News release, updating TVI's activities:
TVI Pacific announcement/update
(Full text of press release from Canadian Corporate News)
DECEMBER 10, 1998
TVI Pacific - Exploration Program Commences At Rapu Rapu Joint Venture Property
CALGARY, ALBERTA--TVI Pacific Inc. (TSE:TVI) is pleased to announce that a formal Joint Venture agreement has been signed with a group of companies controlled by Lafayette Mining NL, a publicly traded Australian company, regarding the Rapu Rapu property, as described in our October 20 press release reporting the Memorandum of Agreement (M.O.A.) on the Rapu Rapu and Buenavista properties. An exploration program has now begun on Rapu Rapu, which is located in the Province of Albay, Southern Luzon, Philippines.
This program, which is being conducted by Rapu-Rapu Minerals, Inc., a company formed by the joint venture partners, is expected to involve approximately 3000 meters of drilling on multiple targets. EDCO, TVI's wholly owned drilling subsidiary, has the right under the agreement to perform all diamond drilling services at market prices. It is expected that, following this program, the project will move to the feasibility stage. Exploration results will be reported as they are relayed to TVI by Lafayette, the project operator.
The joint venture partners can earn a 75 percent interest in the Rapu Rapu project by making cash payments to TVI totaling US$150,000 and contributing an additional US$3 million in exploration expenditures on Rapu Rapu over a period of four years (minimum US$1 million in first year, minimum US$250,000 per year in each of the following 3 years). As outlined in the M.O.A., TVI will also retain a 25 percent interest in the Buenavista project, which TVI had been earning into as part of earlier agreement with Goldrush Mineral Exploration Corporation (a member of the Joint Venture partnership group), and a 25 percent interest in several claim areas at Rapu Rapu for which TVI was paying Goldrush a pre-production royalty, with no additional expenditures by the Company.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Cyrus Ameli
Investor Relations
(403) 265-4356
tvipacific.com
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