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Gold/Mining/Energy : TVI Pacific TVI (TSE)

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To: Gerry who wrote (1)	3/1/1997 5:24:00 PM
From: John Barendrecht	of 152

TVI To Proceed With Newmont Joint Venture Released on February 28, 1997 TVI Pacific Inc. announces that Echo Bay Mines Ltd., under its right of first refusal, has elected not to match the arrangement contemplated by the January 16, 1997 Letter of Intent between TVI and Newmont Philippines Inc. (Newmont) regarding the Northern Cordillera Financial or Technical Assistance Agreement application areas in Luzon, northern Philippines. The arrangement outlined by the Letter of Intent entitles Newmont to earn a 60% shareholder interest in the two FTAA areas currently applied for by TVI Pacific upon the initial expenditure by Newmont of US$4.0 million. During the term of this arrangement, Newmont will be the operator of the project and will design and conduct an exploration program for these areas. Upon Newmont earning a 60% interest in the FTAA, Newmont and TVI will contribute to further expenditures on a pro-rata basis. TVI and Newmont are now proceeding to finalize the arrangement. The Toronto Stock Exchange and the Alberta Stock Exchange have neither approved nor disapproved of the information contained herein.

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