CALGARY, AB, May 27, 2024 /CNW/ – 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
The Balabag mine marks a significant achievement in completing one hundred (100) shipments of gold doré since beginning production in July 2021 up to May 27, 2024. This milestone attests to the success and sustainability of the Balabag project, with the mine having declared commercial production on November 1, 2021, positioning it as a key player in the global gold and silver market.
Impressive Production Numbers
While celebrating the completion of five (5) shipments in May 2024, the ongoing success of Balabag has generated substantial gross revenue of US $32.6 million through fifteen (15) shipments completed up to April 30, 2024. These shipments boasted an average gold price of US $2,113.14 per ounce and a silver price of US $24.32 per ounce, showcasing the mine’s profitability and commitment to delivering high-quality products.
Plant Optimization Efforts
The decommissioned processing plant from the former Canatuan mine has been a strategic asset in enhancing the efficiency and cost-effectiveness of Balabag’s operations. With an average processing rate of 2,023 tonnes per day and an impressive plant availability of 90% for the four months ended April 30, 2024, Balabag has demonstrated its commitment to operational excellence and innovation.
Continued Improvement and Forward Outlook
Efforts to optimize Balabag’s operation have led to improvements in mill throughput, recoveries, and plant availability. Notably, in April 2024, the mine achieved a mill throughput of 2,231 tonnes per day, showcasing the continuous drive for excellence and operational enhancements.
