The local affiliate of Canadian miner TVI Pacific Inc. reported that it is in the final stage of getting a license and has started onsite construction work at its Balabag gold-silver project in Zamboanga del Sur.
TVI Resources Development Phils., Inc. (TVIRD) said it is working on the final requirements necessary for the approval of its Declaration of Mining Project Feasibility (DMPF) from the Department of Environment and Natural Resources (DENR).
The company is expected to submit the complete requirement by end of January 2015, and anticipates to complete the entire permitting process in the first quarter of this year.
“We are very encouraged to be nearing the completion of the permitting process at Balabag,” said Clifford James, chairman and chief executive officer of TVI and Chairman of TVIRD.
“While the process has taken longer than anticipated, it has given our team the time to fully optimize the process flow sheet by conducting thorough pilot plant test work and various other studies to ensure the eventual operation’s success,” James added.
In addition, the executive said that the advancement of the Balabag project serves as another critical stepping stone for TVIRD to secure a listing on the Philippine Stock Exchange in 2015.
“This achievement of which could substantially enhance its investment value for TVI and its shareholders,” he added.
While exploration and development work have been put on hold at the Balabag project since mid-2013 pending the receipt of all permits, TVIRD has continued to work on the engineering design for a gold-silver processing plant to process ore onsite.
Basic engineering design has now been completed and detailed design work is underway. TVIRD has also constructed and maintained 16 kilometers of access roads to the project in anticipation of the commencement of construction.
The current indicated mineral resource at Balabag was estimated to be 1.78 million tons averaging 2.34 grams per ton (g/t) gold and 72.3 g/t silver, containing 134,262 ounces of gold and 4,148,196 ounces of silver.