Business
TVI's 30.66% owned TVIRD to Demonstrate Full Compliance in Response to DENR's Audit Findings on Agata; Postpones PSE Listing
TVI's 30.66% owned TVIRD to Demonstrate Full Compliance in Response to DENR's Audit Findin...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nTVI's 30.66% owned TVIRD to Demonstrate Full Compliance in Response to DENR's Audit Findings on Agata; Postpones PSE Listing\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\nTVI's 30.66% owned TVIRD to Demonstrate Full Compliance in Response to DENR's Audit Findings on Agata; Postpones PSE Listing\nCanada NewsWire\nCALGARY, Sept. 28, 2016\n\n\n\n\n\n\n\nCALGARY, Sept. 28, 2016 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) (\"TVI\" or \"the Company\") announces that TVI Resource Development (Phils.), Inc. (\"TVIRD\"), a company in which TVI has a 30.66% equity interest, has learned through a news conference held on September 27 by the Philippine Department of Environment and Natural Resources (\"DENR\") that Agata Mining Ventures Incorporated (\"AMVI\") – a company in which TVIRD holds a 60% interest and is the operator of the Agata nickel laterite mine in Northern Mindanao, Philippines – is among 20 mining companies that have been recommended for suspension following an audit of all 41 metallic mining operations in the country.\n\nOutside of learning of the Agata audit result through the DENR press conference, AMVI has not yet received a formal letter from the DENR providing a copy of the full audit results or any order for suspension.  AMVI has been advised that once it receives the formal letter, it will then have seven days to provide a response to address any alleged violations found by the audit team.  The DENR Secretary would then render a decision on whether the operation is suspended or allowed to proceed following the receipt of the response – the timing of which is uncertain.\n\nBased on a preliminary review of the three alleged violations that have been cited by the DENR against AMVI as possible cause for suspension, AMVI is confident that it can successfully demonstrate full proof of compliance within the seven-day period allowed for a response.  Until it receives a final decision from the DENR Secretary, AMVI will continue its operations at the Agata mine, where over 1,660 people are currently employed.\n\...