TVIRD and Dacon executives recently signed a heads of terms agreement, paving the way for the activities, specifically the area covered by TVIRD’s application for Exploration Permit No. 61 Project or The Greater Canatuan Tenement.
The project area is north of TVIRD’s producing copper-zinc mine IN Canatuan, Zamboanga del Norte.
Under the agreement, mineable ore deposits discovered in the area will be transported to TVIRD’s Canatuan plant for processing.
TVI previously announced the identification of mineral deposits INTabingan, Matigdao and Palalian under EXPA 61 after completing initial mapping, channel and geochemical sampling.
The partnership with Dacon provides the opportunity to extend the mine life IN Canatuan by further evaluating already identified deposits and possibly locating new ones.
“We are extremely pleased to be entering into this partnership with Dacon. We view this as a first step in establishing a long-term relationship with an important Filipino conglomerate,” said Cliff James, TVIRD chairman, in a press statement.
James said in addition to having an important presence in the Zamboanga Peninsula, TVIRD’s new partner has a number of mineral properties around the country for which the two companies’ “combined talents could prove mutually beneficial over the longer term.”
As part of the agreement, TVIRD and Dacon will form the joint venture within 90 days from the execution of the agreement.
Dacon is part of the DMCI Group of Companies, which has extensive holdings in general construction, coal mining, power generation, infrastructure and real-estate development, and manufacturing in the Philippines.
The joint-venture interest will be owned 70 percent by TVIRD and 30 percent by Dacon, with TVIRD acting as the operator. The joint venture partners will fund an exploration program in The Greater Canatuan Tenement for a period of two years amounting to a maximum of $2 million, to be shared in accordance with their interests in the joint venture.
TVIRD and Dacon are currently awaiting the approval of the exploration permit by the Department of Environment and Natural Resources.
(Jonathan L. Mayuga)
