TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) (“TVI” or “the Company”) is pleased to announce that the Balabag gold and silver mine (“Balabag”) has successfully completed one hundred (100) doré shipments since the start-up of production in July 2021. 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 Mine
Balabag is proudly celebrating a milestone of one hundred (100) shipments of gold doré since the start-up of production in July 2021 and through to May 27, 2024. Balabag is 100%-owned by TVIRD and declared commercial production on November 1, 2021. Balabag covers a 4,779-hectare Mineral Production Sharing Agreement (“MPSA”, MPSA No. 086-97-IX with expiry date November 20, 2047) located within the Municipality of Bayog, Province of Zamboanga del Sur and Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay, Mindanao, Philippines.
While assay results continue to be confirmed for the five (5) shipments completed in May 2024, the fifteen (15) shipments completed for the four (4) months ended April 30, 2024, have generated gross revenue of US $32.6 million with an average Au price of US $2,113.14 and Ag price of US $24.32.
The processing plant from the former Canatuan mine was decommissioned, fully rehabilitated and installed at Balabag so as to reduce overall capital expenditures. The plant has proven to be successful and has operated at an average processing rate in the four (4) months ended April 30, 2024, of 2,023 t/d while plant availability was 90%. Head grades for the four (4) months ended April 30, 2024, averaged 1.70 g/t Au and 31.90 g/t Ag with recoveries at 95% for Au and 80% for Ag.
A focus to optimize the operation has continued and has thus far resulted in a significant increase in mill throughput, recoveries and plant availability.
Maintenance activities and water shortages caused by the El Niño phenomenon that resulted in below-normal rainfall conditions have affected year-to-date average mill throughput. Average mill throughput continues to ramp back up and in April 2024 was 2,231 t/d (2,023 t/d year-to-date) with recoveries continuing at 95% for Au and 80% for Ag.
The cash cost per ounce for the four (4) months ended April 30, 2024, was US $1,439.84 per AuEq oz (twelve (12) months ended December 31, 2023, was US $1,443.75 per AuEq oz) and the All-in Cost for the same period was US $1,805.49 per AuEq oz (twelve (12) months ended December 31, 2023, was US $1,900.54 AuEq oz).
“The 100th shipment from Balabag represents an exciting and significant milestone for the mine and both I and the board of TVI Pacific congratulate the operations team with this achievement”, said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD, “Balabag had long been in the plan for TVIRD just as several other projects now are. It is rewarding to see Balabag realize its potential while exploration also continues for the purpose of extending the mine life further.”
Source: Company Press Release
