TVI gets approval to develop Balabag gold-silver project in Philippines

4 May 2016 (Last Updated May 4th, 2016 18:30)

TVI Resource Development (TVIRD) has secured approval to develop its 100%-owned Balabag gold-silver project in Zamboanga del Sur province from the Philippines Department of Environment and Natural Resources (DENR).

TVI Resource Development (TVIRD) has secured approval to develop its 100%-owned Balabag gold-silver project in Zamboanga del Sur province from the Philippines Department of Environment and Natural Resources (DENR).

Receiving approval of the declaration of mining project feasibility (DMPF) was the last major permit required by TVIRD to proceed with development, construction and operation of the Balabag mine.

The DMPF authorises TVIRD to start development initially over a 180ha portion of the MPSA area that covers all currently defined resources at the project.

"Balabag is the fourth mining project to be successfully permitted by TVIRD in the Philippines over the past 11 years."

TVIRD chairman Clifford James said: "Balabag is the fourth mining project to be successfully permitted by TVIRD in the Philippines over the past 11 years and I am confident that TVIRD will secure the necessary funds to move the project forward prior its listing on the PSE later this year.

"At TVI, we are very pleased with this development as a permitted Balabag project will greatly support TVIRD's efforts to list on the PSE and the listing could provide TVI with both a short and long-term source of funding for our resource acquisition and development activities."

The Balabag project is 75km east-north-east of TVIRD's Canatuan mine.

Up to mid-2013, the company drilled a total of 296 holes for a total of 34,156m at Balabag. TVIRD then halted exploration and development work at Balabag pending receipt of all permits.

Prior to securing DMPF approval on 16 October 2013, the company received an environmental compliance certificate (ECC) from the DENR and received approval of its social development management programme in May 2014.