ENP Newswire -
Release date- 16052014 - CALGARY -
For a thorough explanation of the points discussed in this news release, shareholders are encouraged to read the unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards ('IFRS'), and the management's discussion and analysis for the quarters ended
Q1 2014 Highlights
Loss before interest, tax, depreciation and share of loss of associates and joint ventures of
Net loss of
Cash balance of
No debt owing.
A working capital surplus of
TVI's continuing interest of approximately 30.66% in TVIRD is now recorded as an investment in joint venture within the mining segment, and accounted for using the equity method in the consolidated financial statements. As such, revenues earned and related expenses incurred at the level of TVIRD and its subsidiaries now result in an adjustment to the investment account and therefore do not make the above financial highlights directly comparable year-over-year.
In addition to retaining a 30.66% indirect interest in TVIRD and other Philippine subsidiaries, TVI currently holds directly (i) 23.01% equity interest in
Adjusting for non-cash items, the net loss before interest, taxes, depreciation and share of loss of associates and joint ventures is reduced to
TVI fully repaid all debt facilities as at
Cash reported at
During Q1 2014, TVIRD completed its last shipments of copper concentrate and zinc concentrate from the current mining operations at Canatuan as ore reserves from the open pit have been exhausted. While the copper concentrate shipment of 4,118 dry metric tonnes generated gross revenues of approximately
Final milling operations through January at Canatuan averaged a daily throughput of 3,068 dry metric tonnes for a total of 46,026 tonnes in the month (and in total for Q1 2014). This mill feed consisted of ore mined from within the ore reserve block model as well as additional materials found and mined during the period. The average copper feed grade was 0.33% and average copper recovery 76%, as compared to 0.51% average copper feed grade and 80% average copper recovery in the previous quarter.
Decommissioning and rehabilitation activities within the disturbed areas of Canatuan have commenced. The first quarter activities have focused on the decommissioning of plant and equipment within the mill and processing plant area and continuation of the progressive rehabilitation activities within the overburden waste areas. The rehabilitation tasks include earthwork stabilization, drainage controls and re-vegetation. Water quality monitoring as well as meteorological data collection, hydrologic data collection and instrumentation data collection for the
Canatuan is owned 100% by TVIRD. TVI has a 30.66% indirect ownership interest in Canatuan through TVIRD as a result of the PRHI transaction.
Update on Agata Direct Shipping Ore ('DSO') Operation
Site development is expected to commence in the second quarter of 2014 and shipping of the high-iron laterite would then commence through the third quarter of 2014, subject to receipt of remaining port approvals and financing. Construction of the port facility may commence upon securing the permit to construct, the application for which has commenced and will be followed also by an application for the permit to operate.
TVIRD has an option to earn a 60% interest in the Agata Mining Joint Venture upon commencement of commercial production subject to (i) TVIRD having expended a minimum of
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Press Release constitute 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', 'schedule' and similar expressions. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties.
Although TVI believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by 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.
These factors include, but are not limited to, such things as general economic conditions in
The forward-looking statements set out in this news release include information relating to interests that may be earned by TVIRD in the Agata joint ventures; opportunities for exploration, development and commercialization of the
Related risks and uncertainties include, but are not limited to: (A) results of further work in pursuing the conceptual planning described in this MD&A not supporting current expectations as to the opportunities outlined; (B) TVIRD not funding the necessary expenditures at Agata to advance the project or earn an interest under the joint venture agreement due to, among other things (i) changes in TVIRD's strategic priorities, due diligence findings, changes in laws or regulations affecting mining operations in
This news release also includes forward-looking statements respecting certain transactions provided for in definitive agreements entered into with PRHI (the 'Transactions') and are based upon the terms of these definitive agreements. With respect to the Transactions, those risks and uncertainties include a failure to close one or more of the Transactions on the terms outlined in the definitive agreements entered into with PRHI due to the failure to satisfy one or more conditions, such as conditions relating to the receipt of any necessary corporate or regulatory approvals.
Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The forward-looking statements of the Company contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI is exposed in the conduct of its business are described in detail in the TVI's management's discussion and analysis for the year ended
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