatuan Mine in the most recent quarter", stated\nCliff James, TVI's Pres...