🕐14.03.11 - 16:27 Uhr
TVI Pacific Inc. Announces Spud of Alaskan Well
TSX : TVI OTCQX: TVIPF
March 14, 2011
TVI Pacific Inc.
Announces Spud of Alaskan Well
TVI Pacific Inc.
(TSX: TVI) ("TVI Pacific"), through its wholly owned
subsidiary TG World Energy Corp.
("TG World"), announces that it has
spud the North Tarn #1 exploration well located on the North Slope in
Alaska, USA.
Project operator Brooks Range Petroleum Corporation
("BRPC"), has advised TG World that contracted rig, Nabors 9ES, spud
the North Tarn #1 exploration well on March 13, 2011.
The North Tarn #1 exploration well is located on-shore, approximately
two miles west of the Kuparuk River Unit, east of the Miluveach River,
on state lease ADL390680.
BRPCs contractor, Peak Oilfield Services, has
completed construction of a winter ice road and pad system on
state-owned lands.
The ice road is approximately 4 miles long,
beginning at a point west of the Kuparuk River Unit drillsite 2M and
traversing west across the tundra to the North Tarn ice pad.
BRPC has indicated that the potential hydrocarbon bearing North Tarn
Brookian sands may be reached at approximately 5,000 feet within 20 days
and total depth (6,440 feet) of the well will be reached by mid-April.
The project joint-venture participants may also drill a sidetrack to the
North Tarn #1 well delineating one or both of the targeted Brookian and
Kuparuk C sands at an approximate depth of 6,200 feet.
A decision to
drill a sidetrack will be dependent on the results of the initial North
Tarn #1 well.
TVI Pacific holds a 20% interest in the well.
Joint venture participants
include Alaska Venture Capital Group LLC, Brooks Range Development
Corporation, Eni Petroleum US LLC and Ramshorn Investments Inc.
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.
The Companys interest in the Canatuan Mine
and its other Philippine mining assets are held through TVI Resource
Development (Phils.), Inc.
The Companys Philippine oil and gas
operations are held through TG World (BVI) Corp.
TVI also has interests
in oil and gas assets in Alaska and Niger.
Rhonda Bennetto
Ian McColl
Exec.
Dir.
Investor Communications
Investor Relations Analyst
TVI Pacific Inc.
TVI Pacific Inc.
403.265.4356
403.265.4356
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The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes
forward-looking information.
Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "intend",
"could", "might", "should", "believe", "schedule" and similar
expressions.
Forward-looking statements are based upon the opinions and expectations
of management of the Company as at the effective date of such statements
and, in certain cases, information received from or disseminated by
third parties.
Although the Company believes that the expectations
reflected in such forward-looking statements are based upon reasonable
assumptions and that information received from or disseminated by third
parties is reliable, it can give no assurance that those expectations
will prove to have been correct.
Forward-looking statements are subject
to certain risks and uncertainties (known and unknown) that could cause
actual outcomes to differ materially from those anticipated or implied
by such forward-looking statements.
These factors include, but are not
limited to, such things general economic conditions in Canada, the
United States, Niger, Alaska, the Philippines and elsewhere; volatility
of prices for precious metals, base metals, oil and gas; commodity
supply and demand; fluctuations in currency and interest rates; inherent
risks associated with the exploration and development of mining
properties; inherent risks associated with the exploration and
development of oil and gas properties (including mechanical problems);
ultimate recoverability of reserves, production, timing, results and
costs of exploration and development activities; political or civil
unrest; availability of equipment and personnel; availability of
financial resources or third-party financing; new laws (domestic or
foreign); changes in administrative practices; changes in exploration
plans or budgets; and availability of equipment and personnel.
Accordingly, readers should not place undue reliance upon the
forward-looking statements contained in this news release and such
forward-looking statements should not be interpreted or regarded as
guarantees of future outcomes.
Forward-looking statements respecting the nature and timing of
mobilization and drilling activities in Alaska for the North Tarn
exploration well are based upon the results of prior exploration
activities, the status of discussions with the operator and other joint
venture partners as to the nature and extent of the Alaska exploration
program, advice received from the operator of the joint venture and the
current budget, exploration plans and overall strategy in Alaska (which
are all subject to change).
Accordingly, readers should not place undue
reliance upon the forward-looking statements contained in this News
Release and such forward-looking statements should not be interpreted or
regarded as guarantees of future outcomes
The forward-looking statements of the Company contained in this News
Release are expressly qualified, in their entirety, by this cautionary
statement.
Various risks to which the Company and its affiliates are
exposed in the conduct of their business (including mining activities)
are described in detail in the Companys Annual Information Form for the
year ended December 31, 2009, which was filed on SEDAR on March 25,
2010, and is available under the Companys profile at www.SEDAR.com.
Subject to applicable securities laws, the Company does not undertake
any obligation to publicly revise the forward-looking statements
included in this news release to reflect subsequent events or
circumstances, except as required by law.