TVI Pacific and TG World Energy Corp have completed a plan of arrangement which results in TVI acquiring all outstanding TG World common shares. TG World is now a wholly-owned subsidiary of TVI Pacific.
TVI is focused on the production, development, exploration and acquisition of resource projects in the Philippines. The company's interest in the Canatuan Mine and its other Philippine mining assets are held through TVI Resource Development (Phils). TVI also indirectly has interests in oil and gas assets in the Philippines, Alaska and Niger.
On February 7 TVI completed its 20th shipment of Canatuan copper concentrate of 4997 dry metric tonnes (DMT) for gross revenue of about $10.7 million.
The average daily Canatuan throughput for 2010 was 2204 DMT and TVI is targeting an average daily throughput of 2300 DMT, which results in a remaining life of mine of about 2.5 years. With its continuous improvement programs, TVI will continue to optimize its throughput in an effort to offset the declining feed grades.
At the Balabag gold deposit a phase 2 drilling program of 55 holes is on schedule with 36 holes completed and three presently drilling. An internal feasibility study has been launched and TVI expects to come to a decision regarding a 'Bootstrap' mine development plan during the first half of 2011. Social and environmental baseline studies are under way along with additional metallurgical testing.
At Siennalynn a stage 1 drilling program along with assays and evaluations will be completed in the second quarter. The program is designed to assess the extent and quality of the near-surface mineralization and to test a number of prospects that have potential for new copper resources.
TVI also expects to begin drilling identified targets in the North Zamboanga Tamarok area in the second quarter.