TVI Pacific Files Second Quarter 2015 Financial Results and Announces Director Resignation

TSX: TVI OTCQB: TVIPF

CALGARY, Aug. 12, 2015 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQB:TVIPF) ("TVI" or "the Company") has released its unaudited, consolidated financial results and management discussion and analysis (MD&A) for the quarter ended June 30, 2015.  As at the end of the second quarter, the Company's cash and short-term deposits balance was $3.9 million and its working capital was $5.4 million, which places the Company in a position of financial strength to continue pursuing new opportunities.

Full versions of the financial statements and MD&A have been filed with certain securities regulators in Canada on August 12, 2015, and are available on the corporate website (www.tvipacific.com) and on SEDAR (www.sedar.com). 

Director Resignation

TVI also wishes to announce the resignation of Aloysius B. Colayco from the Board of Directors, effective immediately.  Mr. Colayco has been a director of TVI since 2011 and has contributed greatly to the company's efforts over the years.  He is resigning for personal reasons and the Board will not currently be seeking a replacement for his seat.  TVI's Board will now be comprised of seven members.  The Company wishes to thank Mr. Colayco for his service over the years and wishes him the best in his future endeavours.

About TVI Pacific Inc.

TVI Pacific Inc. is a Canadian resource company focused on the production, development, exploration and acquisition of resource projects in the Asia Pacific region.  TVI's track record of success includes putting the first foreign invested mine into production in the Philippines after the passage of the Philippines Mining Act of 1995.  From 2004 to 2014, the Canatuan mine produced 105,200 ounces of gold, 1.8 million ounces of silver, 199,778 dry metric tonnes of copper concentrate and 30,558 dry metric tonnes of zinc concentrate. 

TVI currently holds a 30.66% interest in TVIRD, a private Philippine resource company engaged in the production of nickel laterite ore at the Agata project as well as the completion of a definitive feasibility study on a nickel processing facility.  Additionally, TVIRD is focused on advancing its 100% owned Balabag Gold-Silver project towards production and achieving a listing on the PSE in 2015.  In addition to its interest in TVIRD, TVI also holds (i) a 28.26% equity interest in Foyson Resources Limited; (ii) a 14.4% equity interest in Mindoro Resources Ltd.; (iii) a 10% interest in the Amazon Bay Iron Sands project in Papua New Guinea; and (iv) a 100% investment in shares of TG World.  

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

SOURCE TVI Pacific Inc.