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TVI Pacific secures bridge fund for mining project

By atm.admin - Posted on November 12th, 2008

A bridge fund has been provided to TVI Pacific Inc. for the continued
construction of a mining project in the southern Mindanao region.

LIM Special Asia Special Situations Master Fund Ltd. has provided $2
million in additional bridge loan funds to TVI Resource Development
(Philippines) Inc., an affiliate of TVI Pacific Inc., to ensure the
start of production of a copper-zinc project in Canatuan, Zamboanga del
Norte before the end of November.

The LIM Asia group, consisting of the LIM Asia Arbitrage Fund, Inc.
(now called LIM Asia Multi-strategy Fund, Inc.) and LIM Asia Special
Situations Master Fund Inc., agreed to provide up to an additional $5
million bridge financing for TVI Pacific Inc.'s copper-zinc (sulphide)
operations.

On top of the bridge fund, TVI Resource Development continues to pursue
more working capital financing in order to run the sulphide mine. The
company is expected to bring copper concentrate production in November
after LIM Asia released the bridge fund under an amended Omnibus Loan
and Security Agreement.

From 2004 to 2008, TVI Pacific Inc. has operated gold-silver (gossan)
operations at Canatuan, and has engaged in many exploration activities
within Zamboanga such as the Balabag gold project.

TVI Pacific has earlier signed a letter of Engagement with BNP Paribas,
a European banking and financial group, which will be a lead arranger
in an international offering of debt securities amounting to $40.

The fund will be used to finance the Canatuan sulphide project, as well
as other exploration projects in Mindanao such as the Balabag gold
project, which is perceived to be an epithermal gossan project for
development in the long term. (abs-cbnNEWS.com)

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COMMENT RULES:

Hi everyone,

I'm the national coordinator of Alyansa Tigil Mina (ATM), the owner of this site.

We will always respect views and opinions posted on this site, as much as we encourage open discussion and intelligent debate on the issue of mining. ATM has its stand on this issue very clearly, and we welcome the comments from those who do not agree with us.

However, we have observed that in the past few days, this forum has gone way beyond acceptable behavior of netiquette.

I will request and strongly encourage all posters to at least follow the following rules:

1. Be civil. Basic courtesy and privacy norms should be practised by posters in this forum. Make your mom at least proud by showing you still remember to be polite, even if you're not required to say "po" or "opo" in every post you make. We wouldn't mind that either, if you do so. Then again, I am assuming here that you're already an adult.

2. Personal attacks will not be tolerated. This also applies to flaming. Just in case you don't know what flaming is, its deliberately insulting or personally ranting against a poster (or a thread) simply because you are losing the arguments.

3. Avoid being anonymous. Since you have enough time to post long comments, you would at least have a few seconds to type even an alias. You also help people conclude that you are not a paid hack from a PR firm by Intex (or any other mining company)

4. Do not shout in the forums. Do not use ALL CAPS in your posts. A single exclamation point should also suffice.

We will observe the forum in the next few days. Should these rules be disregarded, we will transform this into a minimally-moderated forum. We hope we will avoid the situation that we will decide to make this a closely and strictly moderated forum. We value everyone's insights so much.

We'll check up again on this new rules after a short while. Of course, we expect the Intex ECC to be revoked in a few days. In this case, I suspect that the "excitement" in this thread would have died down.

Jaybee Garganera
National Coordinator
ATM
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