Business
TVI Pacific's 30.66% owned TVIRD Announces Fifth Drawdown of US $28.5 million Term Loan Facility as its Balabag Gold Project Moves Forward
TVI Pacific's 30.66% owned TVIRD Announces Fifth Drawdown of US $28.5 million Term Loan Fa...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nTVI Pacific's 30.66% owned TVIRD Announces Fifth Drawdown of US $28.5 million Term Loan Facility as its Balabag Gold Project Moves Forward\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 2, 2020\n\n\n\nTSX-V: TVI  OTC Pink: TVIPF\n CALGARY, March 2, 2020 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) (\"TVI\" or \"the Company\") is pleased to announce that TVI Resource Development Phils., Inc. (\"TVIRD\"), a Philippines corporation in which TVI holds a 30.66% interest, has completed its fifth drawdown of US $3 million under the previously announced US $28.5 million 5-year term loan facility (the \"Facility\") provided by China Banking Corporation.  The Facility has been provided specifically to finance construction of infrastructure at the Balabag gold/silver mining project (\"Balabag\") and is expected to be sufficient to enable Balabag to become operational.  The fifth drawdown brings the total drawn to date under the Facility to US $17 million.\n\"With the Balabag project continuing to take shape we are very pleased with the continuing expertise provided by TVIRD as well as the support of its contractors, suppliers and the China Banking Corporation.  Significant progress is being made with respect to construction and we are most anxious to see Balabag become operational,\" said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD.  \nAbout TVI Resource Development Phils., Inc. \nTVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines.  It operates under the highest standards of health and safety practices for its workers and its host community; and is uncompromising in its best-practices approach to environmental protection as well as community development.  TVIRD has a pool of highly competent managers, technical personnel and skilled workers with previous experience in gold-silver operation and owns 100% of the Bala...