FIRST QUARTER FINANCIAL RESULTS:

TVI PACIFIC ANNOUNCES SOLID FINANCIAL RESULTS FOR THREE MONTH PERIOD ENDED MARCH 31, 2007

.�Operating Revenue - $10.5 million in Q1/07 vs $8.8 million in Q1/06

.�Cash Flow From Operations - $1.3 million in Q1/07 vs $2.7 million in Q1/06

.�Canatuan Mine Net Income - $2.4 million in Q1/07 vs $1.4 million in Q1/06

.�April Mine Performance Shows Significant Advance Leading Into Q2
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TVI Pacific Inc. (TSX: "TVI" or the "Company") today announced solid consolidated financial results for the first quarter of 2007 compared to the same period last year.� The Company posted total operating revenue of $10.5 million compared with $8.8 million; Cash flow from operations of $1.3 million compared with $2.7 million.� The Canatuan Mine posted an increase in net income of 67% to $2.4 million. However, allocation of cash to an aggressive exploration program, primarily at Balabag (now approximately 80% complete) resulted in a consolidated net loss of $838,060 for the quarter. All dollar amounts set out in this news release are expressed in Canadian currency unless otherwise noted.� The Company's President and CEO will provide commentary, via a pre-recorded webcast presentation, of these results along with an update on operations and exploration May 15, 2007.

"Our solid financial performance for the first quarter of 2007 has provided a continuing platform for growth and expansion," said Cliff James, TVI's President and CEO.� "First quarter earnings and cash flow financed a dramatically expanded exploration program, compared with the same period last year, as well as initial expenditures on the Sulphide Expansion Project, which is expected to be the cash flow engine for TVI for next year and for years to come."

In addition, TVI's Philippines affiliate, TVI Resource Development (Phils) Inc. ("TVIRD") completed a number of changes to the Canatuan plant during Q1 which are expected to increase the overall financial performance of the plant for the balance of the year.� These changes to the plant had a short term adverse effect on performance during the first quarter due to plant down time during modification. The positive effect of the changes was demonstrated in April, during which a daily average of 207 gold equivalent ounces ("AuEqOzs") was produced, which was significantly higher than the average daily production of 148 AuEqOzs for the first quarter. Increased daily throughput and metal production is expected to lower overall costs of metal produced (on a unit of production basis), thereby increasing overall financial performance.

Financial Review

Highlights for the three-month period ended March 31, 2007 include:

.�Total operating revenue of $10,486,198 compared with $8,774,290 for the three-month period ended March 31, 2006

.�Cash flow from operations of $1,348,354 compared with cash flow from operations of $2,700,148 for the same period in 2006

.�Canatuan mine revenues of $10,231,530 in the first quarter, compared with revenues of $7,290,418 for the same period last year

.�Canatuan mine net income of $2,413,368 for the first quarter, compared with net income for the mine of $1,442,784 in the same period last year

.�The Canatuan mine produced 8,930 oz of Au and 214,282 oz of Ag for the first quarter, compared with 9,148 oz of Au and 140,727 oz of Ag during the same period last year. On a gold equivalent basis, the Canatuan mine produced 13,308 AuEqOz in the first quarter, an increase of 14% compared with 11,641 AuEqOz for the same period last year

.�Net loss of $(838,060), compared to net income of $575,753 in the same period last year as exploration expenditures were increased significantly to $1,571,224 in the quarter compared with $667,929 for the same period in 2006.� Net loss per share was $(0.002) on a diluted basis, compared with a net income per share of $0.0015 in the same period last year

o�Exploration expenses were unusually high for the first quarter, primarily as a result of a decision by the Company to accelerate exploration at the Balabag property in order to complete enough drilling for a scoping study to be conducted. The drilling was completed during the quarter and the scoping study is currently underway, and is expected to be completed during the second quarter. In addition, materials, supplies and labour costs associated with the Sulphide Project construction have increased significantly as the new processing plant moves ahead with construction. Overall Company exploration expenses are expected to decrease significantly in the second quarter.�

Significant additional financial information includes:
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.�Cash balance of $749,156 as at the end of March 2007, compared with a cash balance of $1,565,854 as at December 31, 2006

