Junior
TVI is seeking up to US$6 million to expand its existing plant to 500 from 80 tonnes per day. The plant operated in 1997 but was shut down after the company ran out of funds.
Proven and probable oxide resources stand at 935,500 tonnes grading 4.12 grams gold and 133.44 grams silver per tonne.
The cash generated by the resumption of mining would be used to build a separate, 850-tonne-per-day plant.
The cost of constructing this larger plant is pegged at US$18.6 million. It would process the sulphide portion, which is estimated at 1.3 million tonnes grading 1.45 grams gold, 73.02 grams silver, 3.36% copper and 2.45% zinc.
Meanwhile, political unrest in the Philippines has resulted in the suspension of negotiations between TVI and possible joint-venture partners.
The uprising follows local protests last fall that resulted in the temporary suspension of drilling. The program went on to confirm previous results and boost confidence in the deposit’s continuity, plus provide metallurgical samples for due diligence studies by the potential partners.
Monarch Financial, an independent investment banker and financial advisor with headquarters in Pittsburgh, Pa., will try to raise funds for the oxide plant.
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