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TVI Pacific’s 30.66% owned TVIRD Announces Fourth Drawdown of US $28.5 million Term Loan Facility for its Balabag Gold Project

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TVI Pacific’s 30.66% owned TVIRD Announces Fourth Drawdown of US $28.5 million Term Loan Facility for its Balabag Gold Project

 

 

 

 

 

TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) is pleased to announce that TVI Resource Development Phils., Inc.), a Philippines corporation in which TVI holds a 30.66% interest, has completed its fourth drawdown of US $2 million under the previously announced US $28.5 million 5-year term loan facility  provided by China Banking Corporation.  The Facility has been provided specifically to finance construction of infrastructure at the Balabag gold/silver mining project and is expected to be sufficient to enable Balabag to become operational.  The fourth drawdown brings the total drawn to date under the Facility to US $14 million.

 

“We are pleased with the progress of construction at the Balabag site and to report that all is continuing without incident.  I am particularly proud of our team who are working on behalf of TVIRD and in the interest of TVI Pacific, as a shareholder of TVIRD, to bring this project to life”, said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD. 

 

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 owns 100% of the Balabag gold/silver project in addition to 60% interest in Agata Mining Ventures Inca nickel laterite direct shipping ore operation that commenced in October 2014 and in which TVIRD is operator.    AMVI has shipped a total of 13.37 million wet metric tonnes through 246 shipments through to December 31, 2019. 

 

About TVI Pacific Inc.

 

TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in the Asia Pacific region.  TVI currently holds a 30.66% equity interest in TVIRD and a 2.95% equity interest in Integrated Green Energy Solutions Ltd, a publicly listed company incorporated in Australia with shares listed on the ASX, that is engaged in the commercialization of technologies related to converting waste plastics to fuel in Australia and internationally.  TVI’s other holdings include a 14.4% equity interest in Mindoro Resources Ltd. and a 100% investment in shares of TG World.  As at the date of this announcement, TVI has 655,537,039 outstanding common shares and 696,887,039 fully diluted including the currently issued outstanding options of 41,350,000.

 

Posted February 3, 2020

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