SULPHIDE PROJECT UPDATE:
TVI PACIFIC ANNOUNCES FURTHER EXTENSION TO JOINT VENTURE
NEGOTIATIONS
TVI Pacific Inc. (TSX: "TVI" or the
"Company") announced today that its Philippine affiliate, TVI
Resource Development (Phils.) Ltd. ("TVIRD"), and Atlas
Consolidated Mining and Development Corp. ("ACMDC") have agreed
to further extend their negotiations respecting the establishment of a
joint venture for the development of TVIRD's Canatuan sulphide project in
the Philippines. The Company's interest in the Canatuan Mine and its
other Philippine assets are held through TVIRD.
On December 27, 2007, the Company announced that
in connection with an advance received in the amount of 42 million
Philippine pesos (approximately US$1 million), TVIRD granted an option to
ACMDC to enter into a joint venture with TVIRD to develop the Canatuan
sulphide project. The option expiry date, which was previously set
at January 31, 2008, has been further extended to accomodate both
parties. Additional information concerning the advance from ACMDC
is set out in the news release disseminated by the Company on December
27, 2007.
In addition to the negotiations with ACMDC,
TVIRD is involved in discussions with other parties to secure the funding
required to develop the Canatuan sulphide project and to reduce the
Company's working capital deficiency. On January 21, 2008, TVIRD
signed a nonbinding term sheet with LIM Asia Arbitrage Fund Inc and LIM
Asia Special Situations Master Fund Limited relating to a US$15 million
bridge financing facility. Additional information concerning the
term sheet is set out in the news release disseminated by the Company on
January 21, 2008.
There can be no assurance that the joint
venture, contemplated by the memorandum of agreement with ACMDC, or the
bridge financing facility, contemplated by the term sheet with LIM Asia
Arbitrage Fund Inc. and LIM Asia Special Situations Master Fund Limited,
will be successfully concluded or that the Company will be able to secure
third party financing to develop the Canatuan sulphide project.
About TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded Canadian
mining company focused on exploring for and producing precious and base
metals within district scale systems in the Philippines and other Asian
countries. The Company's interest in the Canatuan Mine and its other
Philippine assets are held through its affiliate, TVI Resource
Development (Phils.) Ltd. TVI's most advanced project, the Canatuan
Mine, currently produces gold and silver dor�.
About ACMDC
Atlas Consolidated Mining & Development
Corporation is a major mining corporation active in the Philippines. Atlas
is listed on the Philippine Stock Exchange (PSE: AT) with a current
market capitalization of approximately US$250 million and was, until May
1995, listed on the American Stock Exchange (AMEX). Among Atlas'
significant mining assets in the Philippines
are the Toledo Copper Mine in Cebu, where copper concentrates are
expected to be exported from starting mid-2008, and the Berong Nickel
Project in Palawan, which commenced exporting nickel ore to China in
early 2007. Atlas also owns a portfolio of mineral interests throughout
the Philippines, which include advanced and greenfield copper, gold and
nickel targets.
Further Information: Clifford
M. James, President and CEO, TVI Pacific Inc.
Paul Moon, Director, Corporate
Communications (403) 265-4356
The Toronto Stock Exchange has neither approved
nor disapproved of the information contained herein.
2000, 736 -
6 Avenue S.W. Calgary, Alberta T2P
3T7 Tel: (403) 265-4356 Fax: (403)
264-7028
Website:
http://www.tvipacific.com E-mail: tvi-info@tvipacific.com
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