TVI Enters Into an Agreement with Spinifex to Explore TVI's Rapu Rapu Project in Southern Luzon, Philippines.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 20, 1997--TVI Pacific (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). TVI TVI Televisão Independente (Portuguese TV Channel) TVI Technical Vocational Institute (Albuquerque) TVI Teacher of the Visually Impaired TVI Television Interference TVI Tutored Video Instruction .) TVI Pacific Inc. (TVI) is pleased to announce that it has signed a Memorandum of Agreement A memorandum of agreement (MOA) or cooperative agreement is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written understanding of the agreement between parties. with Spinifex spi·ni·fex n. Any of various clump-forming, perennial Australian grasses, chiefly of the genus Triodia, growing in arid regions and having awl-shaped, pointed leaves. Philippines Inc. (Spinifex) to form a joint venture to explore TVI's Rapu Rapu Project located in the Province of Albay, Southern Luzon, Philippines. Spinifex Philippines Inc. is a subsidiary of Spinifex Gold NL, a publicly traded, Australian-based mining and exploration company with properties in Australia and overseas, including the Philippines. Under the terms of the agreement, Spinifex may earn a 65 percent interest in the Rapu Rapu Project upon the expenditure of US $3.0 million over a period of 4 years. This amount includes cash payments to TVI totaling US $200,000 upon the completion of successful due diligence and execution of a formal joint venture agreement. In addition to the cash payments, Spinifex must spend a total of US $800,000 in exploration during the first year. After earning its 65 percent interest, Spinifex may, with TVI's agreement, purchase an additional 10 percent interest by paying TVI the amount of US $1 million. During the earn-in phase, Spinifex will be the Operator of the Project. Upon vesting of Spinifex's 65 percent interest, both companies will contribute to further evaluation and development expenditures on a pro-rata basis. Under the agreement, TVI's drilling subsidiary, Exploration Drilling Corporation ("EDCO EDCO Economic Development for Central Oregon EDCO Economic Developers Council of Ontario (Cornwall, ON, Canada) EDCO Exploration Drilling Corporation EDCO Extended Duration Crew Operations "), has the right to provide all diamond drilling services to the Project at market prices. TVI is pleased to welcome Spinifex as a joint venture partner on the Rapu Rapu Project. Rapu Rapu is a polymetallic exploration project, with gold and silver-rich massive sulphide deposits, including Ungay-Malobago (gold halo, gossan and sulphides) and Hixbar (sulphides). -0- Note To Editors: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Alberta Stock Exchange have neither approved nor disapproved of the information contained herein. CONTACT: TVI Pacific Inc. Cyrus Ameli, 403/265-4356 tvi-info@tvipacific.com http://www.tvipacific.com or TVI Pacific Inc. Ginger Hanson Koolick, 403/265-4356 |
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