Maintains Strong Operational and Financial Performance
TVI Pacific Inc. (“TVI” or “the Company”), the Canadian affiliate of TVI Resource Development Philippines, Inc. (“TVIRD”) has announced unaudited, consolidated financial and operational results for the three months ended March 31, 2010.
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The Canatuan mine and mill maintained strong operational and financial performance as reported in the first Quarter results published by TVIRD’s Canadian affiliate, TVI Pacific Inc.
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For the three months ended March 31, 2010
| • Cash Balance | $16.8 mm (Php 745.9 mm) |
| • Operating cash flow | $14.8 mm (Php 654.8 mm) |
| • Net income | $8.4 mm (Php 370.9 mm) |
| • Earnings per share | $0.018 (Php 0.796) |
| • Production cash cost | US $0.56/Cu lbs eq (Php 25.75) |
This press release should be read in conjunction with the interim consolidated financial statements and management’s discussion and analysis for the quarter ended March 31, 2010, filed with certain securities regulators in Canada on May 13, 2010, and available on our web site (www.tvipacific.com) and SEDAR (www.sedar.com).
Key Financial Achievements Year Over Year
(1) See financial statements for the reconciliation from operating cash flow to free cash flow.
Key Production Achievements Year Over Year
The following table details some key operating statistics for the Canatuan Sulphide Mine for the three months ended March 31, 2009 and 2010.
(1) Excludes selling expenses.
(2) Production cash cost per copper pound equivalent; Total cash cost per copper pound equivalent; and, Total cash cost per copper pound equivalent, net of by-products are non-GAAP measures. See MD&A for definition of these non-GAAP measures.
Q1 Highlights
• January 2010: TVI entered into a Heads of Terms Agreement with DMCI-CERI (“DMCI”), a subsidiary of DACON Corporation, toward the establishment of an unincorporated joint venture to conduct exploration, development and production of mineral deposits in the Greater Canatuan area.
• January 2010: TVI completed two payments under the five year term debt facility it entered into in early 2009. Subsequent to March 31, 2010, TVI completed three additional payments to reduce the original principal owing by 87% to US$4.0 million.
• February 2010: TVI resumed drilling at the Balabag epithermal gold project. The current 26 hole, 2,500 metre drill program is focused on the Tinago vein, the largest of three spatially related vein systems, and aims to define the area where the Tinago vein system is anticipated to extend to depth.
• March 2010: The Company had completed its thirteenth shipment of copper concentrates from the Canatuan Mine. A total of three shipments of copper concentrates occurred in the first quarter of 2010, generating gross revenue of US$26.2 million. Subsequent to the end of the quarter, a fourteenth shipment was completed to bring the total gross revenue for 2010 to US$35.3 million.
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