TVI's TVIRD to Demonstrate Full Compliance in Response to DENR's Audit Findings

TVI Pacific (TSX-V: TVI) announced today that TVI Resource Development (TVIRD), which TVI has a 30.66 percent equity interest, has learned that Agata Mining Ventures Incorporated (“AMVI”) – a company in which TVIRD holds a 60 percent interest and is the operator of the Agata nickel laterite mine in Northern Mindanao, Philippines – is among 20 mining companies that have been recommended for suspension following an audit of all 41 metallic mining operations in the country.
According to the press release:

Outside of learning of the Agata audit result through the DENR press conference, AMVI has not yet received a formal letter from the DENR providing a copy of the full audit results or any order for suspension. AMVI has been advised that once it receives the formal letter, it will then have seven days to provide a response to address any alleged violations found by the audit team. The DENR Secretary would then render a decision on whether the operation is suspended or allowed to proceed following the receipt of the response – the timing of which is uncertain.
Based on a preliminary review of the three alleged violations that have been cited by the DENR against AMVI as possible cause for suspension, AMVI is confident that it can successfully demonstrate full proof of compliance within the seven-day period allowed for a response. Until it receives a final decision from the DENR Secretary, AMVI will continue its operations at the Agata mine, where over 1,660 people are currently employed.
“TVIRD supports the DENR’s efforts to ensure that all mining in the Philippines is carried out to the highest environmental and social standards as this is something that we work hard to achieve every day and have been consistently recognized for by industry regulatory bodies, including the DENR,” stated Cliff James, Chairman and CEO of TVI and Chairman of TVIRD. “We are certainly taken aback by the audit findings and will work closely with the DENR through AMVI to demonstrate that TVIRD has indeed implemented all necessary environmental protection measures at Agata to ensure that operations continue uninterrupted.”

Click here for the full press release.