MAC/20: Mines and Communities

TVI to continue Philippines operation despite ambush

Published by MAC on 2003-01-14


TVI to continue Philippines operation despite ambush

Rebecca Keenan

MiningNews: 14 January 2003

Canada's TVI Pacific said it remains on track for the first gold and silver pour at its Canatuan deposit in the Philippines despite an ambush on a group of its workers that resulted in the death of 13 people and the wounding of 12 others.

On December 27 a company truck transporting 31 members of the local indigenous Subanen community to a local market was ambushed and fired upon by an armed group.

The armed group were believed to be members of the Moro Islamic Liberation Front, according to the Asia Pulse news service.

TVI president and CEO Clifford James said the company was committed to continuing with the project, and has decided to put more money into it.

TVI shares jumped from C8.5c on January 8 to C17c on January 9, resulting in a request from the Toronto Stock Exchange to account for the increase.

TVI Pacific's Canatuan operation in the Philippines.

"The only possible new corporate development that could account for such a drastic swing in share price and large trading volume has been the total and unequivocal support of the Philippine government to TVI and its Canatuan project," TVI said in a release to the market.

The Armed Forces of the Philippines and the Philippine National Police were continuing to investigate the incident and have increased security in the area.

Canatuan, located in Zamboanga del Norte 800km south of the country's capital Manila, is in the final stages of development and has received all necessary approvals for mine and plant construction and for production to commence.

The deposit contains reserves of 182,951 ounces of gold, 6.99 million ounces of silver, 93.8 million pounds of copper and 68.4Mlb of zinc.

TVI closed yesterday on the TSE at C14c.

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