Things continue to rumble in the junior mining sector, where Calgary-based TVI Pacific Inc. (TSX-Venture: TVI) came out Tuesday with word that TVI Resources, a Philippines corporation in which TVI holds a 30.66% interest, has completed its seventh and final drawdown under the previously announced $28.5-million U.S. five-year term loan facility provided by China Banking Corporation.
The facility has been provided specifically to finance construction of infrastructure at the Balabag gold/silver mining project and is expected to be sufficient to enable Balabag to become operational.
Said TVI CEO Cliff James, "Balabag is taking shape and continues to move forward despite unanticipated challenges introduced by the COVID-19 pandemic. This continuing progress is a reflection of the planning and organization that preceded the commencement of development works and the experience and dedication of the TVIRD team onsite.”
Stock prices doubled by midday Tuesday to two cents, on 5.9 million shares.
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