Gov’t grants ECC for TVI project

MANILA, Philippines - The government has granted an Environmental Compliance Certificate (ECC) for the proposed Balabag Gold-Silver Project of TVI Resource Development (Phils.) Inc. (TVIRD) in Sitio Balabag, Zamboanga del Sur.

TVIRD is the local affiliate of Canadian miner TVI Pacific Inc.

An ECC guarantees that a project will not harm the environment while a DMPF is a document containing an assessment on the commercial viability of deposits.

TVIRD holds a mineral production sharing agreement covering 4,779 hectares in Balabag.

TVI Pacific said the current indicated mineral resource in the tenement is currently estimated at 1.78 million tons averaging 2.34 grams per ton of gold and 72.3 grams per ton of silver, containing 134,262 ounces of gold and 4,148,196 ounces of silver.

The resource is currently being updated following a reconnaissance geological survey, soil grid sampling, and underground sampling from the mining area previously occupied by illegal miners. 

“This is expected to improve the accuracy of the resource model,” the company said.

In March, TVIRD signed a nonbinding agreement for a $20-million term loan facility from Metropolitan Bank and Trust Company (Metrobank) to be used in the development of its Balabag gold-silver project.

The term loan in payable in three years and provides for a one year grace period before payments are made.

The interest rate for the loan is set at three percent.

The term loan is accompanied also by an additional $3 million letter of credit , available to TVIRD for a 180-day period at the prevailing market rate.