TVI Pacific Inc. completes fifth shipment of zinc concentrate
Wednesday, Jan 02, 2013
CALGARY, Dec. 31, 2012 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (TVI or the Company) announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed its fifth shipment of zinc concentrate produced at the Canatuan mine on December 18, 2012.
-- 4,470 dry metric tonnes (dmt) of zinc concentrate was shipped containing 47.47% zinc
-- Gross revenue of US$3.8 million is expected to be received for the shipment
The Company's fifth shipment of 4,470 dmt of zinc concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG (MRI) on December 19, 2012. TVIRD expects to receive gross revenue of approximately US$3.8 million from MRI for this shipment (pending final assay and price adjustments).
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 17 and 20 percent and zinc concentrate grade levels between 47 and 55 percent. The Company expects zinc concentrate shipments in 2013 to occur every four to six months.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company that is focused on the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia. TVI produces copper and zinc concentrates from its Canatuan mine. TVI also has an interest in an offshore Philippine oil property and is a partner in several joint venture projects in the Philippines and Papua New Guinea.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
SOURCE TVI Pacific Inc.