TVI Pacific has received a positive independently-prepared mineral resource estimate for its Balabag gold and silver prospect in the Philippines.

The estimate for the Tinago-Miswi-Lalab mineralized zone shows indicated resources of 1.37 million tonnes averaging 2.9 grams/tonne gold and 84.3 grams/tonne silver with inferred resources amounting to 1.96 million tonnes averaging 2.6 grams/tonne gold and 55.2 grams/tonne silver.

The Balabag property is on the Zamboanga Peninsula in Southern Philippines, about 75km from the producing Canatuan Mine. Both are operated by TVI Pacific's Philippines affiliate TVI Resource Development (TVIRD).

A preliminary scoping study to assess Tinago-Miswi-Lalab is expected to be completed later this year. Continuing exploration work by TVIRD has recently identified two new vein occurrences near the Tinago and Miswi vein systems. Trenching work is under way to expose the two multi-metre wide veins, which occur 150 metres east of the Miswi interpreted mineralization.

TVI Pacific chief executive officer Clifford James says: "Though obviously there is considerable work still to be done before a declaration of commerciality can be made, we are clearly delighted with these results. If the scoping study confirms that a commercially mineable resource exists, we would expect to devote resources to the rapid development of Balabag, based on our existing presence and operating capability in Mindanao. TVIRD continues to explore for additional resources in the Balabag area."

TVIRD's exploration program is now expected to focus on expanding the Balabag gold deposit and on upgrading the indicated and inferred resource to the measured and indicated resource categories.