TVI Pacific Reports Progressing Works by 30.66% owned TVIRD at their Balabag Gold and Silver Project
TVI Pacific Inc. is pleased to provide a construction update with respect to the Balabag gold and silver project ("Balabag"). Balabag is owned 100% by TVI Resource Development Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a 30.66% interest, and is located in Zamboanga del Sur, Philippines.
Balabag Gold-Silver Project :
Project development continues to move forward and includes:
Construction of the Grinding Plant, including installation of the SAG mill and ball mills, and construction of the flotation cells with steel trusses and a newly fabricated conditioning tank.
Continued clearing of the Tailings Storage Facility ("TSF") basin and construction of the cofferdam.
Construction of the permanent camp and office facilities
Installation of Power Supply, including 3 gensets (2MW each) transferred from Canatuan and an additional 2 new gensets (1 MW each) scheduled to arrive to site in April 2020.(Transformers are shown in the picture.)
"We have been successful in utilizing equipment transferred from our Canatuan mine to help minimize and control overall project cost. We are confident of the ability of TVIRD to add yet another successful mine to their portfolio of achievements.", said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD.
Further to the Company's press release of November 22, 2019, in which the Company announced the withdrawal of the scientific and technical disclosure set out in the Technical Report entitled "NI 43-101 Technical Report: Balabag Gold and Silver Project, Balabag, Depore, Zamboanga del Sur, Philippines" and filed on October 18, 2019, the Company wishes to clarify that in making the decision to put Balabag into production, TVIRD, a Philippine corporation that the Company does not control, relied exclusively on technical and economic analysis prepared under Philippine regulations and did not rely on TVI's October 18 report or any feasibility study classifying mineral reserves prepared in accordance with NI 43-101. Historically such projects have a much higher risk of economic and technical failure.
The Qualified Person responsible for the scientific and technical content of this press release is Mr. Michael James Bue, Bsc. Eng, M.Eng, P.Eng,.