TVI Pacific Inc. Provides An Update On Its Mindoro Joint Venture Projects
TSX: TVI OTCQX: TVIPFCALGARY, Feb. 11, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") and its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD") are pleased to provide an update on the joint venture projects with Mindoro Resources Ltd. ("Mindoro"). TVI and Mindoro have signed four joint venture agreements, previously announced on October 1, 2012, relating to the Agata and Pan de Azucar mining projects located in the Philippines on the Islands of Mindanao and Panay, respectively. The joint ventures present TVI and Mindoro with multiple growth opportunities for near-term and medium-term cash flow generating potential. Under the agreements TVIRD has the ability to earn up to a 60% interest and will act as operator of the projects. A management committee composed of senior management members of both TVIRD and Mindoro will oversee each of the projects.
- Growth opportunities include:
- a near-term high iron (Fe) laterite direct shipping ore (DSO) operation
- a near-term limestone DSO operation
- a medium-term pyrite material DSO operation
- a medium-term lime production facility
- a medium-term nickel (Ni) processing plant
- Development planning/permits are well-advanced for the high Fe and limestone DSO operations, both with potential to generate near-term cash flow.
- Project Execution/Technology Development team fast-tracking Ni processing plant using low-capex leaching technology.
- Ni processing plant capex is expected to be less than US$100 million; estimated opex approximately US$4 per lb Ni, assuming use of imported sulphuric acid.
- Pan de Azucar pyrite deposit being evaluated for both DSO of pyrite material and production of sulphuric acid for the Agata Ni processing plant to further reduce opex.
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