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Thu, January 5, 2012
Wed, January 4, 2012 TVI Pacific Inc. Wins Injunction Against Ordinance That Would Ban New Open Pit Mining
January 04, 2012 21:17 ET
TVI Pacific Inc. Wins Injunction Against Ordinance That Would Ban New Open Pit Mining
CALGARY, ALBERTA--(Marketwire - Jan. 4, 2012) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), has been granted a preliminary injunction against an Ordinance that would ban open pit mining in Zamboanga del Norte.
The Court Order effectively stops the implementation of the Ordinance and allows TVIRD to continue its operations without legal impediment while the main case (the legality of the Ordinance) is being litigated in the Court. The Court said that "TVI is entitled to an injunction because it would suffer grave and irreparable damage and injury if the Ordinance would be implemented".
"This is excellent news for all TVI Stakeholders" stated Cliff James, President and CEO of TVI Pacific. "We strongly believe the powers to be assumed by the province under the Ordinance, and by the Provincial Governor of Zamboanga del Norte, are unconstitutional. While the Court order allows TVIRD to continue its operations in Canatuan unimpeded, we will continue to relentlessly pursue ultimate relief from what we view as an unconstitutional local legislation" concluded Mr. James.
The Court will now begin to conduct hearings on the legality of the Ordinance. It is anticipated that the hearings will involve a lengthy process. There is no assurance that any litigation commenced by TVIRD in the Philippines courts or negotiations with Zamboanga del Norte officials will result in nullification or retraction of the Ordinance or otherwise mitigate the effects of the Ordinance on the operations of TVIRD at Canatuan.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is developing its Balabag gold-silver property and is carrying out other exploration programs. TVI also has oil interests in various stages of discovery, drilling and exploration off-shore Philippines.
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