TVI-t...in the news:
TVI Pacific partner gains Rapu Rapu financing
Tue 10 Sept 2002
Mr. Clifford James of TVI reports
RAPU RAPU PROJECT UPDATE
The Rapu Rapu project, located in the province of Albay, Philippines, is a
polymetallic mining project which a group of companies including Lafayette
Mining Limited (the operator), a publicly traded Australian company, is
developing.
TVI retains 3.3 million unlisted share options with an exercise price of 20
Australian cents each, and a 2.5-per-cent net smelter return royalty (NSR)
in the project.
The following is a verbatim reproduction of a Lafayette news release issued
on Sept. 6, 2002:
QUOTE
The directors of Lafayette Mining are pleased to announce that the company
has placed 15% of its issued capital to a number of private, local and
European investors at 5 cents per share to raise A$1.67 million. The Board
acknowledges the assistance provided by ABN AMR0 Morgan in completing the
raising.
Managing Director, Andrew McIlwain said "Significantly this raising will
provide the funds to continue the land purchase program and progress
current indicative bank offers of finance for the Rapu Rapu project. In
addition, the raising enables the commencement of the detailed engineering
design work required to allow construction contracts to be let".
"Subject to these issues being concluded as expected and to finalisation of
discussions with banks and smelter groups, we have targeted March 2003 as
the start date for commencement of construction of the company's Rapu Rapu
polymetallic project."
Commissioning of the Rapu Rapu Mine should be in the second quarter of
2004. When in production the Rapu Rapu Mine will be one of the largest
mines operating in the Philippines and will produce approximately 10,000
tonnes of copper in concentrate, 14,000 tonnes of zinc in concentrate,
50,000 ozs of gold and 600,000 ozs of silver annually.
Mr McIlwain said "We are very pleased by the degree of market support which
the company has received, especially from our major shareholder, Lion
Selection Group. The new management team is fully committed to ensuring an
expeditious and successful transition through the financing and
construction stages to production."
R A Anderson, Company Secretary
UNQUOTE
In response to this news, Clifford M. James, chairman and chief executive
officer of TVI Pacific, said: "The realizable value of TVI's NSR royalty in
the Rapu Rapu project continues to increase as a production decision grows
nearer. TVI is considering its best option for capitalizing on this
interest, whether by monetizing it in the near term, or by waiting for
actual production income to begin. Lafayette is making excellent progress
in the development of Rapu Rapu, and we look forward to an announcement on
the project's full financing and a production decision in the near future." |
