TVI Pacific Inc. of Canada said it expects to secure all permits in the first quarter for the start of the Balabag gold-silver project in Zamboanga del Sur.
TVI Pacific said in a statement Philippine affiliate TVI Resource Development Inc. entered the final phase of the permitting process at the Balabag project.
TVIRD is currently fulfilling the final requirements necessary for the approval of the declaration of mining project feasibility from the Environment Department, it said.
TVI said these included the open pit and underground mining methods, tailings dam design, summary and costs of both social and environmental programs. TVI said it would submit the requirements by the end of January.
“Depending on the DENR’s response time, TVIRD anticipates that the permitting process could be completed in the first quarter of 2015, after which on-site construction work will commence,” TVI said.
TVI chairman and chief executive Clifford James said “while the process has taken longer than anticipated, the company was able to fully optimize the process flow sheet by conducting thorough pilot plant test work and various other studies to ensure the operation’s success.”
“We are very encouraged to be nearing the completion of the permitting process at Balabag,” James said.
“In addition, the advancement of the Balabag project serves as another critical stepping stone for TVIRD to secure a listing on the Philippine Stock Exchange in 2015, the achievement of which could substantially enhance its investment value for TVI and its shareholders,” James said.
TVIRD already received an environmental compliance certificate from the Environment Department for the Balabag project. It also received the approval of the social development management program in May 2014.
TVIRD holds 100 percent of the mineral production sharing agreement area covering 4,779 hectares containing the Balabag epithermal gold and silver project.
The project is located in the town of Bayog, Zamboanga del Sur province, the Philippines, and is situated 75 kilometers east-northeast of TVIRD’s Canatuan mine. It has indicated mineral resource of 1.78 million tons averaging 2.34 grams per ton gold and 72.3 g/t silver, containing 134,262 ounces of gold and 4,148,196 ounces of silver.
Exploration and development work were put on hold at the Balabag project in 2014, pending the receipt of all permits from the government.