Balabag reserves pegged at 1.78-M tons

MANILA, Philippines - Indicated resources at the Balabag Gold project at the Zamboanga peninsula, which is still at the pre-development stage, is currently seen at 1.78 million tons averaging 2.34 grams per ton of gold and 72.3 grams per ton of silver.

In a statement, Canadian miner TVI Paific, which is developing the mine site through its Philippine affiliate TVI Resource Development Phils. Inc. (TVIRD), said that based on the drilling completed in June 2011, the mine site is initially seen to contain 134,262 ounces of gold and 4,148,196 ounces of silver.

“Readers are cautioned that such estimates remain conceptual in nature and mineral resources that are not mineral reserves do not have demonstrated economic viability,” said the company in the statement.

TVI Pacific produces copper and zinc concentrates from its mine in Canatuan, Zamboanga del Norte. It is also pre-developing its Balabag gold and silver project, and is carrying out exploration programs on its other North Zamboanga tenements.

The company recently reported a net income of $2.1 million in the second quarter of 2012 from the mine, a turnaround from the $2.1 million in losses it incurred in the same period last year.

In the first quarter of the year, TVI Pacific recorded a net loss of $2.3 million.

In a financial report , TVI Pacific reported that its gross revenues for the second quarter rose to $26.5 million from $24.1 million in the same period last year.

Sales of concentrates from its Canatuan mine enabled the firm to reap net revenues of $22.6 million, up seven percent from $21.2 million in the same period last year.

The revenue came two shipments of copper concentrate and one shipment of zinc concentrate.