TVI pours gold in Philippines

Vancouver — TVI Pacific (TVI-T) has poured its first gold-silver dor from the rehabilitated Canatuan oxide plant in the southwestern Philippines.

"The production start at Canatuan is the result of an intense effort on the part of the TVI team and many other individuals and groups who have contributed to the development of the project, and who share our commitment to the development of the Canatuan community as a whole” says company President, Clifford James. "This is great news for our shareholders and local stakeholders, proving that development projects such as this can succeed in the Philippines.”

The Canatuan plant, currently operating at 50 tonnes per day, is being expanding to a throughput rate of 80-100 tonnes per day. The junior is using stockpiled small-scale miner tailings as mill feed, which is expected to last for about 18 months. However, the company is looking to ramp up out put to 500 tonnes per day within two years. Oxide mining is expected to begin when the throughput hits 250 tonnes per day.

Located in Zamboanga del Norte, the project has been plagued by local violence. In late December, members of the Canatuan indigenous Subanen community, including women, children and TVI employees, were ambushed on a provincial road linking the Canatuan mine site to the town of Siocon. Thirteen people were killed and 12 others were injured in the shooting. Among the dead were two TVI employees hired to provide security to the project area and its inhabitants.

It was the second ambush in the area in 2002. In March, two security guards employed by TVI were killed near the Canatuan property.

Members of the Moro Islamic Liberation Front are suspected of perpetrating the attacks.

The project hosts an open-pit reserve of 1.1 million tonnes grading 3.77 grams gold and 105.7 grams silver per tonne in the oxide zone and 1.51 million tonnes grading 1.31 grams gold and 62.14 grams silver, plus 2.79% copper and 2% zinc, in the sulphide portion.

Moving north to the Philippine island of Panay, Mindoro Resources (MIO-V) has failed to replicate earlier encouraging drill results from its Pan de Azucar copper-gold project. A 1,041-metre drill program back in 2001hit promising values at the Valderama massive, pyritic sulphide zone. Highlights included 37.1 metres grading 0.8% copper and 1.87 grams gold per tonne in hole 3 and 37.00 m of 0.14 % copper, 1.25 grams gold in hole 6

The latest program followed up the results but lower grades were encountered. The best results came from hole 12, which yielded 32.3 metres grading 0.59 grams gold and 36.3% sulphur.

Based on drilling, the Valderama zone averages between 36% and 40% sulphur, making it a potential low cost source for sulphuric acid used in the production of lateritic nickel deposits.

Some 700 metres to the west, the junior punched a 45-metre hole into the Asparin Hill target. The hole, #16, cut intensely altered dacitic rocks characteristic of porphyry copper systems but no signficant values were encountered.

Mindoro is currently looking for a joint venture partner for the property.