Name and Location
Agata iron/nickel laterite project, Agusan del Norte province, Philippines.

Client
The Agata project is a joint venture (JV) of TVI Pacific and 75% owner, Edmonton-based Mindoro Resources.

Project Description
The Agata project has a measured and indicated resource of 33.9-million tonnes grading 1.1% nickel and an inferred resource of two-million tonnes at 1.04% nickel.

The iron/nickel laterite project is being advanced in two stages under the JV.

The JV partners intend to develop a near-term high-iron laterite direct shipping ore (DSO) operation and a limestone DSO operation.

Later in the project’s life, the JV partners plan to build a lime plant and a nickel processing plant, for which pilot testing is under way.

Net Present Value/Internal Rate of Return
Not stated.

Value
The Agata project will require a capital investment of about $10.1-million.

Duration
Not stated.

Latest Developments
TVI Pacific has completed a second shipment of DSO.

The high-iron, low-nickel content DSO totalled 55 499 wet metric tonnes (wmt) of limonite, grading 0.84% nickel and 49% iron, and left the Port of Payong-Payong, in Agusan del Norte, Mindanao, on November 10, bound for Singapore-based Tewoo Hoperay.

Agata Mining Ventures (AMVI), the JV operator of the Agata project with Mindoro Resources, expects to receive gross revenue of $916 000 for the shipment, pending final assay and price adjustments.

Meanwhile, output remains steady at the project and the remaining inventory to date is about 36 896 wmt of limonite, with nickel and iron content levels of 0.9% and 49%, respectively.

The company expects that future shipments of about 55 000 wmt of DSO will continue about every three to four weeks with shipping rates expected to accelerate rapidly to 2.5-million wmt a year in 2015.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Mindoro Resources, tel +1 780 413 8187, fax +1 403 290 8197 or email ir@mindoro.com.
TVI Pacific, tel +1 403 265 4356, fax +1 403 264 7028 or email tvi-info@tvipacific.com.