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TVI Resource Development (Phils.), Inc. ("TVIRD”), announced today that it has completed its 24th shipment of copper concentrate produced at the Canatuan mine on September 26, 2011 .
— 5,369 dry metric tonnes (“dmt”) of concentrate was shipped containing 23.7% copper;
— Gross revenue of US$14.8 million will be received for the shipment; and
— Inventory of 1,255 dmt of copper concentrate is currently in storage.
The Company’s 24th shipment of 5,369 dmt of copper concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG (“MRI) on September 26, 2011. TVIRD expects to earn gross revenues of approximately US$14.8 million from MRI for this shipment (pending final assay and price adjustments). Approximately 1,255 dmt of copper concentrate remains in inventory.
Copper production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 23 and 25 percent. It is anticipated that future shipments of copper concentrate will continue every six to eight weeks.
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