TVIRD moves a step closer to operating Balabag mine

MANILA, Philippines - The local arm of Canadian miner TVI Pacific Inc. has submitted to the government its Declaration of Mining Project Feasibility (DMPF), bringing it closer to operating its Balabag gold-silver project in Zamboanga del Sur.

The DMPF is now up for review by the Mines and Geosciences Bureau of the Department of Environment and Natural Resources (DENR).

The Balabag gold-silver project is located in the town of Bayog, Zamboanga del Sur, 75 kilometers east-northeast of the company’s Canatuan copper-zinc mine, which is operated by its local affiliate, TVI Resource Development Philippines Inc. (TVIRD).

The filing of DMPF follows the filing of the Environmental Compliance Certificate (ECC) in January this year.

DMPF is a document filed within the exploration period confirming the technical and economic viability of mineral deposits in the tenement.

The ECC, meanwhile, contains specific measures and conditions that must be met before and during the operation of the project.

It also certifies that the company has complied with all the requirements of the Environmental Impact Statement (EIS) System and has committed to implement its approved Environmental Management Plan in the Philippines.

The Environmental Management Bureau (EMB) has previously reviewed and endorsed the company’s ECC. It is now under final review by the MGB.

The approval of both documents would allow the company to commence construction of the mine, mill and related facilities.

“The Balabag Project is ‘ready to go’, as soon as these documents get the final approval of the government,” said TVI Pacific Inc. chairman and CEO Cliff James .

“We have the funding in place, and we have completed all the technical requirements needed for approval. Once the documents are signed, we will be in a position to accelerate development of the Balabag Project to the benefit of all stakeholders,” he added.

TVIRD holds the MPSA covering the 4,779-hectare Balabag property and is authorized by the government to operate its gold-silver project in the area, which holds an estimated 1.78 million tons of mineral resources averaging (per ton): 2.34 grams of gold and 72.3 grams of silver.

This translates to over 134 thousand ounces of gold and over 4 million ounces of silver.

The company earlier announced that it has received permission from the provincial government of Zamboanga del Sur, the municipality of Bayog and all its 28 barangays to operate the mine.

The company also earlier announced that it has secured low interest financing for the development of the project.

“With the necessary project requirements in place, we have reason to have a positive outlook on the forthcoming issuance of our ECC,” according to TVIRD president Eugene T. Mateo.

“We draw confidence from TVIRD’s successful operational track record in Canatuan and wish to bring to Balabag the same successful business model, which presents inclusive benefits to all sectors,” Mateo concludes.