MAC/20: Mines and Communities

TVI Guard Shoots Ancestral Land Holder in the Philippines

Published by MAC on 2001-05-01


TVI Awarded Four-Year Tax-Free Holiday for Canatuan Project (6th January 2000)

CALGARY, Jan. 6 2000 - TVI Pacific Inc. is pleased to report that the Board of Investments, an office of the Philippine government Department of Trade and Industry, has formally awarded TVI's Canatuan project in Zamboanga del Norte on the island of Mindanao a four-year tax-free holiday, a non-pioneer incentive under the Philippines 1999 Investment Priorities Plan. The tax holiday provides significant benefits to the economics of the Canatuan project, which is expected to generate the majority of its cash flow during these first years of operation.    

The holiday can be extended for an additional four years providing further economic benefits to the project subject to certain conditions that TVI believes that the project will meet and exceed. An application for this extension has already been made to The Board of Investments.

This award reaffirms TVI's conviction that the Philippines is one of the most progressive business environments in Southeast Asia and reinforces the Philippine government's support for the Canatuan project.

The Toronto Stock Exchange and the Canadian Venture Exchange have neither approved nor disapproved of the information contained herein.
                           
For further information: Cyrus Ameli, TVI Pacific Inc., Investor
Relations, (403) 265-4356

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