Business
TVI's Philippine Affiliate JV Completes Two Shipments of Nickel Ore and Signs Offtake Agreement for Higher Grade Ore at Agata Project in December 2014
TSX: TVI  OTCQX: TVIPF CALGARY , Jan. 8, 2015 /CNW/ - TVI Pacific Inc. (...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\nTSX: TVI  OTCQX: TVIPF\n\n\n\nCALGARY, Jan. 8, 2015 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (\"TVI\" or \"the Company\") and TVI's Philippine affiliate, TVI Resource Development (Phils.), Inc. (\"TVIRD\"), are pleased to announce that Agata Mining Ventures Inc. (\"AMVI\"), a joint venture company in which TVIRD holds a 60% interest and is the operator, completed two shipments of high-iron/low-nickel direct shipping ore (\"DSO\") for gross proceeds of US$1.34 million during December 2014 from the Agata project located in northern Mindanao, the Philippines.  TVI and TVIRD also announce that AMVI has signed an offtake agreement with Tewoo Hoperay (Singapore) Pte. Ltd. (\"Tewoo\") for two shipments of higher grade saprolite ore and that it has drawn funds from the earlier announced $8 million loan facility extended by China Banking Corporation to help fund the ramp up of the DSO operation and the exploration work underway at the Agata nickel laterite and limestone projects.  \n\n\"We are very pleased that the Agata DSO operation continues to generate revenues and cash flows and that Tewoo continues to be a loyal buyer of both the nickel laterite and saprolite ore,\" stated Clifford James, Chairman and CEO of TVI and Chairman of TVIRD.  \"We are also pleased that AMVI has been able to access substantial funds to ensure the successful ramp up of production and continued resource updates at the Agata project as these developments all serve to further support TVIRD's goal of listing on the Philippine Stock Exchange in 2015 – the achievement of which could substantially enhance value for TVI and its shareholders.\"\n\nDecember 2014 Shipments\n\nDuring December 2014, AMVI completed two shipments (representing the fourth and fifth in the series of shipments that commenced in October 2014) of limonite high-iron/low nickel ore which left the port of Payong-Payong in Agusan del Norte, Mindanao, in accordance with an off-take arrangement with Tewoo.  Details of the shipments are as follows:\n\n\nFourth shipment totalling 55,300 wet metric tonnes (wmt) of ore containing 0.9% nickel and 48.49% completed on December 13, 2014.  AMVI expects to receive gross revenue of US$691,000 for the shipment (pending final assay and price adjustments). \n\nFifth shipment totalling 51,900 wmt of ore contain...