Balabag is proudly celebrating a milestone of one hundred (100) shipments of gold doré since the start-up of production in
While assay results continue to be confirmed for the five (5) shipments completed in
Since Start-up of Production: | Current Year: | |||
Number of Shipments | 95 | 15 | ||
Gold doré | (kg) | 60,299 | 6,965 | |
Gold | (oz) | 88,700 | 13,120 | |
Silver | (oz) | 1,791,310 | 207,943 | |
Gold Equivalent | (oz) | 109,293 | 15,618 | |
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
A focus to optimize the operation has continued and has thus far resulted in a significant increase in mill throughput, recoveries and plant availability, as reflected in the following table:
Year ended | Year ended | Year ended | 4 months ended | |||||
(average) | (average) | (average) | (average) | |||||
Gold | Silver | Gold | Silver | Gold | Silver | Gold | Silver | |
Head Grade | 1.91 g/t | 68.90 g/t | 1.88 g/t | 62.24 g/t | 1.38 g/t | 25.62 g/t | 1.70 g/t | 31.90 g/t |
Recoveries | 87.90 % | 69.20 % | 88.11 % | 63.79 % | 93.00 % | 77.18 % | 94.62 % | 79.88 % |
Mill Throughput | 1,101 tonnes per day | 1,797 tonnes per day | 2,186 tonnes per day | 2,023 tonnes per day | ||||
Plant | 70 % | 86 % | 85 % | 90 % |
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
The cash cost per ounce for the four (4) months ended
"The 100th shipment from Balabag represents an exciting and significant milestone for the mine and both I and the board of
The Qualified Person responsible for the scientific and technical content of this press release is Mr.
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. TVIRD owns 100% of the operating Balabag gold/silver mine, 100% of the Siana gold mine and the neighboring Mapawa project (gold), a 60% indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite and pyrite), and a 60% interest in
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 the 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 the 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 (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied and should not be read as guarantees of future performance or results. These factors include, but are not limited to, such things as: (i) general economic conditions in
Forward-looking statements regarding: (1) TVIRD's Balabag operations and related optimization works including improvements to, but not limited to, throughput, recoveries and plant availability; (2) the results of completed and possible future exploration activities, are based upon, but are not limited to, TVIRD's past exploration, operations, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Balabag (which are all subject to change).
The Company wishes to clarify that in making the decision to put Balabag into production, TVIRD, a Philippine corporation that the Company does not control, relied exclusively on technical and economic analysis prepared under Philippine regulations and did not rely on any feasibility study classifying mineral reserves prepared in accordance with NI 43-101. Historically such projects have a much higher risk of economic and technical failure.
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.
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.
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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