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TVI Pacific Inc. Provides An Update On Its Mindoro Joint Venture Projects

An update to the NI 43-101 report prepared originally for Mindoro, together with a scoping study, are initially planned, to be followed by delivery of a full feasibility study. The feasibility study is underway and expected to be completed by the end of 2013. Pending a positive feasibility study and a decision to proceed, plant construction is expected to commence in 2014 with the commissioning/commercial production of nickel hydroxide product in Q2 of 2015, dependent on obtaining permits in a timely manner, among other things.

Pan de Azucar Pyrite Project

As described in Mindoro's news release of February 8, 2012, the Pan de Azucar pyrite project located on the Island of Panay is a drill-defined exploration target, which comprises a pyrite-rich mineralized horizon of between 10 and 40 metres in thickness and dipping at a shallow 10 to 15 degrees. The mineralized horizon is exposed at the surface. Mindoro reported it has drilled 30 holes into the mineralized horizon, showing a potential quantity of 8 million to 12.7 million dry metric tonnes with a grade range of 35% to 40% sulphur (70% to 90% pyrite). The potential quantity and grade has been determined by averaging the intercepts from the drill assays.  The potential quantity and grade is conceptual in nature, because there has been insufficient exploration to define a mineral resource (including number of holes drilled) and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The Company expects that commercializing the project may involve both the DSO export of pyrite material to China for the production of sulphuric acid and/or the self-production of sulphuric acid at the Agata Ni processing plant site. Currently there are no permits in place for the mining of the pyrite material.

Activities planned or underway for the Pan de Azucar Pyrite Project include:
  • laboratory testing of the pyrite samples as a suitable feed for a sulphuric acid plant
  • additional diamond drilling to delineate resource to NI 43-101 standards
  • preliminary concepts and mining plans
  • confirming markets for products
  • metallurgical test works
  • community relations

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