http://www.mb.com.ph/BSNS2006070668596.html

Canadian-based TVI Pacific Group of Companies is investing $ 23 million to expand its existing gold and silver mining exploration into the recovery of copper deposits in the same mining site in Canatuan in the Zamboanga Peninsula.

John B. Ridsdel, country manager of TVI Resource Development Phils., Inc., a local affiliate of TVI Pacific, told reporters at the mining briefing by the Australian-New Zealand and Canadian Chambers of Commerce that the final feasibility study for the expansion of the Canatuan Sulphide project has been approved by TVI.

Although the management has yet to give its final seal of approval to the expansion project, they are now proceeding with the project details. The study was conducted by Norwest Corporation, a specialized consulting company providing services to the mining and energy industries.

The feasibility study projected a 6.55 year mine life, assuming 1,300 ton per day production rate.

“We will be spending the $ 23 million until March next year,” Ridsdel said.

The Norwest study addresses the copper-zinc bearing massive sulphide zone, or lower portion of the Canatuan deposit. A separate plant will be constructed to process the sulphide ore if a determination is made to bring the Sulphide Project into production.

TVI is now producing 160 equivalent ounces of gold a day or 60,000 ounces of gold a year since they started production in 2004 making them the first foreign funded mining venture under the Mining Act of 1995. Its original investment in Canatuan amounted to $ 25 million.

“We operated ahead of Lafayette,” he pointed out.

According to Ridsdel, the Canatuan mine produces a particular ore body that is oxidized from the top. (BCM)