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TVX Gold Inc. - Company Update.

TORONTO, ONTARIO--(BUSINESS WIRE)--Feb. 10, 1995--TVX GOLD INC. (NYSE, TSE, ME:TVX) announces that it has increased its interest in the Brasilia gold mine located in Paracatu, Brazil to 33 percent . TVX also increased its interest in the Kasperske Hory gold project in the Czech Republic to 100 percent.

APSA, a private company controlled by Eike Batista, Chairman and CEO of TVX Gold, has agreed to sell to TVX its 10.3 percent interest in the Brasilia mine. The cost of the transaction is US$14 million or approximately US$33 per contained ounce based on current proven and probable reserve estimates. The Brasilia mine has been in full commercial production since April, 1988, and annual production for 1994 was approximately 168,000 ounces of gold, at a cash cost per ounce of approximately US$196.

With respect to the Kasperske Hory project in the Czech Republic, TVX purchased the remaining 9.5 percent equity in Bohemia Dulni S.A., the Czech company which owns 100 percent of this gold property. TVX is currently carrying out a US$3 million exploration and development program on the property, consisting of 1,500 metres of drifting and 20,000 metres of drilling. The objective of this exploration program is to prove up to one million ounces of reserves by the end of 1995.

As previously announced by officials in Greece, TVX Gold confirms that it submitted a formal bid proposal to purchase and develop the Kassandra mine assets in Greece, in accordance with the terms of the auction being conducted by the creditors of the bankrupt Greek company which owned these assets. Under the terms of the auction process it is anticipated that a determination of the winning bid will be made by the beginning of March.

TVX Gold Inc. is a Canadian based growth oriented international mining company with existing production of precious metals from interests in six producing mines located in North and South America. TVX has its head office in Toronto, Canada with major offices in Rio de Janeiro, Brazil and Santiago, Chile.


Ed Baer, 416/366-8160
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Publication:Business Wire
Date:Feb 10, 1995
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