TVI Pacific gets go signal for Zambo mine

MANILA, Philippines - Canadian miner TVI Pacific Inc. disclosed over the weekend that it has obtained the consent of the provincial government of Zamboanga del Sur to operate its gold-silver project in Sitio Balabag.

In a statement, its local arm TVI Resource Development (Phils.) Inc. (TVIRD), said the provincial council of Zamboanga del Sur has passed a resolution supporting the company’s plan to mine in Sitio Balabag which is located in the town of Bayog.

The company said the Sangguniang Panlalawigan (SP) of Zamboanga del Sur approved resolution No. 2K13-1151 authored by council member Edward Pintac after taking into consideration the company’s copper-zinc operation in Sitio Canatuan in the town of Siocon in Zamboanga del Norte.

TVIRD said council members inspected the company’s Canatuan mine site before approving the resolution.

The company is wrapping up the operations of its Canatuan mine this year but shipments from the mine will still be made until the fourth quarter of the year before it is decommissioned.

It intends to begin operations in Balabag in 2014 from where it expects to produce some 50,000 ounces of gold by next year.

“This development complies with requirements for social acceptance of a mining company’s plans to operate. Save for the DENR’s (Department of Environment and Natural Resources) issuance of an ECC, TVIRD is set and primed to commence operations (of its Balabag project),” said TVIRD spokes- man Kaycee Cristostomo.

TVIRDs holds a mineral production sharing agreement covering 4,779 hect- ares in Balabag.

In the first quarter of 2012, TVI Pacific reported a net loss of $0.6 million compared to a net loss of $2.3 million in the first quarter of 2012.

The net loss incurred during the first three months of 2013 was attributed to the six percent decline in average world copper prices in the first quarter to $3.62 per pound against $3.85 per pound in the same period in 2012.

Also, no zinc concentrate was shipped in the first quarter, while one shipment was made in the same period in 2012.

TVI Pacific Inc. chairman & CEO, Cliff M. James said company earnings are expected to recover in the succeeding quarters as more shipments would be made from its Canatuan mine.

TVI Pacific is focused on the exploration, development and acquisition of resource projects in the Philippines. It produces copper and zinc, concentrates from its Canatuan mine and is pre-developing at its Balabag gold and silver project.