Balabag Progress:
Work has commenced and includes the award of a contract to undertake a design review and provide construction supervision services for the Balabag Tailings Storage Facility ("TSF"). TVIRD awarded the contract to
Infrastructure works are moving forward and include:
- 90% completion of detailed engineering;
- Construction of the tunnel and retaining wall for the crushing circuit which is approximately 30% complete;
- The pouring of concrete blinding for the
Grinding Foundation , which is 100% complete, and installation of forms for the foundation; - The ongoing rehabilitation of the existing Canatuan processing plant for use at Balabag, of which mobilization to site has commenced with the Ball Mills and flotation cells already having arrived at site;
- 89% completion of bulk earthworks, including cleaning and grubbing, cutting and excavation, embankment and compaction works and the hauling and disposal of waste including Basin Waste for construction of the TSF;
- Continuous standard penetration tests ("SPT") with GHD and TVIRD geologists. EDCO, a 100% owned subsidiary of TVIRD, has been contracted for drilling onsite; and
- 67% completion of the Construction of Temporary Electrical Storage.
All haul roads down to the TSF are currently being sheeted with granular fill to better withstand the effects of erosion while foundation works for the TSF are anticipated to get underway during the course of the next week.
Development work is proceeding under the direction of Mr.
"We are very excited to see the commencement of development activities at Balabag after many years of planning and preparation", said Mr.
Further to the Company's press release of
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. It operates under the highest standards of health and safety practices for its workers and its host community; and is uncompromising in its best-practices approach to environmental protection as well as community development. TVIRD has a pool of highly competent managers, technical personnel and skilled workers with previous experience in gold-silver operation, and holds a 60% interest in AMVI, a nickel laterite DSO operation that commenced in
About
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements.
Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information supplied by third parties. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as changes in general economic conditions in
Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this material change report and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The Company does not have control over TVIRD nor does it have any involvement in the management or decisions of TVIRD or control over financial reporting and internal controls of TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and their failure to maintain effectiveness or comply with applicable standards may adversely affect TVI.
Various risks to which the Company is exposed in the conduct of its business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended
The forward-looking statements contained in this News Release are made as of the date hereof and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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