.�Working capital deficiency was $(2,631,291) at March 31, 2007 compared with a working capital deficiency of $(705,813) at December 31, 2006

.�Total assets increased to $25,293,274 at March 31, 2007 compared with $23,601,822 at December 31, 2006

.�Administrative and general expenses increased in the first quarter to $971,126, from $445,387 for the same period in 2006

.�The Company's Drilling Business Unit (conducted through TVI's subsidiaries Exploration Drilling Corp. and Hunan Pacific Drilling) produced consolidated (which eliminates inter-company revenues and profits generated from TVIRD's own work) net income and revenues of $(514,624)� and $254,668, respectively, for the three months ended March 31, 2007, compared with $416,683 and $1,415,553 in the same period in 2006.�

o�The Drilling Business Unit completed 5,138 metres (4,021 metres for TVIRD's own work) of drilling during the first quarter 2007, compared with 10,368 metres (786 metres for TVIRD's own work) during the same period last year.� The significant increase in metres drilled for the Company's own work is related to the Balabag Prospect.
o�Overall, the results for the Drilling Business Unit were lower than expected, mainly as a result of fewer than expected third party contracts materializing during the quarter. However, a number of contracts have recently been signed and results are expected to improve in the second quarter and for the balance of the year.� The Drilling Business Unit has expanded its marketing efforts, which has resulted in two new contacts in Kyrgyzstan that are expected to start up operations in the second quarter of 2007. Furthermore, additional work in China and the Philippines is anticipated for the second quarter

Outlook

At the Canatuan mine, high sulphide content was encountered in the gossan ore during the first quarter of 2007, causing both recovery and cost issues. These issues have been addressed and the operating results for the early part of the second quarter are showing improvements as evidenced by April performance figures.� Record metal prices have continued, and there are expectations that the high price environment will continue in the near term. The targeted increases for throughput in 2007 at the Canatuan mine are expected to exceed that of 2006, and would therefore allow for lower overall production costs (on a unit of production basis) and an increase in financial performance figures; however, lower grades are expected to result in similar production levels for gold and silver year-over-year.� The planning, development and construction of the sulphide plant is well underway with construction scheduled to be completed in early 2008.� The Company has been able to attract a number of financing proposals for the sulphide project as a result of continuing strong metal prices and investor confidence in the Company's operating capabilities, as demonstrated by the continued successful operation of the Company's main asset, the Canatuan Mine, as well as confidence in the Company's ability to construct and operate the next phase of development in a timely and cost-effective manner. It is expected that one of these proposals will be selected in the near term.� Management believes that financing for the sulphide plant is expected to be completed in the second quarter 2007.� Exploration on existing and new properties is expected to increase towards the end of 2007 as the Company expands its portfolio of properties in the Philippines.� A second infill drilling program on the Balabag property, which is approximately 75 km north-east of the Canatuan mine, will commence late in 2007 after the scoping study has been completed.� The scoping study, which is being prepared by an independent third party, is to derive key operating, engineering, costing and economic parameters to be used, if positive, for a conceptual open-pit, stand alone mining operation anticipated on the Balabag property going forward.� Exploration in China has been reduced while awaiting approval on exploration applications.� The Company's drilling business experienced a slower-than-anticipated start in 2007; however, successful marketing efforts are producing improved results in the second quarter, with new drilling contracts having been received for the balance of the year.

Webcast

Due to technical issues with the Company's new server, the previously announced webcast presentation of the first quarter results, including a quarterly review of operations, exploration and drilling, will be made available to the public late in the afternoon of May 15th, 2007, when the technical issues are expected to be resolved.� We apologize for the inconvenience.

To listen to this event, please enter the following link into your web browser approximately 10 minutes prior to the start of the webcast.� Information links will also be provided for any system requirements and software needed.�

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID44260

For those who are not able to listen to the webcast on the day of the event, an archived version will be available for a 90 day period and can be accessed using the same link above.

An electronic copy of TVI's corporate presentation that accompanies the first quarter results will be made available on the Company's website (http://www.tvipacific.com/main/?&presentations)� in the late afternoon on May 15th, 2007.� Listeners are encouraged to follow along with the slides while listening to the webcast.